October 10, 2022 10:16 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
LOS ANGELES, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Global Lung Cancer Market Size accounted for USD 21.1 Billion in 2021 and is estimated to achieve a market size of USD 67.9 Billion by 2030 growing at a CAGR of 14.1% from 2022 to 2030.
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Lung Cancer Market Report Coverage:
Lung cancer is a fatal lung tumor characterized by uncontrolled cell proliferation in lung cells. The primary factor that contributes to the risk of lung cancer is tobacco smoking. Continuous cigarette smoke inhalation can also lead to lung cancer. Lung cancer is diagnosed through biopsy, which is performed under bronchoscopy as well as CT guidance. As a result, lung cancer can be treated using chemotherapy, immunotherapy, radiotherapy, surgery, and other methods. Furthermore, greater financing for the study and development of new treatments, increasing contamination as a result of fast industrialization, and growth in the number of cigarette smoking are some of the causes of the growing incidence of lung cancer. As a result, the global lung cancer therapeutics market growth is expected to expand rapidly as the prevalence of lung cancer grows.
Lung Cancer Market Growth Factors
Due to the growing number of patients suffering from lung cancer, the worldwide lung cancer market is predicted to expand fast. Advanced-stage lung cancer diagnostics & treatment are still in high demand. An older population, increasing urbanization, and growing tobacco use, especially passive smoking, are potential drivers for the worldwide lung cancer therapeutics market value. Additionally, variables such as personalized and ground-breaking delivery systems to the lung, along with increased acceptance of tailored treatments, are viewed as major drivers of the entire lung cancer market trend.
However, limited treatment options, extensive accessibility of generic critical medications, and a large unmet demand for evaluation are projected to be the key factors restricting the total growth of the lung cancer therapeutics market size. Moreover, radiotherapy and chemotherapy treatments carry a high risk of side effects. As a result, leading companies must concentrate their energies on safer treatments and sophisticated remedies.
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The global lung cancer market has been segmented by Acumen Research and Consulting based on type, treatment, and end-user. By type, the segment is separated into SCLC, and NSCLC. In terms of treatment, the market is categorized into surgery, chemotherapy, laser therapy, radiotherapy, and photodynamic therapy (PDT).
Moreover, the market is divided into hospitals & clinics, laboratories, and cancer research centers, based on the end-user. According to the lung cancer market forecast, the laboratories sector is predicted to develop significantly in the next years.
Lung Cancer Market Regional Overview
The global lung cancer market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.
North America Leads the Lung Cancer Market; Asia-Pacific to Foresee Fastest Growing CAGR
According to a lung cancer industry analysis, North America has dominated the global market and is likely to do so again throughout the projected timeframe. Factors such as increased lung cancer rates and a rising number of geriatrics have all contributed to the region's high demand. In addition, changes in lifestyle with excessive smoking habits, resulting in a big pool of carcinoma lung community, are to account for the high prevalence of lung cancer in the United States.
Asia-Pacific is predicted to have the fastest pace of growth in the global lung cancer therapeutics market revenue during the next several years. This tremendous growth is predicted as a result of the rising consciousness of enhanced health care and the prevalence of unmet medical requirements for cancer therapies in India and China's emerging economies. As the smoking population grows and more people develop lung cancer, India and China will earn the preponderance of revenues in the Asia-Pacific region.
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Some of the prominent lung cancer market companies are AstraZeneca plc, F. Hoffmann-La Roche AG, The Merck Group, GlaxoSmithKline, Pfizer Inc., Eli Lilly Sanofi S.A., and Company and Boehringer Ingelheim GmbH.
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