Advances in Research on Drugs in Clinical Trial Stages Are Expected to Result in Significant Growth of the Market During the Forecast Period

The rising prevalence of lung cancer among the world's population is expected to lead a large growth in the market for lung cancer therapies. In 2020, there were approximately 19.3 million new cases of cancer reported, with lung cancer accounting for approximately 11.4% of those cases, according to the GLOBOCAN 2020 estimates from the International Agency for Research on Cancer. In 2020, lung cancer accounted for almost 18% of all deaths worldwide, or 1.8 million people. Lung cancer cases are increasing quickly over the world due to the rising rates of smoking and exposure to second hand smoke.

According to Data Bridge Market Research the Lung Cancer Therapeutics Market accounted for USD 24,667.82 million in 2021, and expected to reach USD 54,475.11 million by 2029. The market is expected to grow with a CAGR of 10.41% in the forecast period of 2022 to 2029.

“Rising Cases of Lung Cancer is Facilitate Market Growth”

Lung cancer is becoming more common for several reasons, including more financing for research and development of new treatments, rising pollution from fast industrialization, and an increase in smokers. Lung cancer, including small cell and non-small cell varieties, is the second most frequent cancer in both men and women, according to the American Cancer Society 2022. Nearly 25% of all cancer fatalities are caused by lung cancer, which is by far the most common malignancy among both men and women. In addition, while the condition continues to be the major reason for cancer-related deaths in both women and men, the national survival rate has increased by 14.5% over the past five years, according to the American Lung Association's 2021 report. Thus, the market has been growing as a result of all these aspects.

What restraints the growth of Lung Cancer Therapeutics Market?

“Adherence to available alternatives is the major challenge impeding market growth”

The most popular forms of treatment for patients with NSCLC in the early stages include surgery and radiation therapy. Early in the course of the disease, treatments are not very successful. Another factor contributing to the strong demand for operations and radiation therapy in the early stages is the requirement for the long-term usage of medicines. Radiation therapy technical developments and other factors pose a danger to the market's expansion.

For instance, Doctors can use the CyberKnife software to deliver high doses of radiation to tumours over the course of four radiation therapy sessions. The development of diagnostic tools for lung cancer diagnosis is another aspect that endangers the market's expansion. Lung cancer is now being detected early, which increases the need for radiation therapy and surgery for the disease's treatment due to these developments. Thus, it is anticipated that greater patient adherence to the available alternatives during the forecast period will restrain the market growth.

Segmentation: Lung Cancer Therapeutics Market

The lung cancer therapeutics market is segmented on the basis of cancer type, molecule type, drug class, treatment type, therapy type, end user and distribution channel. 

• On the basis of cancer type, the lung cancer therapeutics market is segmented into non-small cell lung cancer, metastatic lung cancer, mesothelioma, chest wall tumours, pulmonary neuroendocrine tumours and mediastinal tumours.
• On the basis of molecule type, the lung cancer therapeutics market is segmented into small molecules and biologics.
• On the drug class, the lung cancer therapeutics market is segmented into alkylating agents, antimetabolites, mitotic inhibitors, multikinase inhibitors, EGFR inhibitors and others.
• On the basis of treatment type, the lung cancer therapeutics market is segmented into radiation therapy, chemotherapy, targeted therapy, immunotherapy, and other drugs.
• On the basis of therapy type, the lung cancer therapeutics market is segmented into single drug therapy and combination therapy.
• On the basis of end user, the lung cancer therapeutics market is segmented into hospitals, specialty clinics, homecare and others.
• On the basis of distribution channel, the lung cancer therapeutics market is segmented into hospital pharmacy, retail pharmacy, online and others.

Regional Insights: North America is expected to dominate the Lung Cancer Therapeutics Market

North America is expected to dominate the market due to the high demand that has been influenced by a rise in geriatrics and lung cancer rates. The high prevalence of lung cancer in the United States is also attributed to changes in lifestyle, such as excessive smoking habits that produce a large population of lung carcinomas.

• In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to growing awareness of the need for better health care and a high prevalence of unmet medical needs for cancer treatments. India and China will provide the majority of revenue in the Asia-Pacific area as the number of smokers rises and lung cancer rates rise.

To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-lung-cancer-therapeutics-market

Recent Developments in Lung Cancer Therapeutics Market

• In 2019, AdoRx Therapeutics announced a strategic collaboration with Johnson & Johnson's Lung Cancer Initiative and Johnson & Johnson Innovation LLC. Under the terms of the agreement, AdoRx has granted an exclusive option to research, develop, and commercialize novel antagonists.
• In 2021, AstraZeneca plc announced that China had approved the drug "Tagrisso" for the early diagnosis and treatment of lung cancer. The National Medical Products Administration (NMPA) of China has approved Tagrisso as an adjuvant therapy for people with early-stage lung cancer who have an EGFR gene mutation. The drug has now received approval for the treatment of early-stage lung cancer in more than a dozen countries, including the US.

The Prominent Key Players Operating in the Lung Cancer Therapeutics Market Include:

• Church & Dwight Co., Inc. (U.S.)
• GSK plc. (U.K.)
• Pfizer Inc. (U.S.)
• Sun Pharmaceutical Industries Ltd. (India)
• Takeda Pharmaceutical Company Limited (Japan)
• ONO PHARMACEUTICAL CO., LTD. (Japan)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Novartis AG (Switzerland)
• AstraZeneca (U.S.)
• Boehringer Ingelheim International GmbH (Germany)
• Merck & Co., Inc. (U.S.)
• CELGENE CORPORATION (U.S.)
• Sanofi (France)
• Johnson & Johnson Services, Inc. (U.S.)
• Dr. Reddy’s Laboratories Ltd. (India)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Bristol-Myers Squibb Company (U.S.)

Above are the key players covered in the report, to know about more and exhaustive list of lung cancer therapeutics   market companies contact, https://www.databridgemarketresearch.com/contact

Research Methodology: Global Lung Cancer Therapeutics Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.