Market Research Future’s (MRFR), latest market report on the Global Lung Cancer Market, has disclosed an estimated evaluation of USD 36.92 billion by the end of 2023 and a considerable CAGR of 13.5% during the forecast period 2017-2023. Lung Cancer has been found to be one of the leading causes of cancer-related mortality as compared to other types of cancer. This has led to high demand for effective treatment options that assist in remission or allow prolonging of life while keeping the quality of life intact.
Lung Cancer Market – Key Players
Prominent players at the forefront of competition in the Lung Cancer Market and are profiled in MRFR Analysis are:
- Hoffmann-La Roche Ltd (Switzerland)
- Novartis AG (Switzerland)
- Pfizer (US)
- Merck & Co., Inc. (US)
- Bristol-Myers Squibb (US)
- Eli Lilly and Company (US)
- Sanofi (France)
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Lung Cancer Market – Highlights
The Lung Cancer market has been growing at a steady pace over the past few years and is expected to continue to do so as there has been very little difference in the smoking habits of the global population. The World Cancer Research Fund International has found that smoking is responsible for approximately 85% of all types of lung cancer. Rising cases of infections, increased awareness & early diagnoses are other factors that drive the growth of this market.
The market is not without challenges and restraints, despite rapid growth. Low rates of remission, side effects associated with treatment, increased the incidence of fast-growing lung cancer and decreased the quality of life of late-stage cancer patients are some restraints that are likely to affect market growth. However, ongoing research & development of treatment options, the vast demand for the same and the encouragement and support from government and other regulatory bodies is expected to encourage growth for the market during the forecast period. Moreover, there has been growing interest in using genetic therapies to treat lung cancer with utmost efficiency, the unrealized potential of this opportunity is expected to motivate robust growth for the global lung cancer market.
Lung Cancer Market – Segmentation
The Global Lung Cancer Market has been divided on the basis of types, treatments, end users & regions.
On the basis of types, the market is bifurcated into SCLC (Small Cell Lung Cancer) & NSCLC (Non-Small Cell Lung Cancer). SCLC typically originates in the cells that line the bronchi in the middle of the lungs. Cell carcinoma & combined cell carcinoma are the sub-segments of SCLC. NSCLC tends to affect the exterior region of the lung. This form of cancer is also referred to as adenocarcinoma. Sarcoma & Sarcomatoid carcinoma forms the sub-segments of NSCLC. SCLC held around 14.6% market shares back in 2015 whereas NSCLC earned above USD 1.298.8 million that year
On account of treatments, the market is fragmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT) & laser therapy.
Hospitals & clinics, cancer research centers & laboratories form the end users. Amongst these, hospitals hold the largest market share.
Regionally, the market is segmented into North America, Europe, Asia Pacific, & Middle East & Africa & Rest Of The World.
Lung Cancer Market – Regional Analysis
The Global Lung Cancer Market spans across the regions of North America, Europe, Asia Pacific, and Middle East & Africa. North America is at the forefront of the global lung cancer market due to the presence of a well-developed healthcare sector, technological advances in healthcare and supportive government policies in the region. Europe is the second largest market for lung cancer and is expected to reach USD 8,536.3 Million by the end of 2023. Rising prevalence of lung cancer and extensive R&D activities for the development of drugs and therapies for lung cancer supports the growth of the market in Europe. Asia Pacific market is expected to gain prominence over the forecast period owing to rising expenditure and increasing focus on healthcare in the region. The Middle East & Africa market is expected to have a limited but steady growth over the forecast period.
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