Non-Small Cell Lung Cancer Treatment Market is Expected to Witness High Growth Owing to Rising Prevalence of Lung Cancer
Non-Small Cell Lung Cancer Treatment Market is Expected to Witness High Growth Owing to Rising Prevalence of Lung Cancer
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Most NSCLC are associated with smoking tobacco. Treatments for NSCLC include surgery, chemotherapy, radiation therapy, targeted drug therapy, and immunotherapy. Targeted drug therapies have revolutionized treatment for some types of NSCLC by blocking the growth and spread of cancer cells.
The global non-small cell lung cancer treatment market is estimated to be valued at US$ 26.10 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the non-small cell lung cancer treatment market are AstraZeneca Plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Daiichi Sankyo, Inc., Eli Lilly and Company, Merck & Co., Inc., Otsuka Pharmaceutical Company, Ltd., Sanofi, and The Medicines Company. Key players are focusing on developing advanced targeted therapies and immunotherapy drugs to treat different types of NSCLC.
The emergence of biomarker testing and development of targeted drugs for specific mutations is providing new opportunities for personalized treatment of NSCLC. Furthermore, the approval of immune checkpoint inhibitors and their use in combination with other therapies is expanding treatment options.
Advancements in research and growing clinical trials for immunotherapies, targeted therapies, and combination treatments across different stages of NSCLC are supporting the global expansion of the non-small cell lung cancer treatment market. Increasing awareness and screening are also driving the market in emerging countries.
Market drivers
The rising prevalence of lung cancer worldwide due to widespread tobacco smoking is a major driver for the Non-Small Cell Lung Cancer Market Size . It is estimated that over 2.1 million new cases of lung cancer are diagnosed globally each year. With improved understanding of cancer biology, various targeted and immune therapies have been developed which have improved treatment outcomes and survival rates of patients with certain types of NSCLC. This is positively impacting the growth of the market.
PEST Analysis
Political: Regulations supporting investment in cancer research positively impact market growth. Government initiatives to spread cancer awareness also aid market expansion. However, stringent regulations for product approval may slightly hinder short term revenue generation.
Economic: Rising healthcare expenditure, growing per capita income, and increasing private & public funding for cancer treatment and research drive market value. The high cost of non-small cell lung cancer therapies remains a challenge for certain underprivileged population in few countries.
Social: Growing awareness about various symptoms, risk factors, available screening and treatment options promote early diagnosis and management of non-small cell lung cancer. However, social stigma still associated with cancer diagnosis act as a deterrent for people to seek timely medical intervention.
Technological: Advancements in targeted drug therapy, immunotherapy and combination therapy have improved treatment outcomes and survival rates of non-small cell lung cancer patients. Continuous research strives to develop novel targeted therapies and diagnostic tools with better efficacy and reduced side-effects.
The geographical regions where the non-small cell lung cancer market in terms of value is concentrated includes North America, Western Europe and Japan. These developed markets account for over 70% share due to growing disease incidence, availability of advanced healthcare infrastructure, high adoption of premium therapeutics and large healthcare expenditure.
The Asia Pacific region excluding Japan represents the fastest growing market for non-small cell lung cancer. Factors such as rising aging population, growing cancer incidence, increasing healthcare spending, growing awareness and expanding healthcare infrastructure are supporting the market growth in Asia Pacific countries like China and India.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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