Non-Small Cell Lung Cancer Market is Estimated to Witness High Growth Owing to Rising Prevalence of Lung Cancer
Non-small cell lung cancer (NSCLC) includes several types of lung cancers that are named for the kind of cells found in the cancer and how the cells look under a microscope. The main subtypes of NSCLC are squamous cell carcinoma, large cell carcinoma, and adenocarcinoma. NSCLC products are used to diagnose, treat and monitor NSCLC among patients. Some examples include chemotherapies, targeted therapies, immunotherapy and companion diagnostics.
The global non-small cell lung cancer market is estimated to be valued at US$ 27252.31 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising prevalence of lung cancer drives the non-small cell lung cancer market. According to the American Cancer Society, in 2022, about 236,740 new cases of lung cancer are expected to be diagnosed in the US. Additionally, targeted therapies especially epidermal growth factor receptor inhibitors augment the non-small cell lung cancer market growth. EGFR inhibitors provide improved survival rate in a subset of NSCLC patients. Immune checkpoint inhibitors also contribute to the market expansion by enhancing antitumor immune response and achieving durable clinical responses for NSCLC treatment. Although the key players offer novel treatment options, the high cost of therapies negatively impacts the market revenue. However, ongoing research and clinical trials to develop new drug entities will provide lucrative opportunities in the forecast period.
SWOT Analysis
Strength: Global Non-Small Cell Lung Cancer Market Size has a high prevalence rate across the world which increases demand for treatment. Advanced diagnostic techniques help detect NSCLC at early stages improving treatment outcomes. Development of targeted therapies has increased treatment effectiveness in NSCLC patients with specific genetic mutations.
Weakness: High treatment cost of NSCLC drugs poses affordability challenges. Most NSCLC cases are diagnosed at an advanced stage reducing treatment effectiveness. Resistance develops against many targeted therapies over time limiting their long term benefit.
Opportunity: Increasing research into immunotherapy and combination therapies offers hope of improving survival rates. Several new drug candidates are in clinical trials which can expand treatment options if approved. Growing healthcare expenditure in developing nations creates scope for market growth.
Threats: Stringent regulatory norms can delay new drug approvals. Patent expiries of blockbuster drugs enable market entry of generic versions eroding branded drug sales. Rising prevalence of alternative lung cancer risk factors like electronic cigarettes.
Key Takeaways
The global Non-small cell lung cancer market is expected to witness high growth driven by increasing prevalence, improved diagnostics, and drug development. The market size is estimated to reach US$ 27252.31 Mn by 2024 growing at a CAGR of 7.8% between 2023-2030.
Regional analysis: North America currently dominates the NSCLC market due to advanced healthcare infrastructure and widespread health insurance. However, Asia Pacific region is expected to show fastest growth on account of rising lung cancer incidence, growing medical tourism, and increasing healthcare spending in China and India.
Key players: Key players operating in the Non-small cell lung cancer 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. Growing research into combination therapies is expected to strengthen their product pipelines over the forecast period.
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