According to the report “Global Lung Cancer Therapeutics Market,” published by Market Data Forecast, the global market is projected to reach USD 7.81 billion by 2021 from USD 5.65 billion in 2016, at a CAGR of 6.7% from 2016 to 2021.
Lung cancer is the uncontrolled growth of abnormal cells that start off in one or both lungs; usually in the cells that line the air passages. The abnormal cells do not develop into healthy lung tissue, they divide rapidly and form tumors.
As tumors become larger and more numerous, they undermine the lung’s ability to provide the bloodstream with oxygen. Tumors that remain in one place and do not appear to spread are known as “benign tumors”.
Malignant tumors, the more dangerous ones, spread to other parts of the body either through the bloodstream or the lymphatic system. Metastasis refers to cancer spreading beyond its site of origin to other parts of the body. When cancer spreads it is much harder to treat successfully.
Primary lung cancer originates in the lungs, while secondary lung cancer starts somewhere else in the body, metastasizes, and reaches the lungs. They are considered different types of cancers and are not treated in the same way.
According to the National Cancer Institute, by the end of 2015 there will have been 221,200 new lung cancer diagnoses and 158,040 lung-cancer related deaths in the USA.
According to the World Health Organization (WHO), 7.6 million deaths globally each year are caused by cancer; cancer represents 13% of all global deaths. As seen below, lung cancer is by far the number one cancer killer.
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Global Lung Cancer Therapeutics Market: Drivers & Restraints
Increasing occurrences of lung cancer because of mounting smoking population is one of the major factors driving the growth of lung cancer therapeutics market. Additionally, introduction of superior priced drugs and new advanced radiation therapies are the major drivers fuelling the market growth. Novel and safer therapies could improve opportunities for growth of the global lung cancer therapeutics market. Though, generalization of the key drugs might hamper the growth of this market.
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Global Lung Cancer Therapeutics market: Segmentation
By Treatment Type
- External Beam
- Internal Beam
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Global Lung Cancer Therapeutics market: Overview
According to the market research analysts at Technavio, the lung cancer therapeutics market is anticipated to witness fast-paced growth at a CAGR of more than 9% during the forecast period. With the growing demand for targeted therapies, the market for lung cancer therapeutics is likely to have a positive impact over the coming years. Targeted therapy is a novel treatment that involves targeting cancer-specific proteins, genes, cells or the tissue that leads to cancer growth and survival. Targeted therapies act by blocking the growth and spread of cancer cells besides limiting the damage to healthy cells. Moreover, targeted therapies have better efficacy over conventional therapies such as surgical resection, platinum-based chemotherapy, and radiation therapy. This has impelled the vendors to increasingly focus on developing targeting therapies in combination with traditional ones. Moreover, targeted therapies may have lesser side effects as compared with chemotherapy and radiation, which will lead to their increased adoption by physicians in the future.
In terms of geographical regions, the Americas led the global lung cancer therapeutics market and is likely to be the highest revenue contributor in the coming years. The presence of a large patient pool with lung cancer is one of the primary drivers of this market in the Americas, especially the US. Also, the increasing acceptance of targeted therapy for the treatment of lung cancer will bolster this market’s growth in the region. Some of the existing targeted therapies that are approved by the US FDA include bevacizumab (Avastin), erlotinib (Tarceva), gefitinib (Iressa), and ramucirumab (Cyramza). With the increasing adoption of targeted therapies in countries like Brazil and Canada will boost this market’s growth in the region.
Global Lung Cancer Therapeutics market: Region-wise Outlook
Based on geography the market is analysed under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. North America and Europe leads the global lung cancer therapeutics market. Lung cancer is the most common type of cancer in U.S and majority of population die of lung cancer every year. Asia-Pacific countries such as India and China are the developing regions for the global lung cancer therapeutics market owing to high occurrence of this disease along with growing healthcare alertness.
Key Questions Answered
- What is the current and future Lung Cancer Therapeutics market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Lung Cancer Therapeutics space globally?
- What are the key, high growth markets that Lung Cancer Therapeutics should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Lung Cancer Therapeutics currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Lung Cancer Therapeutics?
- What are the challenges and barriers that have hindered widespread adoption of Lung Cancer Therapeutics?
Global Lung Cancer Therapeutics market: Key Players
Companies are implementing various strategies to increase their product portfolio and rise its geographical presence. New product expansion, contracts and associations and procurements are some of the significant approaches adopted by the manufacturers in the lung cancer therapeutics market. The prominent players of this market include BoehringerIngelheim GmbH, Hoffman-La Roche, Pfizer Inc., GlaxoSmitKline, Eli Lilly and Company, Agennix AG, AstrazenecaPlc, and Sanofi-Aventis.
Reasons to buy Lung Cancer Therapeutics market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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