April 21, 2024
Non-Small Cell Lung Cancer Market

Non-Small Cell Lung Cancer Market Set to Grow at a Robust Pace Due to Rising Prevalence of Lung Cancer

The non-small cell lung cancer market comprises lung cancer drugs used for treating non-small cell lung cancer that encompasses various types of carcinomas found in the lungs except for small cell lung carcinoma. These drugs mainly include angiogenesis inhibitors, epidermal growth factor receptor (EFGR) inhibitors, B-RAF inhibitors, immunotherapies, and molecular targeted inhibitors.

The non-small cell lung cancer market is estimated to be valued at US$ 31394.67 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period from 2024 to 2031.

The need for efficient lung cancer drugs is rising significantly owing to the increasing cases of lung cancer worldwide. Non-small cell lung cancer drugs are effective in controlling the growth and spread of cancer cells and provide improved quality of life. The global non-small cell lung cancer market is expected to witness substantial growth due to the advantages offered by these drugs over conventional lung cancer treatments.

Key Takeaways

Key players operating in the Non-Small Cell Lung Cancer Market Growth 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.

Key opportunities in the market include rising focus on immunotherapy drugs and targeted therapies. The non-small cell lung cancer market is also witnessing increased clinical trials testing immunotherapy and targeted therapies combination.

Globally, the non-small cell lung cancer market is expanding mainly due to increasing patient pool, robust product pipeline, and growing lung cancer awareness programs worldwide. The market players are focusing on developing innovative drugs for better treatment outcomes.

Market drivers

The rising prevalence of lung cancer is a major driver for the growth of the Non-Small Cell Lung Cancer Market. According to the World Health Organization, lung cancer is the leading cause of cancer deaths globally. Increasing tobacco consumption, air pollution, and genetic factors have significant contribution to the rising incidence of lung cancer cases globally. This high prevalence of lung cancer drives the need for effective targeted therapies and immunotherapies for non-small cell lung cancer treatment, thereby supporting market growth.

PEST Analysis

Political: Government policies regarding healthcare accessibility and affordability can impact the non-small cell lung cancer market. Regulations on drug pricing and approval timelines play a major role.

Economic: Overall economic growth affects healthcare spending. A rise in disposable income increases affordability of expensive cancer treatments. On the other hand, economic slowdowns can lower demand.

Social: Rising awareness about cancer diagnosis and management improves early detection rates. Support groups help patients deal with the emotional impact. However, social stigmas still exist around lung cancer due to association with smoking.

Technological: Advancements in personalized medicine enable tailored therapies. Companion diagnostics help identify patients likely to respond well. Immunotherapies and targeted therapies have improved treatment outcomes over conventional chemotherapy. Continued R&D in novel drug development provides hope.

The regions where the non-small cell lung cancer market is currently concentrated in terms of value are North America and Europe. This is attributed to advanced healthcare infrastructure, high awareness levels, favorable regulations, and presence of major pharmaceutical companies in these regions.

The Asia Pacific region is poised to be the fastest growing market during the forecast period. This can be ascribed to improving access to healthcare services, rising medical tourism, increasing healthcare expenditure, and expanding patient population in developing countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it