Market Research Future is the Leading Brand in The Market Research Industries who Recently Published Lung Cancer Market Research Reports which includes Study of growth, Regional Analysis, Top Industry Players Formation, Major Drivers, Upcoming Trends and Forecast to 2023
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The Global Lung Cancer Market is touted to reach USD 36929.8 Million by the end of 2023 which was valued at USD 15219.7 Million in 2016 and expand at a progressive CAGR of 13.5% over the forecast period of 2014-2023, proclaims Market Research Future (MRFR) in an exhaustive study.
High prevalence of lung cancer is the primary reason behind the growth of the market which results in higher screening, diagnosis, and treatment. The market is growing considerably on account of widespread smoking habits among the global population which is one of the primary reasons for lung cancer. Rising awareness on a global scale purveyed by various awareness programs emphasizing lung cancer initiated by multiple governments has also added fuel to the growth of the market.
Rise in awareness results in early detection and treatment. Additionally, Favorable reimbursement scenario also supports the growth of the market. Insurance companies are progressively covering treatment of lung cancer under their insurance schemes which encourages patients to opt for treatment. Moreover, increasing support from the government for treatment and diagnosis, especially in the developing countries and affordability of treatment due to rise in disposable income acts favorably for the growth of the global lung cancer market.
Moreover, with the rise in a number of grants and approval by FDA for therapies and treatment of lung cancer, the market is projected to bolster over the forecast period. However, the growth of the market might be hindered by poor efficacy rates of treatments, low cure rates, side effects associated with therapies, high failure rates of lung transplant surgeries and malignant nature of lung cancer. The scarcity of lung organs and long waiting lines are also significant impediments to the growth of the global lung cancer market.
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Lung Cancer Market – Competitive Analysis
The Lung Cancer Market is currently dominated by various players. Lung cancer has become one of the most common causes of cancer death worldwide. So, in recent years various existing and new marketers are continuously coming up with innovative products to control this condition.
Key Players:
Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer (US), Merck & Co., Inc. (US), Bristol-Myers Squibb (US), Eli Lilly and Company (US), and Sanofi (France) are some of the prominent players at the forefront of competition in the lung cancer market and are profiled in MRFR Analysis.
Industry Updates:
September 2018, researchers at the Indian Institute of Technology, Bombay have reportedly developed a platform which can help in the detection of lung cancer from breath. The same platform can also be used for monitoring air pollution levels or detect explosives such as TNT. The researchers are in discussion with an Indian company to develop a novel diagnostic and screening device.
In September 2018, Loxo Oncology, a manufacturer of the selective RET inhibitor, received breakthrough therapy designation from the FDA for its treatment of patients with RET fusion-positive non–small cell lung cancer (NSCLC) or RET-mutant medullary thyroid cancer (MTC).
Industry News:
Hoffmann-La Roche Ltd, a Switzerland based company, manufactures various cancer treatment products such as anti-bcl-2 (SP66) Rabbit Monoclonal Primary Antibody, anti-c-MYC (Y69) Rabbit Monoclonal Primary Antibody, anti-CD7 (SP94) Rabbit Monoclonal Primary Antibody, anti-CEA (TF 3H8-1) Primary Antibody, anti-Cytokeratin 5/6 (D5/16B4) Mouse Monoclonal Primary Antibody, anti-E-cadherin (EP700Y) Rabbit Monoclonal Primary Antibody, and others. In the year 2013, Roche received FDA approval for Tarceva (erlotinib) tablets and cobas EGFR Mutation Test for specific type of lung cancer.
Pfizer is another US based renowned bio pharmaceutical organization. In July 2016, Pfizer and Western Oncolytics announce immuno-oncology research collaboration. This collaboration has the aim to investigate novel oncolytic virus technology. Under terms of agreement, Pfizer and Western Oncolytics will collaborate on preclinical, clinical development of WO-12 through Phase I trials. Financial terms of agreement are not disclosed.
AstraZeneca’s new cancer drug, Imfinzi has shown definitive results that prove it is successful in extending the life expectancy in lung cancer patients with inoperable stage III NSCLC. Moreover, the drug offers patients progression-free survival at an average of 16.8 months. The success of the clinical trials has prompted U.S.A and Canada regulation authorities to approve Imfinzi.
Merck & Co. has had success in trials of its oncology drug Keytruda which is already being used to treat several types of cancer. Most recently, it has shown the ability to work successfully as a first-line treatment combined with chemotherapy for mNSCLC in late-stage lung cancer patients.
Lung Cancer Market – Segmentation
Global Lung Cancer Market has been segmented on the basis of types which comprises of push button Lung Cancer, pressure activated Lung Cancer and side button Lung Cancer. On the basis of end user, it comprises of hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics and other end users.
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Lung Cancer Market – Regional Analysis
The Global Market for Lung Cancer is growing steadily. The global lung cancer market on the basis of region comprises of North America, Europe, Asia Pacific and Middle East & Africa. The global market for Lung Cancer is growing with the CAGR of 13.5% during the forecast period from 2017-2023. NSCLC is the most common type of lung cancer globally. The global Lung Cancer market reached USD 36929.8 million in 2023 from 15219.7 million in 2016. Europe region captured the second largest market globally and is expected to reach USD 8,536.3 million by 2023 due to the growing demand and need for lung cancer drugs, and the growing prevalence of lung cancer.
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