PUBLISHER: Daedal Research | PRODUCT CODE: 1563358
PUBLISHER: Daedal Research | PRODUCT CODE: 1563358
The global lung cancer therapy market was valued at US$32.50 billion in 2023. The market value is expected to reach US$70.39 billion by 2029. Lung cancer therapy is a critical area of oncology, focusing on the treatment of lung cancer, one of the most prevalent and deadly forms of cancer worldwide. Traditionally, lung cancer treatment relied heavily on chemotherapy and radiation therapy. However, recent years have seen a surge in the development and adoption of targeted therapies and immunotherapies, which have revolutionized the approach to treatment.
Looking ahead, the global lung cancer therapy market is expected to continue its growth trajectory. The ongoing research and development of new therapies, including the exploration of combination therapies, is anticipated to offer more effective treatment options with fewer side effects. The increasing adoption of precision medicine and the development of biomarkers for better patient stratification will further enhance treatment outcomes.
Additionally, government initiatives and funding to improve cancer care and the approval of new drugs are expected to drive market expansion. As more patients gain access to advanced therapies and the global burden of lung cancer rises, the demand for lung cancer treatments is likely to grow, sustaining the market's growth in the forthcoming years. The market is expected to grow at a CAGR of approx. 14% during the forecasted period of 2024-2029.
Market Segmentation Analysis:
By Treatment Method: The report provides the bifurcation of the global lung cancer therapy market based on the treatment method: Non-Invasive and Minimally Invasive. The non-invasive segment held the highest share of the market, whereas the minimally invasive segment is expected to be the fastest-growing segment in the forecasted period. Non-invasive treatments, such as radiation therapy and targeted drug therapies, offer a way to treat lung cancer without the need for surgical intervention. These treatments are particularly beneficial for patients who are in the early stages of lung cancer or those who are not suitable candidates for surgery due to age, comorbidities, or overall health. Advances in technology, such as stereotactic body radiotherapy (SBRT), allow for high-precision targeting of cancer cells, minimizing damage to surrounding healthy tissue and reducing side effects. On the other hand, minimally invasive treatments for lung cancer, such as video-assisted thoracoscopic surgery (VATS) and robotic-assisted surgery, are also expected to see increased demand in the coming years. These methods offer significant advantages over traditional open surgeries, including reduced pain, shorter hospital stays, faster recovery times, and lower risk of complications.
By Type: On the basis of type, the global minimally invasive lung cancer therapy market can be divided into seven segments namely, Radiofrequency Ablation, Microwave Ablation, Photodynamic Ablation, Thermal Ablation, Cryoablation, Chemical Ablation, and Others. Radiofrequency ablation held the highest share of the market, whereas the photodynamic ablation segment is expected to be the fastest-growing segment in the forecasted period. The growth of RFA can be attributed to its precision, which allows for targeted treatment of tumors while preserving healthy surrounding tissues. On the other hand, photodynamic ablation (PDA) is particularly advantageous for treating superficial tumors or those located near the airway, where other treatments may be less effective. The technique offers precision and reduced collateral damage to surrounding healthy tissue.
By Therapy Type: The global lung cancer therapy market can be further divided into five segments based on the therapy type: Targeted Therapy, Immunotherapy, Chemotherapy, Radiation Therapy, and Other Therapies. The targeted therapy segment held the highest share of the market, whereas the immunotherapy segment is expected to be the fastest-growing segment in the forecasted period. The growing understanding of the molecular mechanisms driving lung cancer has led to the development of new targeted drugs, driving their adoption. The personalization of treatment, improved efficacy, and reduced side effects are key factors contributing to the growing demand for targeted therapy in lung cancer treatment. Whereas, the increasing number of approved immunotherapy agents and ongoing research into combination therapies and new immunotherapeutic targets are driving growth. As more patients and healthcare providers recognize the potential of immunotherapy to provide durable responses and improve outcomes, its demand continues to rise in the lung cancer market.
By Indication: The report further provides the segmentation based on the following indication: Non-Small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC), and Carcinoid. Non-small cells lung cancer (NSCLC) held the highest share of the market and is expected to be the fastest-growing segment in the forecasted period. The lung cancer therapy market has been experiencing significant growth for Non-Small Cell Lung Cancer (NSCLC) due to its high prevalence and the advancements in treatment options that have dramatically improved patient outcomes. NSCLC is the most common type of lung cancer, accounting for approximately 85% of all lung cancer cases.
By Distribution Channel: The report provides the glimpse of the lung cancer therapy market based on the following end-user: Hospitals, Oncology Clinics, Research Centers, and Others. Hospitals held the highest share of the market, whereas oncology clinics segment is expected to be the fastest-growing segment in the forecasted period. Hospitals are equipped with state-of-the-art facilities, including advanced imaging technologies, surgical units, and multidisciplinary teams of specialists, enabling them to offer a wide range of therapeutic options such as surgery, chemotherapy, radiation therapy, and immunotherapy. On the other hand, oncology clinics often provide outpatient services, making them more accessible for patients who require ongoing treatment but do not need hospitalization. The growth in this segment is driven by the increasing demand for specialized care, as patients seek treatment from oncologists who are experts in lung cancer.
By Region: The report provides insight into the lung cancer therapy market based on the regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the major share of the market. The US has one of the highest rates of lung cancer globally, largely attributed to smoking, exposure to environmental toxins, and genetic predispositions. The country's advanced healthcare system enables the widespread adoption of cutting-edge treatments, including targeted therapies and immunotherapies, which have revolutionized the treatment of lung cancer. The US also benefits from a strong focus on research and development, with numerous clinical trials being conducted across the country.
Germany's regulatory environment is conducive to the rapid approval and adoption of new treatments. The Federal Joint Committee (G-BA), which oversees healthcare in Germany, has been instrumental in ensuring that new, effective lung cancer therapies are quickly integrated into the healthcare system. Additionally, Germany has implemented extensive lung cancer screening programs, particularly in high-risk populations, which has led to earlier detection and improved patient outcomes.
The aging population in China is significantly contributing to the rise in lung cancer cases, as older individuals are more susceptible to the disease. Moreover, the Chinese government has recognized lung cancer as a critical public health issue and has implemented various policies to combat it, including anti-smoking campaigns, stricter environmental regulations, and efforts to reduce air pollution. Furthermore, China's healthcare system has undergone significant reforms aimed at improving access to quality healthcare, particularly in oncology.
Market Dynamics:
Growth Drivers: The global lung cancer therapy market has been growing over the past few years, due to factors such as increasing incidences of lung cancer, increasing prevalence of smoking and unhealthy lifestyles, growing pollution levels, government initiatives for lung cancer screening and treatment, and many other factors. As the incidence of lung cancer rises globally, particularly due to factors like aging populations, smoking, and environmental pollutants, more patients require therapeutic interventions. This surge in cases has led to an expansion of the market, with healthcare providers and pharmaceutical companies investing heavily in the development and distribution of advanced therapies such as targeted treatments and immunotherapies. Additionally, the growing number of lung cancer diagnoses has prompted greater urgency in improving early detection methods and enhancing treatment accessibility, further fueling market growth.
Challenges: However, the market growth would be negatively impacted by various challenges such as high cost of lung cancer treatment, adverse effect of lung cancer therapy, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to new product development and launches, the arrival of nanomedicine, emergence of new medical diagnostics equipment and advanced therapies, advancement in precision medicine, the growth of combination therapy, etc. The arrival of nanomedicine is poised to significantly influence the growth of the lung cancer therapy market in the forthcoming years by offering more precise, effective, and less toxic treatment options. Nanomedicine leverages nanotechnology to create nanoparticles that can deliver drugs directly to cancer cells with high specificity, minimizing damage to healthy tissues. This targeted approach reduces the adverse effects commonly associated with traditional therapies like chemotherapy, improving patient outcomes and quality of life.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic caused an increase in the global lung cancer therapy market size. The urgent need to address severe health conditions, such as lung cancer, remained a priority, leading to a sustained demand for therapies. Patients with advanced stages of lung cancer required continuous therapy, ensuring a steady demand for treatment options. Moreover, the pandemic highlighted the importance of respiratory health, leading to increased awareness and emphasis on early detection and treatment of lung-related diseases, including lung cancer. Furthermore, the pandemic accelerated the adoption of telemedicine and remote monitoring technologies, which have continued to play a significant role in the post-pandemic landscape.
Competitive Landscape:
The global lung cancer therapy market is fragmented in nature. The key players in the global lung cancer therapy market are:
F. Hoffmann-La Roche Ltd.
Eli Lilly and Company
Bristol-Myers Squibb Company
Merck Group
Pfizer Inc.
Sanofi
Novartis AG
Johnson & Johnson
Abbvie Inc.
AstraZeneca
Boehringer Ingelheim Pharmaceuticals, Inc.
Amgen Inc.