Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global lung cancer treatment market is projected to flourish at a CAGR of 9.8% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 102 billion is anticipated for the market in 2031. As of 2023, the market for lung cancer treatment is expected to close at US$ 47.8 billion.
The increasing prevalence of lung cancer is expected to drive the demand for new and effective lung cancer treatments. The increasing aging population and the rise in the prevalence of risk factors such as smoking and air pollution are likely to increase the number of cases of lung cancer, driving the market demand for lung cancer treatment during the forecast period.
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Competitive Landscape
The leading players in the lung cancer treatment market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global lung cancer treatment market report:
Pfizer, AstraZeneca, Merck (MSD), Bristol-Myers Squibb, Eli Lilly and Company, Boehringer Ingelheim, Novartis, Merck KGaA (EMD Serono), AbbVie, Takeda, Astellas Pharma, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson, Sanofi, and Amgen are the prominent players operating in the market.
Key Developments in the Lung Cancer Treatment Market
- In April 2021 - Takeda Pharmaceutical Company Limited announced that the U.S. Food and Drug Administration (FDA) has granted priority review for the company’s New Drug Application (NDA) for mobocertinib (TAK-788) for the treatment of adult patients with epidermal growth factor receptor (EGFR) Exon20 insertion mutation-positive (insertion+) metastatic non-small cell lung cancer (mNSCLC), as detected by an FDA-approved test, who have received prior platinum-based chemotherapy. Mobocertinib is the first oral therapy specifically designed to selectively target EGFR Exon20 insertion mutations.
- Bristol-Myers Squibb - Continued development and refinement of their immunotherapy drugs, including nivolumab (Opdivo) and ipilimumab (Yervoy), for lung cancer treatment.Exploration of combination therapies and investigation of biomarkers for personalized treatment approaches.
The rising shift toward targeted therapies and immunotherapies, and the development of new and effective treatments is a key driver of the global lung cancer treatment market.
Increasing consumer awareness about lung cancer, promoting early detection, and advocating for patient rights. These efforts contribute to increased patient engagement in seeking appropriate treatments, and boost the market for lung cancer treatment.
Key Takeaways from the Market Study
- As of 2022, the lung cancer treatment market was valued at US$ 43.5 billion
- By treatment type, the targeted therapy segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on end-user, the hospitality segment accounts for the highest market share
- Based on cancer type, the NSCLC segment is expected to generate high revenue during the forecast period, as NSCLC is the most common type of lung cancer and accounts for about 85% of all lung cancer cases.
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Lung Cancer Treatment: Key Trends and Opportunistic Frontiers
- With an increasing number of Cancer & radiation therapy centers and specialty clinics with a range of treatment options and resources, the cancer treatment market is projected to rise during the forecast period.
- Increasing technological advancements in medical technology, such as improved imaging techniques and targeted procedures, enhance the accuracy of diagnosis and the effectiveness of treatments, drive the market demand
- Ongoing research and development efforts lead to the introduction of innovative treatment options, including targeted therapies, immunotherapies, and combination treatments. These advancements provide more effective and personalized treatment options for patients, provide an opportunity for market growth
Lung Cancer Treatment Market
- North America is expected to account for the largest market share during the forecast period. North America has well-developed healthcare systems with access to advanced diagnostic tools and treatment options. The region is a hub for research and development, leading to the introduction of new treatment modalities and clinical trials. While advanced treatments are available, the high cost of some therapies can pose challenges to patient access and the healthcare system.
- Asia Pacific is expected to significant market for lung cancer treatment market Increasing the incidence of lung cancer, a surge in the geriatric population, and a rise in the adoption of targeted therapies and immunotherapies drive the market demand in the region. The presence of a large patient population and the availability of advanced treatment options boost market demand in the region.
Lung Cancer Treatment Market – key Segments
Cancer Type
- NSCLC
- SCLC
Treatment Type
- Surgery
- Radiation Therapy
- Targeted Therapy
- Immunotherapy
- Chemotherapy
- Others (Palliative Care)
End-user
- Hospitals
- Cancer & Radiation Therapy Centers
- Others (Specialty Clinics)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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