Lung Cancer Therapy Market Share Worth $80.49 Billion, Globally, by 2030 - Exclusive Report by The Insight Partners

Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Lung cancer now a days is treated by targeted therapy, a type of personalized medicine, is a combination of two or more drugs, designed to directly target the cancerous cells. Therapies such as ablation and chemotherapy destroy healthy cells along with infected cells, which can affect the overall patient condition. Targeted therapy is designed in a way to selectively kill cancerous cells, keeping the function of healthy cells unhampered. With recent developments in medical technologies, focus on the use of targeted therapy for the treatment of lung cancer is increasing notably. Scientists are focusing on studying lung cancer cell mutations that are responsible for driving the uncontrolled growth of cancerous cells.

According to our new research study on “Lung Cancer Therapy Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Therapy Type (Noninvasive and Minimally Invasive), Indication (Non-Small Cell Lung Cancer and Small Cell Lung Cancer), End User (Hospitals, Oncology Clinics, Research Centers, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa),” the lung cancer therapy market size to grow from $80.49 billion by 2030 from $31.01 billion in 2019. The market is estimated to grow at a CAGR of 12.7% from 2022 to 2030.

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Global Lung Cancer Therapy Market: Competitive Landscape and Key Developments
Medtronic PLC, RF Medical Co Ltd, Johnson & Johnson, Merck KGaA, Sun Pharmaceutical Industries Ltd, Bioventus Inc, Meiji Seika Pharma Co Ltd, Advanz Pharma Corp, and Olympus Corp are a few key companies operating in the lung cancer therapy market. Market players adopt product innovation strategies to meet evolving customer demands, thereby maintaining their brand names in the lung cancer therapy market. A few of the recent developments in the global lung cancer therapy market are mentioned below:

In August 2022, Bioventus Inc received approval from the FDA for its neXus SonaStar Elite handpiece. The FDA has provided 510(k) clearance for the product, which is powered by the neXus Ultrasonic Surgical Aspirator System. The product is capable of removing hard and soft tissues during procedures that can be operated at multiple frequencies.

In July 2022, Medtronic announced the launch its first set of products for a lung ablation procedure based on its ILLUMISITE navigation platform. The use of Illumisite provides a new way for physicians to perform multidirectional biopsy sampling even from the most distant areas of lungs. Simultaneously, the Emprint ablation catheter kit is utilized to deliver a minimally invasive treatment to lung lesions.

In February 2022, TEPMETKO, an oral MET inhibitor, received approval in the European Economic Area for treating adult patients with advanced NSCLC, with METex14 skipping alterations, who require systemic therapy following prior treatment. The approval is based on the results of Phase II of VISION, the largest interventional study to date of patients with advanced NSCLC with METex14 skipping alterations. TEPMETKO demonstrated consistent and durable responses in the VISION study.

In December 2021, the FDA has granted 510(k) clearance for Bioventus Inc's neXus BoneScalpel Access handpiece. The company had plans to launch this product in the US, Canada, Europe, and Australian markets.

Global Lung Cancer Therapy Market – Report Scope:

Government Initiatives for Screening and Treatment of Lung Cancer Drive Global Lung Cancer Therapy Market Growth:
According to an article published by Johnson & Johnson, lung cancer is a leading cause of cancer mortality in the world, and it is generally detected in the later stages. In the initial stages, people with lung cancer show no prominent symptoms, and therefore, in almost 50% of the detected cases, cancer has already reached the metastasis stage. In response to the seriousness of this condition, governments of various countries are focusing on introducing initiatives for encouraging the early detection and screening of lung cancer, followed by providing early treatment. As per the United States Preventive Services Task Force (USPSTF), people from the age range of 50–80 with a smoking history of 20 packs per year, either presently smoking or having quit within the last 15 years, are more susceptible to developing lung cancer in the US. Hence, the USPSTF recommends these people undergo low-dose computed tomography (LDCT) screening for lung cancer every year to ensure the early detection of lung cancer. In addition, in July 2022, the Biden Administration in the US introduced a new model that aims to improve cancer care and lower the treatment cost for patients who are covered under Medicare services.

In July 2021, Cancer Australia partnered with the Department of Health and Aged Care to evaluate the feasibility of a lung cancer screening program in Australia. After obtaining positive results of the feasibility assessment, in May 2023, the Department of Health and Aged Care of the Government of Australia declared an investment of US$ 263.8 million for 2023–2024 for the implementation of the National Lung Cancer Screening Program across the country. Through this program, the Department of Health and Aged Care focuses on the prevention and early detection of lung cancer. Further, the Beating Cancer Plan introduced by the European Health Union aims to tackle the entire disease pathway by focusing on prevention, treatment, and care of lung cancer patients.

Thus, an upsurge in initiatives taken by governments for the early detection and proper treatment of lung cancer patients fuels the growth of the lung cancer therapy market.

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North America held the largest share of the global lung cancer therapy market in 2022 owing to the growing number of lung cancer patients, increasing habit of smoking among the youth, government support for lung cancer screening, and the presence of major market players engaged in new and existing product developments. The US held the largest share of the lung cancer therapy market in North America in 2022, and it is anticipated to register the highest CAGR during 2022–2030. As per a report published on the official White House website, managed by the Office of Digital Strategy, the Association of Community Cancer Centers (ACCC) and AstraZeneca entered into a partnership in May 2023 for the development and implementation of person-centered and sustainable approaches to drive lung cancer screening in rural areas of the US through “Rural Appalachian Lung Cancer Screening Initiative.” The cancer mortality rate in the Appalachian region—including all of West Virginia and a few parts of 12 other states—is 10% higher than that of the rest of the US. This initiative aims to double the five-year survival rate among lung cancer patients. Such initiatives are contributing to the growth of the lung cancer therapy market in the US.

As per the Canadian Cancer Society, in 2022, a total of 30,000 lung and bronchus cancer cases were recorded in the country, i.e., 13% of all new cancer cases recorded that year. Furthermore, 20,700 people died from lung cancer, representing 24% of all cancer deaths in 2022. The high rate of mortality from lung cancer reflects both the high rate of diagnosis and the low survival rate in the country. More than half of lung cancer cases are diagnosed in a late stage, i.e., stage 4; thus, the net survival is as low as 4%. The incidence and mortality rates of lung cancer increase with age. For instance, incidence rates peak at age 75–84 among Canadians, while mortality rates peak among people aged 85 years and older. Approximately 1 in 15 lung cancer cases diagnosed in Canadians is due to smoking. To address the issue of lung cancer spread, various initiatives have been launched by the government and organizations to expand the market for lung cancer therapy in Canada. For instance, the Lung Cancer Research Foundation of Canada (LCRFC) funds research activities that will help in the early detection, prevention, and treatment of lung cancer in the country. Canadian Task Force on Preventive Health Care (CTFPHC) recommends screening high-risk patients for lung cancer with low-dose CT scans once every year for three years.

Go through further research published by The Insight Partners:

Lung Cancer Market - Global Analysis and Forecast to 2030

Non-Small Cell Lung Cancer Therapeutics Market - Global Analysis and Forecast to 2030

Lung Cancer Therapeutics Market - Global Analysis and Forecast to 2030

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