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The increasing population of smokers and subsequently rising incidence of breathing problems and lung disorders are boosting the global lung cancer therapeutics market. In a report, titled “Lung Cancer Therapeutics Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2026”, Fortune Business Insights identifies various factors enabling growth in the market.
According to the report, the Global Lung Cancer Therapeutics Market is anticipated to rise at 13.0% CAGR and reach a valuation of US$ 48,725.9 Mn by the end of 2026 from US$ 18,327.6 Mn in 2018. Increasing investment in research and development (R&D) activities is a key factor propelling growth in the market.
Immunotherapy Segment to Emerge as Fastest Growing Segment
Among therapies available in the market, the report predicts the demand for targeted techniques to rise at a higher rate, accounting for a market share of 51.1% in 2018. This is owing to the increasing focus towards lung cancer diagnosis and treatment based on accurate targeting of the source of cancer. Such a demand for accurate results is propelling growth in the market.
Additionally, the increasing number of new product launches, particularly in the immunotherapy segment is making the immunotherapy segment grow at a faster CAGR during the forecast period. At present, the availability of abundant resources and the willingness to spend more on advanced treatment methods will boost the market in developed regions.
However, most highly anticipated drugs are still in their early stages of testing and may take time for launch in the market. This may make players uncertain about investing further in the market. This, coupled with, several cancer types’ resistances to targeted therapies may hinder growth in the lung cancer therapeutics market during the forecast period.
Nevertheless, the introduction of innovative drugs such as Alecensa (alectinib), for treating ALK-positive non-small cell lung cancer, developed by the company Genentech, is inspiring other players to come up with better quality drugs. Similar innovations and launch of novel therapeutics are expected to bode well for lung cancer treatment in the long run.
Introduction of New Drugs to Intensify Market Competition
Lung cancer can be fatal if not diagnosed early or not administered with the required treatment. This is a key factor in increasing the demand for cancer therapeutics. This, coupled with the increasing investments in research and development activities, are expected to boost the global market for lung cancer therapeutics.
According to Fortune Business Insights, the competitive landscape of the global lung cancer therapeutics market is highly fragmented due to the presence of many players. Major companies operating in this market are focusing on product developments and the launching of new medicines in order to counter the spread of lung cancer with better treatment options.
For instance, in 2018 Genentech, Inc. (F. Hoffmann-La Roche Ltd) emerged as the leading player with the highest market share. This is because a majority of their product offerings dealt with chemotherapy and targeted therapy. Other companies such as Pfizer, Inc., are focusing on promoting and increasing demand for Talzenna, a drug in the form of pill or capsule diagnosed for treating lung cancer, in the market worldwide.
Other players operating in the global lung cancer therapeutics market are Astellas, Merck Sharp & Dohme Corp., Bristol Myers Squibb, Millennium Pharmaceuticals, Inc. (Takeda), Novartis AG, Sanofi, AstraZeneca, Celgene Corporation, Eli Lily, and Boehringer Ingelheim Pharmaceuticals.
Browse Complete Report Details at https://www.fortunebusinessinsights.com/industry-reports/lung-cancer-therapeutics-market-100473
The Global Lung Cancer Therapeutics Market can be segmented into the following categories:
By Distribution Channel
By Cancer Type