CAGR: 10.74%Current Market Size: USD 9.92 billionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2028Base Year: 2021
The global lung cancer therapeutics market is expected to reach USD 20.26 billion by 2028, at a CAGR of 10.74% from 2022 to 2028. The increasing incidence of lung cancer in developing and developed regions has led to the rise in demand for lung cancer therapeutics. The rising use of targeted therapies and drugs especially among the geriatric population will drive the growth of the lung cancer therapeutics market. Further, the increasing awareness among the patient population has led to increased use of therapeutics applications. Patient in developing countries is also getting aware of the cancer therapeutics benefits, due to the rising number of awareness programs by public and private organizations.
Lung cancer is characterized by the growth of numerous cells in the lungs. The symptoms include chest pain, cough, breath shortness, weight loss, etc. Lung cancer therapeutics is a part of the early treatment program. Lung cancer therapeutics are conducted on location as well as the size of the tumor. The lung cancer therapeutics also depends on the general health conditions of the patient. The major types of lung cancer include small, non-small cancer, and carcinoid tumor. There are various therapies which include radiation therapy, vaccines, chemotherapy, etc. These therapies are used for different types of lung cancer depending upon the effectiveness.
Lung cancer is even caused by chain-smoking and inhalation of polluted air. There are many lung cancer therapeutics that are approved for application in cancer treatment. The use of lung cancer therapeutics has increased from the previous decade. Lung cancer therapeutics has gone under a transition from traditional drugs and therapies to modern target therapies. Doctors and other healthcare professionals often suggest lung cancer therapeutics to remove the cancer cells.
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Market Dynamics
Drivers:
The increasing prevalence of lung cancer has resulted in rising in the use of targeted therapies. The target therapies help in eliminating the affected cells without harming the other organs. The rising incidence of lung cancer has increased the demand for targeted therapies. The manufacturers are launching new products for target therapies that can ease out the operation part without any hassle. Healthcare professionals are also adopting target therapies as they are aware of the benefits.
The increasing research and development in the field of lung cancer therapeutics is also promoting the growth of such therapeutics. There are many research studies which are focusing on the development of innovation of lung cancer therapeutics. The implementation of innovative and latest technologies is attractive to various development in lung cancer therapeutics. Lung cancer therapeutics are required for the effective and fast treatment of lung cancer.
Restraints:
The installation cost of lung cancer therapeutics is expensive, and thus it cannot be afforded by many medium and small-scale end-users. There are numerous products involved in the procedure of lung cancer therapeutics, which makes it costlier. Further, the high maintenance cost of the instruments adds up to the total cost.
There are potential side-effects of lung cancer therapeutics which restrains the market growth. These adverse effects can cause mild to high difficulties to the patient. Witnessing such adverse effects, many patients hesitate from the lung cancer therapeutics. Chemotherapies can be too painful for the patients as radiation is used in such therapies.
Opportunities:
The increasing incidence of lung cancer and other chronic diseases has led to an increase in the use of lung cancer therapeutics in developing as well as developed regions. The healthcare industry is receiving tremendous investment from the government and private players. The development of advanced technology is necessary in order to receive accurate results from therapeutics. The previous systems and therapies had certain technological limitations. The advanced lung cancer therapeutics instruments and systems help in removing the cancer cells effectively.
Challenges
Lung cancer therapeutics require the passing of stringent regulations in order to be launched in the market. The therapeutics process helps in the removal of cancer cells, which grow abnormally in the lungs. Thus, the approval of lung cancer therapeutics requires the passing of several stages in order to be proved safe for the required applications.
Segmentation Analysis
The global lung cancer therapeutics market has been segmented based on type, therapy, molecule type, end-users, and regions.
By Type
The type segment includes small cell lung cancer, non-small cell lung cancer, and lung carcinoid cancer. The non-small lung cancer segment led the lung cancer therapeutics market with a market share of around 46.02% in 2021. The prevalence of non-small lung cancer is more prevalent as compared to the other types of lung cancer. The cancer research studies have concluded that most of the patients suffer from non-small lung cancer. Thus, the diagnosis of non-small lung cancer is in high demand, especially in UK and US.
By Therapy
The therapy segment includes immunotherapy, targeted therapy, radiotherapy, and chemotherapy. The targeted therapy segment further includes Tarceva, Gilotrif, Iressa, Avastin, and others. The radiotherapy segment further includes internal radiotherapy, external beam radiotherapy, and systematic radiotherapy. The chemotherapy segment further includes Navelbine, Alimta, Gemzar, Paraplatin, Taxotere, and others. The targeted therapy segment led the lung cancer therapeutics market with a market share of around 48.39% in 2021. Targeted therapies are the most effective in the case of lung cancer. Target therapies directly affect the abnormal cell growth and help in removing those without affecting any other body part. Healthcare professionals and patients both are inclined towards the use of lung cancer therapeutics.
By Molecule Type
The molecule type segment includes biologics and small molecules. The small molecule segment led the lung cancer therapeutics market with a market share of around 66.78% in 2021. Small molecules are used widely in the lung cancer therapeutics market. Small molecules help in target therapies for use in cancer indication. Small molecules can easily enter the affected area which increases its efficacy.
By End-users
The end-user segment includes hospitals, diagnostics centers, specialty clinics, and others. The hospital segment led the lung cancer therapeutics market with a market share of around 47.19% in 2021. Hospitals generally provide a high amount of investment for the installation of the instruments and systems used in lung cancer therapeutics. The patients diagnosed with any type of lung cancer must have to visit the hospital facilities for the treatment of the same. Thus, the hospitals keep themselves well equipped with all the latest therapeutics systems.
By Regional Analysis
The regions analyzed for the lung cancer therapeutics market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. North America region dominated the automated and closed-cell therapy processing market and held the 39.17% share of the market revenue in 2021.
Key Industry Players Analysis
To increase their market position in the global lung cancer therapeutics business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
Latest Development
Scope of the Report
Global Lung Cancer Therapeutics Market by Type:
Global Lung Cancer Therapeutics Market by Therapy:
Global Lung Cancer Therapeutics Market by Molecule Type:
Global Lung Cancer Therapeutics Market by End-users:
Global Lung Cancer Therapeutics Market by Region:
Global lung cancer therapeutics market is expected to reach USD 20.26 billion by 2028, at a CAGR of 10.74% from 2022 to 2028.
The regions analyzed for the lung cancer therapeutics market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa.
The global lung cancer therapeutics market has been segmented based on type, therapy, molecule type, end-user, and regions.
Leading market players active in the global lung cancer therapeutics market are Astellas, Novartis AG, Sanofi, Pfizer Inc., AstraZeneca, Merck Sharp and Dohme Corporation, Millennium Pharmaceuticals Inc., Bristol Myers Squibb, Celgene Corporation, Eli Lilly and Company, Genentech, Boehringer Ingelheim Pharmaceuticals Inc., Agennix AG, GlaxoSmithKline Plc, Daiichi Sankyo among others.
Rising demand for target therapy in order to avoid any severe side-effects, is primarily driving the growth of the lung cancer therapeutics market. Further, the rise in smoking habits among young demographics and the increasing prevalence of lung cancer in the geriatric population is another driver for the market growth.
Manufacturers in the lung cancer therapeutics market are using advanced production technologies to incorporate better results, installation, and performance of the whole process. In addition, the rising number of investments will contribute to the demand for lung cancer therapeutics.
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. In order to stop the spread of the virus, the development of vaccines was the need of the hour. Lung cancer therapeutics has witnessed neutral impacts in recent times, owing to the deployment of healthcare facilities and workforce in the containment of covid-19. The consumers and professionals were following social distancing
Political- The healthcare industry is receiving tremendous investment from the government and private players. The development of advanced technology is necessary in order to receive accurate results from therapeutics. The previous systems and therapies had certain technological limitations. The advanced lung cancer therapeutics instruments and systems help in removing the cancer cells effectively.
Economic- The installation cost of lung cancer therapeutics is expensive, and thus it cannot be afforded by many medium and small-scale end-users. There are numerous products involved in the procedure of lung cancer therapeutics, which makes it costlier. Further, the high maintenance cost of the instruments adds up to the total cost. Hospitals generally provide a high amount of investment for the installation of the instruments and systems used in lung cancer therapeutics. The patients diagnosed with any type of lung cancer must have to visit the hospital facilities for the treatment of the same. Thus, the hospitals keep themselves well equipped with all the latest therapeutics systems.
Social- The presence of an established healthcare system and increasing investments by the public and private players is one of the primary reasons for the development of lung cancer therapeutics. The manufacturers present in the region, are investing hugely in lung cancer therapeutics and the development of advanced technology systems and instruments. There is a larger number of geriatric populations which suffer from lung cancer. The region is investing in advanced high imaging instruments propelling new growth opportunities for the market.
Technological- The healthcare industry is receiving tremendous investment from the government and private players. The development of advanced technology is necessary in order to receive accurate results from therapeutics. The previous systems and therapies had certain technological limitations. The advanced lung cancer therapeutics instruments and systems help in removing the cancer cells effectively.
Environmental- The main reason for lung cancer is smoking along with pollution. So, in order to cope up with the pollution government is taking several steps such as implementing new regulations and policies to fight pollution.
Legal- A leading player, Adorx Therapeutics Ltd., had announced that it had signed a strategic partnership along with Johnson and Johnson LLC. This partnership had the objective of development of the lung cancer therapeutics. Johnson and Johnson LLC had initiated lung cancer research and development, due to which many companies are willing to form a strategic alliance with them.
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