Lung Cancer Market Overview
The Lung Cancer Market is estimated to record a CAGR of 9.11% and is slated to reach USD 30.5 billion by the end of the forecast period by 2030.
Market Dynamics
The rise in long-term cigarette smoking is to blame for the rise in lung cancer cases, which now account for nearly 85 percent of all cancer cases worldwide. The rise in environmental pollution is a serious issue that necessitates more policies to combat it. High levels of ozone, on the other hand, have been related to a higher rate of cancer detection in people who have been exposed to it for a longer period. The diagnosis of cancer cases has improved, making lung cancer therapies such as chemotherapy and surgery more accessible than before, improving the lung cancer care market share during the forecast period. Several insurance companies are expected to expand to provide cancer-related treatment and care over the forecast period, boosting the lung cancer therapeutics industry.
The increased amount of research being directed at various cancer types, including lung cancer, is expected to open new growth areas for the global market. The help of private foundations and organizations in terms of funding for lung cancer therapeutics market research and patient care, as well as additional research into its treatment and diagnosis, is expected to boost the lung cancer market size during the forecast period.
Treatments for lung cancer and other cancers must be licensed by regulatory bodies with high standards and stringent testing procedures, which could limit market development. In the forecast period, the decreased life expectancy of patients undergoing lung cancer care due to the lack of lung organ transplants is expected to reduce growth potential.
Because of the COVID-19 pandemic, there have been a slew of significant delays in the process of identification, diagnosis, and treatment, which have been repeatedly found across all types of cancer in the United Kingdom. Pre-COVID, cancer was steadily identified as the leading cause of death worldwide, and lung cancer kills approximately 35 000 people per year, which is more than breast and bowel cancers combined. Experts expect an additional 1372 lung cancer deaths five years after the discovery of COVID-19 due to a significant rise in lung cancer's late-stage presence. COVID-19 is more acute in lung cancer patients because the determinants are more patient-specific, such as smoking status and chronic obstructive pulmonary disease (COPD), rather than tumor-specific characteristics or therapies.
Regional Overview
North America's lung cancer market will be the highest, but its share will be declining. The supremacy of North America is due to its excellent healthcare system and rising per capita disposable incomes. The health-care systems in North American countries such as the United States (US) and Canada are integrated and well-structured. In addition, these programs promote research and development. These policies allow international companies to invest in the United States and Canada. As a result, these countries have many global market participants. The market is expected to grow further as high demand is met by the presence of global players in the region.
The European regional market will be the global market's second most important market. Turkey, Denmark, Hungary, Belarus, Poland, Armenia, and Belgium are leading the European region in lung cancer detection.
Due to a large population base of smokers, the Asia Pacific region is expected to be the fastest maturing market for lung cancer therapeutics. Furthermore, due to increased awareness, some small players are emerging in Asia-Pacific. This has also aided the market's expansion. This enormous growth is anticipated because of the awareness about improved health care and the existence of unmet medical needs for cancer therapeutics in India and China, which are still untapped markets. Due to the rise in the number of smokers and people affected by lung cancer, the emerging economies of India and China would produce most of the revenue in Asia Pacific. China, South Korea, Japan, and Kazakhstan's national markets are expected to be at the forefront of this growth. Furthermore, in 2016, the Australian national market had a market share of 10.3 percent.
Competitive Dynamics
The Lung Cancer Market players are Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (U.S.), Merck & Co., Inc. (U.S.), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.), and Sanofi (France), among others.
Market segmentation
By Type, the NSCLC type segment is estimated to lead the type-based segment in the forecast period.
By Treatment, the surgery and chemotherapy segments are estimated to control the treatment-based segment's majority stake in the forecast period.
By End-User, the hospitals & clinics segment is forecasted to control a massive share in the end- user segment through the forecast period.
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