The field of medicine known as lung cancer therapeutics focuses on treating lung cancer, which may involve radiation therapy, chemotherapy, targeted therapy, immunotherapy, and other methods. The use of tailored medications is another component of the treatment, which aims to improve survival rates despite the rapid growth of cancer cells in the lungs. In 2021, the market for lung cancer therapeutics was USD 28.56 billion, and by 2030 it will reach USD 60.72 billion, growing at a 8.74% CAGR during the forecast period. During the forecast period, the market for therapies for lung cancer is expected to expand at a remarkable rate. The rising prevalence of lung cancer and advanced treatments for lung cancer influence the market’s expansion.
DriversOne of the most prevalent cancers is lung cancer. Recently, there have been a large rise in the number of new cases of cancer, particularly lung cancer, as a result of aging population expansion and lifestyle modifications. Approximately 6.2% of the US population is at risk of acquiring lung cancer. Although the mortality rate of lung cancer has declined recently, it is still very high, which presents a business potential for market players. More people are having therapeutic treatments due to the rising demand for therapies and advancements in therapeutics like immunotherapy and chemotherapy. Furthermore, there are many advanced therapies in the pipeline, and their speedy approval in the clinical stages is due to their efficacy in clinical trials. The market will expand due to the high disease incidence rate and rising drug approvals.
RestraintsThe costs of acquiring advanced lung cancer therapeutics are extremely expensive. Drug prices are high due to increased research and development expenditures for efficient and life-saving medications. Due to their financial constraints, people in low- and middle-income brackets refrain from purchasing these cutting-edge medications, which may impede the market’s expansion.
OpportunityNumerous biopharma businesses are making significant investments in research and development operations to innovate and create new, powerful medications with minimal or no adverse effects. Traditional treatments came with risks of cancer recurrence and numerous other adverse effects, some of which could even be fatal. The market participants have benefited greatly from the technological improvements in terms of potential for expansion.
By TherapyIn 2021, the targeted therapy segment held the largest market share of 50%. Patients with lung cancers are increasingly turning to targeted therapy. Advanced targeted therapies for lung cancer treatment have been developed due to the biopharmaceutical industry’s rapid expansion and escalating R&D costs. Targeted therapy has expanded dramatically worldwide due to rising healthcare costs & increased awareness of cutting-edge gene therapies that can treat diseases previously considered incurable.
By Lung Cancer TypeThe non-small cell lung cancers segment was the major market contributor in 2021 due to the rising rate of non-small cell lung cancer in the population. The need for lung cancers therapeutics to treat this form of lung cancer has driven the expansion of this segment in the global lung cancers therapeutics market. It is estimated that about 80% of lung cancer cases are non-small cell lung cancers.
By Distribution ChannelIn 2021, the hospital pharmacies segment was the largest market contributor. The largest share is due to the rising tendency among customers to purchase medications from hospital pharmacies due to the accessibility of a wide choice of medications.
Regional AnalysisNorth America was the largest market contributor, with a significant revenue share in 2021. The increased demand for lung cancers therapeutics in this region is a result of the rising prevalence of lung cancers and the expanding use of improved detection and lung cancers medicines for the treatment of lung cancers. Several top biopharmaceutical businesses have greatly aided the development and expansion of this area’s lung cancers therapies market. Additionally, the rising use of health insurance in North America has enhanced access to the most expensive and advanced treatments. The region’s enhanced access to cutting-edge healthcare facilities and robust and established healthcare infrastructure have contributed substantially to the market’s expansion.
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Boehringer Ingelheim
- Novartis AG
- PharmaMar SA