Lung Cancer Therapeutics Market Size

Lung Cancer Therapeutics Market Analysis

The lung cancer therapeutics market is projected to register a CAGR of 8.7% during the forecast period.

Patients with lung cancer were at a higher risk for SARS-CoV-2 infection as they typically receive immunosuppressive and chemotherapeutic drugs during treatment. Treating patients with lung cancer during the pandemic became a continuous challenge. To overcome the challenge, various organizations partnered to provide solutions and recommendations. For instance, according to an article published by the Journal for Immunotherapy of Cancer in January 2021, the European Society for Radiotherapy and Oncology and the American Society for Radiation Oncology partnered to provide treatment recommendations for stage I-III non-small cell lung cancer (NSCLC), prophylactic cranial irradiation for small cell lung cancer (SCLC), and palliative radiation for NSCLC. Furthermore, according to the above source, recommendations were given for an 'early pandemic scenario,' where the patient and radiotherapy staff risk mitigation was balanced with lung cancer treatment, and the 'later pandemic scenario,' where resources were limited, requiring patient triage. Hence, the initiatives taken by several organizations to overcome the treatment challenge increased the demand for lung cancer therapeutics. Additionally, there is better access to treatment than in the initial pandemic phase due to the lockdown; the market has reached its pre-pandemic level growth and is expected to grow significantly over the forecast period.

Factors driving the market growth include the increasing prevalence of lung cancer, rising pollution due to rapid industrialization, growth in the number of smokers, and increasing funding for the R&D of new drugs. For instance, as per the American Cancer Society's (ACS) data published in 2022, lung cancer (both small and non-small cell) is the second most common cancer in both men and women, making up almost 25% of all cancer deaths. Besides, according to the 2022 report by the American Lung Association, while the disease remains the leading cause of cancer deaths among women and men, the survival rate over the past five years has increased from 21% nationally to 25% yet remains significantly lower among communities of color at 20%. Hence, the increasing prevalence of cancer and the need for effective treatment is likely to contribute to market growth.

Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players are also contributing to the market growth. For instance, in May 2021, Janssen Pharmaceutical reported that the U.S. FDA granted the accelerated approval of RYBREVANTTM (amivantamab-vmjw) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations, as detected by an FDA-approved test, whose disease has progressed on or after platinum-based chemotherapy. Such product approvals are also adding to the growth of the market and are likely to do the same over the forecast period.

Hence, as per the factors above, the lung cancer therapeutics market is likely to grow over the forecast period. However, the side effects of drug therapies and the high cost of the treatments have been restraining the market growth.