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A Billion-Dollar Boom in Lung Cancer Market Motivates the Market Leaders


iCrowdNewswire   Jan 25, 2021  11:11 AM ET

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.

Competitive Landscape

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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Regional Analysis

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.

Segmentation

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.

To Read Full Report Summary @https://www.marketresearchfuture.com/reports/lung-cancer-market-1185

About Market Research Future:

Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.

Our fast emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.



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Keywords:    Lung Cancer Market, Lung Cancer, Lung Cancer Market Size, Lung Cancer Market Share, Lung Cancer Market Growth, Lung Cancer Market Trends, Lung Cancer Market Forecast

Tags:    Reportedtimes, Research Newswire, English