The increasing incidence of lung cancer has been creating demand for novel therapeutics and treatment modalities. This is likely to aid the expansion of the global lung cancer therapeutics market. The market is also expected to gain impetus from the rising adoption of personalized medicines. In contrast, the looming expiry of blockbuster drug could have negative implications on the market. Besides this, the high cost incurred on drug development is also creating bottlenecks for the market. Nevertheless, with novel therapeutics awaiting approval, opportunities for the market’s growth in the forthcoming tears seem promising.
Currently, the global lung cancer therapeutics market exhibits the prevalence of a high degree of competition. In order to gain competitive advantage, the leading players in the market are focusing on mergers and acquisitions. They are also looking to expand their footprint in the low and middle-income countries. Many of these companies are also contemplating on entering into strategic partnerships with companies that have a rich drug pipeline.
High Incidence of Lung Cancer to Fuel Demand for Lung Cancer Therapeutics in Underdeveloped Countries
As per a research by the World Cancer Research Fund International, more 58% of the lung cancer cases recorded worldwide, stem from under-developed economies. For instance, countries such as Hungary, Denmark, Serbia, and Poland currently exhibit a high prevalence of lung cancer. Furthermore, the research found a high incidence of this chronic ailment across developing countries as well. China for that matter recorded 653,000 cases of lung cancer in 2012. While these factors fuel demand for lung cancer therapeutics, they have been boosting opportunities for generic drugs manufacturers as well.
The market is projected to gain from the high rate of treatment diagnosis and treatment in developed regions such as North America and Europe. According a recent report by Transparency Market Research, the lung cancer therapeutics market in these regions also gains from the fact that consumers in North America and Europe have high disposable income hence, they can afford expensive treatment. Some of the countries exhibiting lucrative prospects for the market are the U.S., the U.K., Germany, Spain, Italy, Japan, and France.