Kenneth Research has evaluated the current market opportunities in Lung Cancer Drugs Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Lung Cancer Drugs Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
Global Lung Cancer Drugs Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[93 pages report] This market research report includes a detailed segmentation of the global lung cancer drugs market by disease type (small cell lung cancer {SCLC} and non-small cell lung cancer {NSCLC}), by molecule type (small molecules and biologics), by regions (North America, Europe, Asia Pacific, and Rest of the World).
Overview of the Global Lung Cancer Drugs Market
Infoholic’s market research report predicts that the “Global Lung Cancer Drugs Market” will grow at a CAGR of 13.6% during the forecast period. The market has witnessed steady growth in the past few years with the introduction of novel products, which have augmented the acceptance of immunotherapy drugs in the market. The market is fueled by upsurge in the incidence of lung cancer cases across the globe – owing to increasing diagnosis rate and mainly due to increasing tobacco consumption, increase in the lung cancer treatment rates, increasing rate of effective drug approvals as first-line therapies, strategic deals to develop new products, increasing R&D spending, and rapid industrialization leading to increased pollution.
Overview of the Global Lung Cancer Drugs Market
Infoholic’s market research report predicts that the “Global Lung Cancer Drugs Market” will grow at a CAGR of 13.6% during the forecast period. The market has witnessed steady growth in the past few years with the introduction of novel products, which have augmented the acceptance of immunotherapy drugs in the market. The market is fueled by upsurge in the incidence of lung cancer cases across the globe – owing to increasing diagnosis rate and mainly due to increasing tobacco consumption, increase in the lung cancer treatment rates, increasing rate of effective drug approvals as first-line therapies, strategic deals to develop new products, increasing R&D spending, and rapid industrialization leading to increased pollution.
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The leading global pharmaceutical companies are focusing on product approvals as first-line treatment therapy and combination treatment with chemotherapy, collaborations, and regulatory submission of already matured cancer treatments in the developing countries as a major strategy to increase their revenue. Many of the global players are also focusing on providing home infusion services in the developed markets with secured and safe cold chain logistic infrastructure. This Direct-to-Patient (DTP) strategy is also helping market players to expand their patient volumes and thus the overall revenues globally. The market generates the revenue from the key players operating in this field and some of them includes, F. Hoffmann-La Roche Ltd, Bristol–Myers Squibb, Janssen, Amgen, AstraZeneca PLC, Pfizer, Inc., Eli Lilly & Company Ltd, and Novartis AG.
According to Kenneth Research analysis, North America accounted for the largest share of the global lung cancer drugs market in 2018 and will retain high position during the forecast period 2019–2025. According to WHO, cancer accounted for an estimated 9.6 million deaths in 2018 and the most common cancer among all types is lung cancer (2.09 million cases). An estimated 234,030 new cases of lung cancer were diagnosed in 2018, representing about 13% of all cancer diagnoses in the country.
Europe is the second major shareholder of the global lung cancer drrugs market. There were an estimated 3.91 million new cases of cancer and 1.93 million deaths from cancer in 2018. Lung cancer is the third most common cancer type of cancer (470,000) after the female breast cancer and colorectal cancer (500,000). In UK, around 46,700 new lung cancer cases are recorded annually and it is the third most common cancer. The Asia Pacific is expected to grow at high double digit CAGR during the forecast period, owing to factors such as increasing prevalence of cancer cases, growing healthcare expenditure, and increased healthcare awareness.
By Disease Type:
• Small cell lung cancer (SCLC)
• Non-small cell lung cancer (NSCLC)
The non-small cell lung cancer segment occupied the largest share in 2018 and is expected to grow at mid-double digit CAGR during the forecast period. The increasing incidence and prevalence of non-small cell lung cancer and rapid industrialization makes the segment fastest growing during the forecast period 2019–2025.
By Molecule Type:
• Small molecules
• Biologics
In 2018, the small molecules segment occupied the largest share and biologics is expected to grow at a high CAGR during the forecast period due to increasing adoption of biologics, strong pipeline targeting first-line treatments, and recent product approvals.
By Regions:
• North America
• Europe
• APAC
• RoW
North America is dominant in the global lung cancer drugs market followed by Europe and Asia Pacific. The significant share of the North America market comes from the US due to the availability of favorable reimbursement policies.
Lung Cancer Drugs Market Research Competitive Analysis – The global lung cancer drugs market has massive growth opportunities in both developed and developing regions. Many companies are concentrating on new approvals, collaborations, and development of new drugs to treat lung cancer due to increase in the incidence of cancer and the need for advanced treatments. For instance, the European Commission has approved brigatinib (Alunbrig) developed by Takeda Pharmaceutical in November 2018 to treat adult patients with ALK-positive non–small cell lung cancer (NSCLC) who were previously treated with crizotinib (Xalkori). FDA approved durvalumab (Imfinzi) developed by AstraZeneca Inc. in February 2018 for the treatment of unresectable stage III non-small cell lung cancer whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy. In addition, other leading vendors are focusing in investing huge on research and development activities to develop new products to obtain high share in the market.
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Key Vendors:
• F. Hoffmann-La Roche Ltd.
• AstraZeneca PLC
• Bristol–Myers Squibb
• Pfizer, Inc.
• Eli Lilly and Company Ltd.
• Novartis AG
Key Competitive Facts
• Increasing incidence of the disease globally, promising drug pipeline, and enormous R&D activities for the lung cancer drug development are the major factors driving the market growth.
• The pipeline of oncology drugs in the clinical development has expanded by 45% over the past 10 years; 87% of the late-stage pipeline is targeted therapies, which include small molecule protein kinase inhibitors and biologic monoclonal antibodies.
Benefits – The report provides complete details about the sub-segments of the lung cancer drugs market. Through this report, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the disease management in the upcoming years along with details of the existing pureplay companies and new players entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data.
• A detailed market analysis focusing on the growth of lung cancer drugs industry.
• Factors influencing the growth of the lung cancer drugs market.
• In-depth competitive analysis of dominant and pure-play vendors.
• Prediction analysis of the lung cancer drugs market in both developed and developing regions.
• Key insights related to major segments of the lung cancer drugs market.
• Latest market trend analysis impacting the buying behavior of the consumers.
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