Rising awareness on a global scale purveyed by various awareness programs emphasizing lung cancer initiated by multiple governments has also added fuel to the growth of the market. Rise in awareness results in early detection and treatment. Additionally, Favorable reimbursement scenario also supports the growth of the market. Insurance companies are progressively covering treatment of lung cancer under their insurance schemes which encourages patients to opt for treatment.
The global lung cancer market is touted to reach USD 36929.8 Million by the end of 2023 which was valued at USD 15219.7 Million in 2016 and expand at a progressive CAGR of 13.5% over the forecast period of 2014-2023, proclaims Market Research Future (MRFR) in an exhaustive study. High prevalence of lung cancer is the primary reason behind the growth of the market which results in higher screening, diagnosis, and treatment
Moreover, with the rise in a number of grants and approval by FDA for therapies and treatment of lung cancer, the market is projected to bolster over the forecast period. However, the growth of the market might be hindered by poor efficacy rates of treatments, low cure rates, side effects associated with therapies, high failure rates of lung transplant surgeries and malignant nature of lung cancer. The scarcity of lung organs and long waiting lines are also significant impediments to the growth of the global lung cancer market.
The eminent players in the global lung cancer market include F. Hoffmann-La Roche AG, PFIZER INC, BRISTOL-MYERS SQUIBB, Sanofi, Novartis, Merck & Co., Inc., ELI Lilly and Company, and others.
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The Global Lung Cancer Market spans across the regions of North America, Europe, Asia Pacific, and Middle East & Africa. North America is at the forefront of the global lung cancer market due to the presence of a well-developed healthcare sector, technological advances in healthcare, and supportive government policies in the region.
Europe is the second-largest market for lung cancer and is expected to reach USD 8,536.3 Million by the end of 2023. The rising prevalence of lung cancer and extensive R&D activities for the development of drugs and therapies for lung cancer supports the growth of the market in Europe.
The global lung cancer market has been segmented based on type, treatment, and end users. By type, the market has been segmented into SCLC and NSCLC. By treatment, the market has been segmented into Surgery, Chemotherapy, Radiotherapy, Photodynamic therapy (PDT) and Laser therapy. By end users, the market has been segmented into Hospitals & Clinics, Cancer Research Centers and Laboratories.
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