Global Lung Cancer Therapeutics Market Set to Reach USD 112.8 Billion by 2034, Driven by Advances in Precision Medicine | FMI

Posted on 2024-11-24 by Future Market Insights in Healthcare // 0 Comments

The global lung cancer therapeutics market is projected to experience significant growth, with an estimated valuation of USD 37.5 billion in 2024. By 2034, the market is expected to surge to USD 112.8 billion, marking a substantial compound annual growth rate (CAGR) of 11.7% from 2024 to 2034. This growth is primarily driven by the rapid evolution and increasing adoption of precision medicine in the treatment of lung cancer, especially nonsmall cell lung cancer (NSCLC).

Precision medicine, which tailors therapies based on the genetic and molecular characteristics of tumors, has emerged as a transformative approach to lung cancer treatment. In NSCLC, specific genetic mutations such as EGFR, ALK, ROS1, and BRAF are critical in tumor development. By targeting these mutations, cutting-edge cell and gene therapies are offering more effective treatment options, resulting in improved patient outcomes for individuals with complex cancer profiles.

One of the key drivers of this market expansion is the increasing accessibility and affordability of genomic testing, which is making precision medicine more widely available. In the past, broad-spectrum treatments often led to suboptimal results. However, the growing use of genomic testing enables a deeper understanding of each patient’s cancer, allowing healthcare providers to craft more personalized and targeted treatment strategies that improve the likelihood of successful outcomes.

The shift toward precision medicine is revolutionizing lung cancer care, and the growing adoption of genomic testing is at the forefront of this transformation. As a result, healthcare professionals are now better equipped to approach lung cancer with more tailored, patient-specific treatments, ensuring higher rates of survival and better overall quality of life for patients.

With the market poised for substantial growth in the coming decade, stakeholders across the healthcare and pharmaceutical industries are closely monitoring the development of precision therapies and genomic testing innovations. This evolving landscape is expected to provide new opportunities and drive continued progress in the fight against lung cancer.

Key Takeaways: Global Lung Cancer Therapeutics Market

The global lung cancer therapeutics market is estimated to reach USD 37.5 billion in 2024.
The market is projected to grow to USD 112.8 billion by 2034, with a robust CAGR of 11.7% from 2024 to 2034.
Regionally, India is expected to see the highest growth with a 17.6% CAGR during this period.
China is also poised for significant growth, with an estimated 17.0% CAGR.
South Korea will register a 15.4% CAGR, while Germany is projected to grow at 13.2% CAGR.
Australia will see a more moderate but still strong 10.4% CAGR.
In contrast, the United States is forecasted to experience a slower growth rate with a 6.6% CAGR over the same period.

Access the Full Report: Find Detailed Analysis on the Lung Cancer Therapeutics Market

Competition Outlook:

The lung cancer therapeutics market is highly competitive, with significant momentum driven by advancements in targeted therapies. Leading healthcare providers are focusing on innovative treatments and cost-effective solutions to gain a market edge. To stay ahead in this rapidly evolving field, companies are increasingly investing in strategic collaborations and research initiatives aimed at improving accessibility and strengthening their competitive positioning.

Industry Updates:

In March 2024, Dr. Reddy’s Laboratories introduced Versavo, a biosimilar of Roche’s Avastin, in the UK. This cancer treatment is approved for various types of cancers, including metastatic colorectal and lung cancers, as outlined in a recent regulatory filing.
In May 2024, the FDA granted approval for Imdelltra™ (Tarlatamab-dlLe), the first and only T-cell engager therapy for treating extensive-stage small cell lung cancer. This groundbreaking approval marks a significant milestone in expanding treatment options and improving patient care for this challenging cancer.

Leading Lung Cancer Therapeutics Brands:

AstraZeneca
F. Hoffmann-La Roche Ltd
Merck & Co., Inc.
Bristol-Myers Squibb Company
Pfizer Inc.
Eli Lilly and Company
Novartis AG
Takeda Pharmaceutical Company Limited
Boehringer Ingelheim International GmbH
Amgen Inc.
Regeneron Pharmaceuticals Inc.
Dr. Reddy’s Laboratories Ltd.
Fresenius Kabi AG
Viatris Inc.
Johnson & Johnson Services, Inc.

Key Segments of Market Report:

By Drug Class:

The lung cancer therapeutics market includes cytotoxic chemotherapy drugs, targeted therapies, and angiogenesis inhibitors. Cytotoxic chemotherapy drugs are classified as platinum-based chemotherapy, taxanes, antimetabolites, and other chemotherapy agents. Targeted therapies include EGFR inhibitors. tyrosine kinases inhibitors, PD-1 or PD-L1 inhibitors, BRAF inhibitors, KRAS inhibitors, and other targeted therapies. Angiogenesis inhibitors are divided into bevacizumab and ramuciraumab.

By Formulation:

The segment is classified into injectable and oral formulations. Injectables are trifurcated into premixed infusion solution for intravenous infusion, sterile solution for intravenous injection, and lyophilized powder for reconstitution for intravenous infusion. Oral formulation is categorized into tablets and capsules.

By Molecule Type:

Small and large molecules are included in this category.

By Cancer Type:

The market is divided into non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC).

By Distribution Channel:

Institutional and retail sales are two distribution channels of this segment. Institutional sales are classified into hospitals and specialty centers, cancer research centers, and government and non-government organizations. Retail sales are divided into retail and specialty pharmacies.

By Region:

Information about the leading countries of North America, Latin America, Western Europe, South Asia and Pacific, East Asia, and the Middle East and Africa is given.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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