MRFR Offering latest research report on Lung Cancer Market: Information by Type (SCLC and NSCLC), Treatment (Surgery, Chemotherapy, Radiotherapy, Photodynamic Therapy (PDT) and Laser Therapy), End User (Hospital & Clinics, Cancer Research Centers and Laboratories) and Region (North America, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2023
Key Players : Lung Cancer Market
Bristol-Myers Squibb (US),F. Hoffmann-La Roche Ltd (Switzerland),Eli Lilly and Company (US),Pfizer (US),Merck & Co., Inc. (US),Novartis AG (Switzerland),Sanofi (France)
Global Lung Cancer Market Overview
Lung Cancer is lung tumor, malignant in nature, which is characterized by uncontrolled and unnatural cell growth in the lung tissue. The symptoms of lung cancer include coughing, fatigue, weight loss, and chest pain. The Global Lung Cancer Market is projected to expand at 13.5% CAGR during the forecast period. The most primary factor leading to lung cancer is long-term tobacco smoking. Approximately 85% of all lung cancer cases are caused due to such smoking.
Other factors causative of outstanding traction gained by the lung cancer market include genetic factors and long term exposure to carcinogens. Cigarettes are observed to contain at least 73 known carcinogens. Other carcinogens that can cause lung cancer include asbestos, radioactive materials, radon gas, air pollution, and passive smoking.
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Studies have proven that passive smokers are at a 20-30% higher risk of lung cancer, as compared to non-smokers. Environmental pollution, rising prevalence of infections, and advancements in diagnosis techniques leading to earlier detection, and higher awareness are leading to unparalleled growth in the lung cancer market. Further, mounting rates of fast spreading lung cancer, poor life expectancy, and easier availability health insurance are promoting growth in the lung cancer market.
Market Segmentation : Lung Cancer Therapeutics Market
The global lung cancer market is segmented by type, end-users, and region. Based on types, the global lung cancer market is segmented into small-cell lung cancer (SCLC) and non-small-cell lung cancer (NSCLC). The NSCLC segment is anticipated to account for 80% of the market. Based on end-users, the global lung cancer market is segmented into cancer research centers & laboratories, and hospitals & clinics.
Detailed Regional Analysis : Lung Cancer Therapeutics Market
The global lung cancer market is geographically segmented into North America, Asia Pacific, Europe, and the Middle East & Africa. The global lung cancer market is likely to reach a revenue valuation of USD 36929.8 million by 2023, from USD 15219.7 million at the beginning of the forecast period. Among the regional segments, Asia Pacific is estimated to capture the largest share in the global lung cancer market. Following Asia Pacific, Europe is likely to stand second in the global lung cancer market through the forecast period. Such ascension in the regions can be attributed to the growing demand and a need for lung cancer drugs. Another factor is the rising prevalence of lung cancer due to bad lifestyle choices.
Competitive Analysis : Lung Cancer Therapeutics Market
Several players have presently influenced the Global Lung Cancer Market. In recent years, due to the high death rate due to lung cancer, various existing players and new entrants in the lung cancer market are investing significantly in the research and development of new and improved products to control and curb lung cancer.
For instance, in July 2016, Pfizer, a renowned US-based biopharmaceutical organization, and Western Oncolytics announced their collaboration on the oncology research collaboration. This collaboration aims at the investigation of novel oncolytic virus technology. The terms of agreement allow Pfizer and Western Oncolytics to collaborate on the preclinical and clinical development of WO-12 through Phase 1 trials. are some of the prominent players in the lung cancer market as profiled in MRFR Analysis.
Industry News: Lung Cancer Therapeutics Market
A software company based in Trabzon has developed a system that will aid in early diagnosis of lung cancer. The system with the name AKGÜN X-eye TORAKS is an x-ray device with an 85% success rate till date. This project is also supported by the Ministry of Industry and Technology and the Scientific and Technological Research Council of Turkey (TÜBİTAK).
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