Higher carcinoma lung population dominates the lung cancer therapeutics market
According to the World Health Organization estimates in 2017, 1.8 million new lung cancer cases were diagnosed in 2012 globally accounting for the leading causes of morbidity and mortality. The launch of innovative radiation therapies, premium priced drugs, and rising incidences of non-small cell lung cancer (NSCLC) are the major driving factors for the growth of the market. The rising demand for targeted therapies is likely to have an optimistic impact over the lung cancer therapeutics market in the forecast period.
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Targeted therapies block the growth by targeting cancer-specific proteins, cells, and tissues that lead to cancer survival and division, without damaging the healthy cells. They are also proved to have higher efficiency over conventional therapies like platinum-based chemotherapy, surgical resection, and radiation therapy. Increasing diagnostic facilities by the Government, rise in unhealthy lifestyles, and increasing pollution due to rapid industrialization are the prominent factors driving the global lung cancer therapeutics market. The novel treatment termed targeted therapy is expected to have positive impact on the market
Regional segmentation of the lung cancer therapeutics market by Coherent Market Insights comprises North America, Europe, Asia-Pacific, Latin America and Middle East, and Africa. According to the American Cancer Society estimates of 2017, approximately 195,000 people are suffering from NSCLC every year in the U.S. where, the number of deaths from NSCLC is recorded to be around 135,000, thus increasing the demand for lung cancer therapeutics in North America.
The increasing demand in North America is also due to rising prevalence of lung cancer, increasing geriatric population, high smoking habits leading to higher carcinoma lung population. Asia Pacific is projected a higher growth rate in the forecast period owing to the growing awareness of enhanced health care, Government funding, and the presence of medical requirements for cancer therapeutics in the developing economies of India and China.
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The key players operating the lung cancer therapeutics market are Pfizer, Celgene, F. Hofmann-La Roche, AstraZeneca and Eli Lilly. The key players adopt various strategies such as, development of efficient drugs, acquisition and mergers, geographical expansion and major investment in research and development to maintain their position in the market. Other prominent vendors include ARIAD Pharmaceuticals, OSE Immunotherapeutics, Novartis, Bristol-Myers Squibb, OncoGeneX.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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