Lung Cancer Market Industry Size, Share, Analysis, Trend & Future Strategic Plan

Posted by Nita on November 14th, 2019

Market Overview: Lung Cancer Market projecting the market to reach a valuation of close to USD 37 billion by 2023, rising from a 2016 valuation of USD 15.2 billion at a CAGR of 13.5% over the forecast period from 2017 to 2023.

Lung cancer is a malignant lung tumor characterized by uncontrolled cell growth in lung tissue with symptoms such as coughing, weight loss, fatigue and chest pain. The two types of lung cancers are small-cell lung carcinoma (SCLC) and non-small-cell lung carcinoma (NSCLC). The NSCLC type accounts for almost 80% of the cancers with NSCLC representing the remaining. The cure rates for the two types of lung cancers exchange their positions with the SCLC being the most malignant. The cure rates also depend on the stage of cancer detection with rates varying by 55% for first stage to just 1% for stage four.

Lung cancer is the second most common type of cancer in both men and women, with about 13% of all new cancers projected to be cases of lung cancer. According to the American Cancer Society, the incidence of lung cancer is quite high in the U.S., resulting in more than 142,000 deaths in 2019. The global lung cancer market has been driven by the growing body of cancer research and the rapid growth in the prevalence of lung cancer, which has driven political will to fund cancer research. The rising government support to lung cancer research, as well as rising private investment in the sector, is likely to be a major driver for the global lung cancer market over the forecast period.

The market features a solid research arm, with several major players involved in a number of research efforts in order to make lung cancer diagnosis smoother and better, and lung cancer treatment more effective.

Competitive Analysis: Leading players in the global Lung Cancer Market include F. Hoffman-La Roche, Pfizer Inc., Bristol-Myers Squibb Company, Sanofi, Eli Lilly and Company, Merck & Co. Inc., and Novartis.

Key Updates

In February 2019, technology that could power a new biosensor was introduced by researchers at the University of Exeter. This biosensor could help detect lung cancer at an earlier stage, significantly improving the patient’s chances of survival. The biosensor is based on graphene and has the capacity to detect small molecules of common lung cancer biomarkers, allowing it to detect the presence of cancerous tumors at a lower concentration of biomarkers – thus at an earlier stage of the disease. Improving and developing technology allowing early-stage diagnosis is likely to be a prosperous avenue for major players in the global lung cancer market over the forecast period, as early diagnosis is vital in lung cancer management and treatment.

In February 2019, Researchers at McGill University announced their findings that a drug currently used to treat estrogen positive breast cancer could also be used to treat non-small cell lung cancer. The research included in vitro tests on human cancer cells as well as in vivo tests on animal models, which showed consistently that the drug can cure the disease.

In March 2016, Novartis AG’s cancer drug got FDA's principal biosimilar affirmation. Federal regulators have permitted the first biosimilar drug to be sold in the US under a program intended to branch a new market of lower-cost substitutes to some of the most expensive treatments in healthcare. This approval of biosimilars will help many patients who need these treatments.

In August 2016, the FDA approved Pfizer's TROXYCA ER extended-release capsules CII for pain management. This drug was used for abuse-deterrent properties for the management of pain and helped Pfizer to improve its goodwill and sales with this new product.

In February 2015, F. Hoffmann-La Roche Ltd acquired Signature Diagnostics AG (Signature), a privately held company based in Potsdam, Germany.

Segmentation: Global lung cancer market has been segmented on the basis of type into small cell lung cancer and non-small cell lung cancer. NSCLC more common than small cell lung cancer and has higher prevalence figures.

On the basis of treatment, the lung cancer market is segmented into surgery, chemotherapy, radiotherapy, photodynamic therapy (PDT), and laser therapy.

By end use, the market comprises hospitals & clinics, cancer research centers, and laboratories.

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: https://www.marketresearchfuture.com/reports/lung-cancer-market-1185