The global lung cancer therapeutics market is expected to grow significantly over the forecast period. Cancer is a disease of genes caused because of abnormal growth of the cells during mutation. The abnormally growing cells travel from the original site to another via lymph and blood system. Lung cancer is one of the variants of cancer which is created in the lung tissues. It is also known as pulmonary carcinoma and is categorized by uncontrolled growth in of the lung tissues.
The lung cancer decreases the ability of lungs to supply oxygen to the bloodstream. It is one of the highly diagnosed diseases and among all the cancers, lung cancer has the highest rate of mortality in both men as well as women. The primary lung carcinoma initiates from epithelial cells and categorized as small-cell lung cancer (SCLC), non-small-cell lung cancer (NSCLC), and lung carcinoid tumor. More than 80% of the lung cancers are found to be NSCLC. These types of cancer are distinguished by their size as they are seen under the microscope. NSCLC is further classified as adenocarcinoma, large cell carcinoma, and squamous cell carcinoma. SCLC is also known as oat cell cancer and includes combined small cell carcinoma and small cell carcinoma.
The prominent symptoms indicating lung cancer include coughing, wheezing, weight loss, chest pain, body mucus, shortness of breath, appetite loss. The various treatments available for lung cancer include radiation therapy, surgery, vaccine therapy, immunotherapy, and chemotherapy. The leading cause of lung cancer is continued exposure to asbestos, cigarette smoking, pipe smoking, and cigar smoking.
The global lung cancer therapeutics market is expected to have a high growth rate on account of growing number of people suffering from lung cancer. There is still a significant need for treatment and diagnostic for the advanced stages of lung cancer. The probable drivers for global lung cancer therapeutics market include increasing geriatric population, changing lifestyle of people, and growing smoking of tobacco which includes passive smoking. Furthermore, factors such as targeted and ground-breaking delivery of drugs to the lung coupled with rising acceptance of personalized treatments are also seen to be an important factor driving the overall market of lung cancer therapeutics.
However, the limited options for treatment, massive availability of the generic type of essential drugs, and the vast unmet requirement for diagnosis are projected to be the major factors restraining the growth of the overall lung cancer therapeutic market. Additionally, radiation therapies and chemotherapies also pose an enormous challenge to adverse effects. As a result, the major players in the market are required to center their attention on safer therapeutics and advanced therapies.
Even though, new drugs have invigorated the global lung cancer therapeutics market, the expiry of patents on the current drugs may also negatively impact the market. As the cost of developing the drugs is increasing, it has forced the drug manufacturers to reduce their investments in research & development.
North America dominated the global lung cancer therapeutics market over the past few years. The high demand in the region was sustained by factors that include increasing occurrences of lung cancer and rising levels of geriatric population. Along with it, the changing lifestyles with high smoking habits which lead to a huge pool of carcinoma lung population is also responsible for the massive incidences of lung cancer in North America.
Asia-Pacific is projected to foresee the highest growth rate in the global lung cancer therapeutics market over the next eight years. This enormous growth is expected on account of growing awareness regarding enhanced health care and the presence of medical needs for cancer therapeutics in the emerging economies of India and China, which are yet untapped. The majority of the revenue in Asia Pacific will be generated by the emerging nations of India and China owing to the increase in smoking population and people affected by lung cancer.
The major industry participants are implementing various strategies for diversifying their product portfolios and increase their market penetration. Some of the key strategies of the prominent players in the market include new product development, acquisitions, agreements, and collaborations. The foremost companies operating in the market include Roche, AstraZeneca Plc, Agennix AG, Eli Lilly and Company, Merck, Sanofi-Aventis, Pfizer, GlaxoSmithKline, Boehringer Ingelheim GmbH, and Hoffman-La Roche.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.