The Lung cancer therapeutics Market Size was valued at USD 18.25 billion in 2023 and is projected to grow from USD 20.05 billion in 2024 to USD 40.60 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.15% during the forecast period (2024 - 2032). Lung cancer therapeutics have increased as a result of increased cancer awareness in both developing and developed countries, as well as the development of new medical diagnostic tools and cutting-edge therapeutics. These market drivers are therefore fueling the market growth of the lung cancer therapeutics.
Lung cancer therapeutics have increased as a result of increased cancer awareness in both developing and developed countries, as well as the development of new medical diagnostic tools and cutting-edge therapeutics. These market drivers are therefore fueling the market growth of the lung cancer therapeutics.
Lung cancer therapeutics market growth is anticipated as a result of governments' increasing efforts and investments to build healthcare infrastructure and provide high-quality treatment options. In addition, one of the key drivers boosting market expansion is people's increasing understanding of the many lung cancer therapeutics alternatives.
In addition, factors like rising disposable income, ongoing research and development to create new technologies, the introduction of the most recent radiation therapy technology, and the expanding economies in developing and underdeveloped nations are anticipated to favor the market's growth rate over the course of the forecast period. Thus, this factor is driving the market CAGR.
In 2022, an estimated 236,740 Americans are likely to receive a lung cancer diagnosis, according to the American Cancer Society. 130,180 of those are anticipated to pass away. In addition, it is projected that the launch of expensive new medications and novel sophisticated radiation therapies will accelerate market expansion. In the future, market participants may also have development potential due to novel and safer therapies. Lung cancer therapeutics market growth is anticipated as a result of governments' increasing efforts and investments to build healthcare infrastructure and provide high-quality treatment options. In addition, one of the key drivers boosting market expansion is people's increasing understanding of the many lung cancer therapeutics alternatives. In addition, factors like rising disposable income, ongoing research and development to create new technologies, the introduction of the most recent radiation therapy technology, and the expanding economies in developing and underdeveloped nations are anticipated to favor the market's growth rate over the course of the forecast period. Thus, this factor is driving the market CAGR.
Additionally, a growing market trend in the lung cancer therapeutics is the use of targeted medication therapy in conjunction with additional treatments. In order to aid in the early detection, prevention, and treatment of the disease, immunotherapy medications are used in combination with other therapies including chemotherapy. To effectively diagnose and treat lung cancer, pharmaceutical companies are creating targeted medication regimens. A medication created by Merck and Co., aids the immune system in detecting and eliminating cancer cells when used with chemotherapy. The patients' lung cancer status improved as a result of this combined therapy. The medication is marketed as a key offering from Merck and Co.
However, the market for lung cancer therapeutics is characterized by an increase in strategic alliances. The number of strategic collaborations for the development and commercialization of medications for the treatment of both NSCLC and SCLC has significantly increased in the market. In order to codevelop and co-commercialize M7824, a bifunctional fusion protein immunotherapy, for the treatment of NSCLC, GlaxoSmithKline Plc. and Merck and Co. Inc. joined forces in February 2019. The launch of sophisticated medicines is anticipated to be a result of the rising number of vendor strategic alliances, fueling the market's expansion over the forecast period. Thus, it is anticipated that this aspect will accelerate lung cancer therapeutics market revenue globally.
The lung cancer therapeutics market segmentation has been segmented by type into SCLC and NSCLC. The NSCLC segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The most prevalent kind of lung cancer, accounting for around 80% of all lung malignancies, is non-small cell lung cancer. Compared to SCLC, the growth of this malignancy is slower. Because the cancer cells in each kind of NSCLC differ, each one develops and spreads differently.
Figure 2: Lung Cancer Therapeutics Market by Type, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market segments of lung cancer therapeutics, based on treatment is divided into Surgery, Chemotherapy, Radiotherapy, Photodynamic Therapy (PDT) and Laser Therapy. The chemotherapy segment dominated the lung cancer therapeutics market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032 due to the success rate of chemotherapy in treating lung cancer and the increasing use of new technologies. In addition, strict laws and regulations to approve new goods concerned people's safety, growing preference for early disease detection and diagnosis, and growing demand for effective treatment techniques with fewer side effects are predicted to improve the segment's growth rate.
The lung cancer therapeutics market data has been segmented by end-user size into Hospital & Clinics and Cancer Research Centers and Laboratories. The hospital & clinics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Sales of lung cancer therapeutics from hospital pharmacies around the world have increased significantly due to the rising number of cancer patients being admitted to hospitals for treatment and diagnosis. Additionally, this market's dominance is a result of consumers' growing propensity to buy pharmaceuticals from hospital pharmacies due to the availability of a large variety of medications.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America lung cancer therapeutics market is expected to exhibit a 39.50% CAGR during the study period because company headquarters are many. The majority of people in the country pass away from lung cancer each year, making it the most prevalent type of cancer in the country. Lung cancer therapeutics are becoming more widespread and routine, and the demand for cutting-edge lung cancer therapeutics is rising.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
July 2023: After a US FDA review determined the trial design may be suitable for accelerated approval, Iovance Biotherapeutics finished a preliminary analysis of the Phase II trial for its autologous tumour-infiltrating lymphocyte (TIL) therapy, Lifileucel (LN-145), in patients with metastatic non-small cell lung cancer (NSCLC) in July 2023. The positive regulatory input is based on Lifileucel's use in patients with advanced, non-genomic mutant NSCLC who have received at least one line of an FDA-approved targeted treatment and was presented at a Type B Pre-Phase III conference.
July 2023: When given the medication osimertinib, lung cancer patients with the epidermal growth factor receptor (EGFR) mutation have significantly higher survival rates, according to the findings of a ten-year clinical trial published in July 2023. This is a step in the right direction for precision medicine and will present a chance for clinical laboratories to offer additional benefit to doctors and patients. Scientists at Yale University were in charge of the ADAURA project, which was supported by AstraZeneca, a British pharmaceutical and biotechnology business. When pathology testing reveals that a patient has the EGFR mutation, there is evidence that a cancer treatment can reduce lung cancer fatalities from the disease by as much as 50%.
Figure 3: LUNG CANCER THERAPEUTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific lung cancer therapeutics market accounts for the fastest growing market share. The expansion of the regional market is being driven by the existence of expanding economies, an increasing number of patients suffering from lung cancer, and rising public awareness of lung cancer. In addition, factors like a sizable population base and increasing investment from APAC governments are anticipated to propel the market of lung cancer therapeutics in that region. Further, the Chin market of lung cancer therapeutics held the largest market share, and the India market of lung cancer therapeutics was the fastest-growing market in the region.
Europe lung cancer therapeutics market is expected to grow at a substantial CAGR from 2024 to 2032. The market in this area is anticipated to expand as a result of rising sedentary lifestyle adoption, advantageous reimbursement policies, rising public awareness of early cancer diagnosis, and rising emphasis on maintaining health. Moreover, UK market of lung cancer therapeutics held the largest market share, and the Germany market of lung cancer therapeutics was the fastest-growing market in this region
Lung Cancer Therapeutics Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the lung cancer therapeutics industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the lung cancer therapeutics industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, lung cancer therapeutics industry has provided medicine with some of the most significant benefits. The lung cancer therapeutics market major player such as Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (U.S.), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.) and Sanofi (France).
The American pharmaceutical firm The Bristol-Myers Squibb Company was founded in 1886. One of the biggest pharmaceutical firms in the world with its headquarters in New York City, BMS frequently appears on the Fortune 500 list of the top American enterprises. In March 2020, a biopharmaceutical firm called Myokardia, which creates treatments for cardiovascular illnesses, has been acquired by Bristol-Myers Squibb. The company was able to strengthen its position in the market for lung cancer therapeutics because to this acquisition, which allowed it to diversify its array of treatments.
The healthcare multinational F. Hoffmann-La Roche AG, also known as Roche, has two business segments that operate globally: pharmaceuticals and diagnostics. Basel is home to the corporate headquarters. In August 2018, the US FDA granted the Cobas EGFR Mutation Test v2 by F. Hoffmann-La Roche Ltd. approval. For the treatment of non-small cell lung cancer, Cobas is a liquid biopsy diagnostic test typically used in conjunction with an EGFR inhibitor (NSCLC).
Key companies in the market of lung cancer therapeutics includes
Lung Cancer Therapeutics Industry Developments
September 2019: An EGFR tyrosine kinase inhibitor called Tagrisso was given marketing authorization permission by the National Medical Products Administration (NMPA) in China. Patients who have non-small cell lung cancer with an EGFR mutation take this medication. The permission has allowed Chinese businesses to promote and commercialise drugs alone, significantly growing the industry.
March 2019: Adorx Medicines Limited declared that it had entered into a partnership with Johnson & Johnson Innovation LLC and the Lung Cancer Initiative at Johnson & Johnson (LCI) with the long-term goals and interests of developing new, innovative lung cancer therapeutics.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 18.25 Billion |
| Market Size 2024 | USD 20.05 Billion |
| Market Size 2032 | USD 40.60 Billion |
| Compound Annual Growth Rate (CAGR) | 8.15% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Treatment, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (U.S.), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.) and Sanofi (France) |
| Key Market Opportunities | Increase in strategic alliances |
| Key Market Dynamics | Use of targeted medication therapy in conjunction with additional treatments Rising prevalence of lung cancer |
Lung Cancer Market Highlights:
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 18.25 billion in 2023.
The market is expected to register a CAGR of 8.15% over the next ten years.
North America held the largest market share in the market. Buy Now
Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (U.S.), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.) and Sanofi (France) are the key players in the market.
The NSCLC category led the segment in the market.
The chemotherapy category had the largest market share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
