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Non-Small Cell Lung Cancer Therapeutics Market: Rapid approvals for drugs for non-small cell lung cancer by regulatory bodies and generous monetary assistance for research has also filliped the market
The global market for non-small cell lung cancer therapeutics has been witnessing robust growth, thanks to the new product launches in the recent years. The key players in the market are emphasizing on developing a strong pipeline of drugs to stay afloat in a highly competitive environment and gain higher shares in the revenue pie.
Non-small cell lung cancer has a high probability of metastasizing into bones and several tissues of the body, making it extremely challenging to detect and treat. Several drugs that are used in the therapeutics of non-small cell lung cancer range from regular treatments to targeted therapeutics, thus generating potential growth opportunities for the key players in the market. In this blog, Transparency Market Research provides solutions to some of the crucial questions related to the non-small cell lung cancer therapeutics market, focusing on the current trends and opportunities in the market.
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What are the primary factors that are influencing the demand for non-small cell lung cancer therapeutics market across the globe?
The expanding pool of patients and the growing awareness regarding the availability of therapeutics are the key factors fueling the growth of the global non-small cell lung cancer therapeutics market. In addition, rising active and passive smoking activities, unhealthy lifestyle, and increasing geriatric population are some of the other factors expected to augment the growth of the market in the next few years.
The growing prevalence of diseases around the world and several initiatives taken by public and private organizations are further estimated to encourage the growth of the non-small cell lung cancer therapeutics market across the globe. Due to these growth prospects, the global market for non-small cell lung cancer therapeutics is estimated to rise from US$4.9 bn in 2014 to US$15.1 bn by the end of 2023, exhibiting a 12.10% CAGR between 2015 and 2023.
How have the market players contributed towards the expansion of the global non-small cell lung cancer therapeutics market?
Eli Lilly and Company, AstraZeneca plc, Celgene Corporation, Boehringer Ingelheim, Genentech, Inc., Pfizer, Inc., Novartis AG, and Bristol-Myers Squibb are some of the leading players operating in the non-small cell lung cancer therapeutics market across the globe. These players are competing with each other to develop new drugs at an affordable price to effectively treat and cure non-small cell lung cancer.
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In addition, the ongoing research for immune checkpoint inhibitors and combination therapy for non-small cell lung cancer is expected to generate potential opportunities for the market players in the near future. Key licensing and co-development deals taking place within the leading players are projected to develop innovative therapeutics in the near future, thus propelling the overall market.
What are the recent developments influencing the market revenues of the global non-small cell lung cancer therapeutics market?
The global non-small cell lung cancer therapeutics market has been facing a significant issue concerning the resistance to targeted therapies, such as Tarceva or Xalkori. The introduction of new drugs in the final development stage, such as Avelumab, MPDL3280A, MEDI4736, and Abemaciclib are expected to gain the status of novel drugs in the near future. These drugs are primarily based on simple chemistries to advanced complex protein. Moreover, the drugs for non-small cell lung cancer are acquiring swift approvals by the regulatory bodies and grants for research. This is projected to encourage emergence of new generation of drugs in the global market.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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