Lung Cancer Therapeutics Market Expands to Meet Global Healthcare Needs

WELLESLEY, Mass., January 7, 2019 (Newswire.com) - Owing to the rising number of new lung cancer cases, the increasing geriatric population, the rise in tobacco smokers and increased exposure to environmental carcinogens, the global lung cancer therapeutics market has seen ample growth in recent years, according to BCC Research.

According to the report “Lung Cancer Therapeutics: Global Markets,” the global market for lung cancer therapeutics was valued at $17.9 billion in 2018 and is expected to reach $26.3 billion by 2023, growing at a compound annual growth rate (CAGR) of 8.0% during the forecast period.

Prominent players in the industry include Eli Lilly and Co., Pfizer Inc., Roche Holding AG, AstraZeneca plc, Novartis International AG and Merck & Co. Inc., among others.

Research Highlights:

• The lung cancer therapeutics market landscape is rapidly developing, bringing new options to oncologists, healthcare payers, healthcare providers and governments looking to provide patients with quality care.
• In the U.S., about $83 million was spent on lung cancer research and development between 2007 and 2017. Through the LUNG FORCE initiative, about $2.2 million was dedicated to lung cancer research in 2017.
• Among the five regions analyzed in this report, the Asia-Pacific is expected to register the largest number of lung cancer incident cases.

“Funding for lung cancer research is critical due to the disease’s prominence and because doctors often find lung cancer in later stages when it’s less treatable,” the report notes. “New advances hold great promise for screening, early detection, and personalized therapies.”

Patent Expiration of Key Drug Molecules as a Market Restraint

Generics play a vital role in the healthcare system. After the loss of patent exclusivity, the entry of generic versions into the market is likely to lower the price of the drug molecule due to competitive pricing. To encourage the entry of generic entities, the FDA currently offers a period of marketing exclusivity of 180 days (known as the Hatch-Waxman Act) to the first pharmaceutical firm that obtains approval for a generic version of a branded drug.

Editors/reporters requesting analyst interviews should contact Eric Surber at [email protected].

Source: BCC Research