As per the report published by Market Research Future (MRFR), the Global Lung Cancer Market is poised to grow with a striking CAGR of 13.5% during the forecast period (2017-2023). The number of long-term cigarette smokers doesn’t seem to decline in coming years. Hence, the lung cancer market that valued USD 15219.7 million in 2016 is accounted for USD 36929.8 million by 2023.
Lung Cancer Market – Key Players
Important companies that are listed by MRFR, operating in the market are
- Merck & Co., Inc. (US)
- Pfizer (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Sanofi (France)
- Bristol-Myers Squibb (US)
- Eli Lilly and Company (US)
- Novartis AG (Switzerland)
The National Institute for Health and Care Excellence (NICE) recommended Pfizer’s Vizimproa as a first-line treatment option for NSCLC patients.
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Lung Cancer Market – Apprehension
Adding to the growing number of active smoking, high risks associated with passive smoking hovers. This factor is observed to be the predominant factor that can escalate the lung cancer market growth. In May 2019, the World Health Organization, on the occasion of celebrating World No Tobacco Day 2019, reported that over two-thirds of lung cancer deaths occur due to active smoking. Whereas, passive smoking possess tremendous potential to develop lung cancer.
The surge in perils of occupational exposures is forecasted to amplify the lung cancer market expansion. As a result of rapid industrialization, an increase in the employment for occupations like iron and steel foundries, rubber production, haematite mining, painting, coke production, and carbon electrode production is observed. Consequently, leading to the upsurge in the lung cancer market growth due to the high menace of lung cancer these workplaces hold.
The devastating impact on our health that environmental pollution has is expected to impel the lung cancer market. As stated by the International Agency for Research on Cancer (IARC), particulate matter that has a diameter of less than 10 microns qualifies to be a carcinogen. Increase in the level of particulate matter that causes air pollution, due to the high number of automobiles is expected to reinforce the market to mature.
The lung cancer market is anticipated to thrive on drivers like growing incidences of genetic disorders, increase in exposure to radon, lack of carotenoid in diet, availability of advanced treatment for cancer, robust research and developmental undertakings, and sprawling geriatric population. However, complications in lung transplantation can hinder the market growth.
Lung Cancer Market – Segmental Analysis
The Global Lung Cancer Market has been segmented on the basis of type, treatment, and end-user.
Based on the type, the global lung cancer market can be segmented into NSCLC Lung Cancer and SCLC Lung Cancer.
Based on the treatment, the global lung cancer market can be segmented into Laser Therapy, Radiotherapy, Surgery, Photodynamic Therapy (PDT) and Chemotherapy.
Based on the end-use, the global lung cancer market can be segmented into laboratories, hospital and clinics, and cancer research centers.
Lung Cancer Market – Regional Outlook
Based on the region, the Lung Cancer Market has been studied across North America, Asia Pacific, Europe, and the Middle East Asia and Africa.
North America is expected to lead the global lung cancer market in the review period. Owing to the high prevalence of NSCLC lung cancer in the region and availability of advanced medical diagnostic solutions and treatment, the North American market is likely to expand significantly.
Followed by the lead, the European region is likely to hold market share valued USD 8,536.3 million by 2023. The robust research and developmental undertakings backed by technical developments due to the growing demand and need for lung cancer drugs are factors that can boost the regional market. The huge patient pool afflicted with cancer and the high number of active smokers in the Asia Pacific region are factors that are anticipated to amplify the Lung Cancer Market growth.
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