Lung Cancer Therapeutics Market Size, Share, Growth Analysis, By Therapy(Targeted Therapy (Bevacizumab, Dabrafenib/Trametinib, Erlotinib Hydrochloride, Osimertinib), By Cancer Type(Non-small cell lung cancer (NSCLC), and Small cell lung cancer (SCLC)), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region - Industry Forecast 2024-2031

Global Lung Cancer Therapeutics Market size was valued at around USD 32.2 billion in 2022 and is expected to rise from USD 36.4 billion in 2023 to reach a value of USD 86.8 billion by 2031, at a CAGR of 13.2% over the forecast period (2024–2031).

In 2021, there will be close to 15 million cancer deaths, accounting for 1 in 8 fatalities worldwide. In 2021, 21.5 million cancer cases were reported. The necessity for various treatment modalities and medications to treat the illness is increased with the rise in cancer cases around the world, particularly by the enormous prevalence of lung cancers. The lung cancer market is predicted to increase quickly due to extensive investment and the development of effective treatment options. An increasing number of individuals undergoing lung cancer surgery and treatment may be advantageous for the global industry as well.

Surgical intervention, imaging-based diagnostics, and pharmaceutical support can all be used in the treatment of lung cancer. Government and insurance companies spend a lot on these parts, but patients typically foot the bill for the extra expenses. Given the high costs of treating lung cancer, both governments around the world and cancer patients are under a significant financial strain. Due to these high prices, fewer patients choose surgical operations as a form of treatment, which may significantly impede business growth.

The COVID-19 pandemic has caused a number of significant delays in the detection, diagnosis, and treatment processes, which have been consistently noted across all types of cancer in the UK. Pre-COVID, it was becoming more and more clear that cancer was the leading cause of death worldwide. Lung cancer alone kills about 35,000 people annually, which is more than are lost to breast and bowel cancers combined. Experts anticipate an additional 1372 lung cancer deaths five years after the discovery of COVID-19 due to a significant rise in the late-stage appearance of the disease. The acuteness of COVID-19 is elevated in patients with lung cancer, with determinants being more patient-specific, such as smoking status and chronic obstructive pulmonary disease (COPD), than tumor-specific traits or treatments.

US Lung Cancer Therapeutics Market is poised to grow at a sustainable CAGR for the next forecast year.