The targeted segment is forecast to emerge dominant among various therapies in the global lung cancer therapeutics market, finds Fortune Business Insights in a new study. The study is titled “Lung Cancer Therapeutics Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2026.” According to the study, the global lung cancer therapeutics market will exhibit an exponential CAGR of 13.0% to reach a value of US$ 48,725.9 Mn by 2026 from US$ 18,327.6 Mn in 2018.
Lung cancer is considered one of the leading causes of death by cancer. Cancer can be a result of continuous exposure to asbestos, and an unhealthy lifestyle that includes habits such as pipe smoking, cigarette smoking, cigar smoking. The rising incidence of lung cancer is subsequently fuelling demand for various therapies in the global lung cancer therapeutics market.
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- Astellas Pharma US
- Merck Sharp & Dohme GmbH
- Eli Lilly and Company
- Bristol-Myers Squibb
- Boehringer Ingelheim Pharmaceutical, Takeda
Targeted therapy is expected to emerge dominant among other therapies such as vaccine therapy, radiation therapy, chemotherapy, surgery, and immunotherapy. targeted therapy segment accounted for a share of 51.1% in the year 2018. This is because of the rise in focus towards the diagnosis of lung cancer and the positive outcome of targeted therapy that is increasing its demand in the global market.
However, the immunotherapy segment is anticipated to grow at the fastest CAGR during the forecast period. This is because of the rise in the number of product launches related to treating lung cancer. The availability of abundant resources is creating new opportunities for growth in the market during the coming years.
Increasing Investments in Research and Development Activities to Boost Market
Various factors are responsible for boosting the global lung cancer therapeutics market. One among them is the launch of cancer awareness programs by both government and non-government organizations around the world. Cancer awareness and various treatment measures are increasing the demand for cancer therapeutics, especially in developing nations. Besides this, increasing investment by market players in research and development activities to discover novel therapeutics is driving the global market.
On the flip side, most of the anticipated drugs for lung cancer are still in their early testing stage and might take some time before finally getting launched in the market. This gestation gap between clinical trial and final launch might create uncertainty among players, making them skeptical about further investments in lung cancer treatment researches. This may hamper the market growth during the forecast period.
Furthermore, Cure for a certain type of cancer is yet to be discovered. The cure is yet to be discovered as targeted therapies have no effect on such cancer types. This is more likely to create challenges for the global market for lung cancer therapeutics during the forecast period.
The Asia Pacific to Emerge as the Fastest Growing Region with Rising in Cancer Awareness Programs
North America is expected to dominate the global market for lung cancer therapeutics. In 2018 the region generated a revenue of US$ 8,093.2 Mn. Growth in this region is attributable to the rising prevalence and diagnostics of lung cancer and the increasing adoption of advanced lung cancer therapeutics. Besides this, increasing awareness about cancer is enabling the market in Asia Pacific exhibit a faster CAGR.
A few novel therapeutics are introduced in the market, impelling leading players to research on improved medication. For instance, Genentech, a company operating in the lung cancer therapeutics market has recently launched their new drug named, Alecensa (alectinib), in order to treat ALK-positive non-small cell lung cancer. Such strategies adopted by players will bode well for the global lung cancer therapeutics market in the long run.
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