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Lung Cancer Market size to exceed $86.5Bn by 2032

  • Published Date: February 6, 2023

Lung Cancer Market is poised to surpass USD 86.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.

Growing inclination towards minimally invasive procedures for lung cancer treatment owing to their several benefits, coupled with notable advancements in the healthcare industry, is foreseen to significantly boost the market outlook. The demand for robotic-assisted lung resection and video-assisted thoracoscopic surgery (VATS) for lung cancer treatment is rising as these involve quicker recovery, shorter hospital stays, and minimal complications, which is also likely to positively influence the industry scenario.

Growing adoption of immunotherapy to boost therapy segment expansion

Lung cancer market share from the therapy segment is set to witness significant growth at more than 12% by 2032. The rapid adoption of immunotherapy and numerous innovations such as targeted and hormonal therapy, as well as a combination of chemotherapy and immunotherapy treatments for cancer treatment owing to their effectiveness, convenience, and minimal side effects, are a few factors driving the segment progression.

Browse key industry insights spread across 237 pages with 379 market data tables & 11 figures & charts from the report, “Lung Cancer Market Size By Diagnostics & Therapy (Diagnostics {Bronchoscopy, TTNA, Imaging, Tumor Biomarker Test, In Situ Hybridization}, Therapy {Non-invasive [Immunotherapy, Targeted Therapy], Minimally Invasive [Radiofrequency Ablation, Microwave Ablation, Thermal/Cryoablation]}), Indication, (Non-small cell lung cancer, Small cell lung cancer), End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Huge investments for drug expansion to favor the non-small cell lung cancer segment

Non-small cell lung cancer market accounted for over USD 24.5 billion in revenue in 2022. While some revolutionary medications are still in the development stage, key industry players are investing heavily in R&D projects. Additionally, the increasing number of approvals from regulatory authorities for various treatment options is projected to spur segment progress through 2032.

Favorable reimbursement policies for treatment procedures to fuel hospitals segment

Hospitals segment’s growth is attributed to the rising frequency of cancer diagnoses undertaken at hospital due to the availability of technologically advanced biopsies and other instruments used in cancer diagnosis, coupled with favorable reimbursement policies for cancer treatment.

Mounting cancer burden to enhance Asia Pacific revenue

Asia Pacific lung cancer market was valued at over USD 5.5 billion in 2022. Asia is home to 60% of the world's population and bears half of the worldwide cancer burden. The WHO South-East Asia Region reported 1.4 million cancer-related deaths in 2020, with lung cancer accounting for 10.6% of those fatalities. Due to the changes in lifestyle and socioeconomic conditions and the growing population, along with the expanding aging population, which is resulting in mounting cancer cases, are likely to fuel regional business development.

Advancements in treatment of metastatic cancer to define the industry

Major enterprises operating in the lung cancer market are Sanofi, F. Hoffmann-La Roche, Qiagen, Pfizer, Thermo Fischer Scientific, Janssen Pharmaceuticals, Inc., and Quest Diagnostics, among others.

Authors: Sumant Ugalmugle, Rupali Swain