At 12.4% CAGR, the North America Lung Cancer Therapy Market is Projected to be Worth US$ 38,556.55 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the North America lung cancer therapy market was valued at US$ 15,105.92 million in 2022 and is expected to reach US$ 38,556.55 million by 2030, registering a CAGR of 12.4% from 2022 to 2030. Government initiatives for screening and treatment of lung cancer and increase in cases of lung cancer are among the critical factors attributed to the North America lung cancer therapy market expansion.
According to an article published by Johnson & Johnson, lung cancer is a leading cause of cancer mortality in the world, and it is generally detected in the later stages. In the initial stages, people with lung cancer show no prominent symptoms, and therefore, in almost 50% of the detected cases, cancer has already reached the metastasis stage. In response to the seriousness of this condition, governments of various countries are focusing on introducing initiatives for encouraging early detection and screening, followed by providing early treatment for lung cancer. As per United States Preventive Services Task Force (USPSTF), people from the age range of 50-80 with a smoking history of 20 packs per year, either presently smoking or having quit within the last 15 years, are more susceptible to developing lung cancer in the US. Hence, the United States Preventive Services Task Force (USPSTF) recommends these people undergo low-dose computed tomography (LDCT) screening for lung cancer every year to ensure the early detection of lung cancer. In addition, in July 2022, the Biden Administration in the US introduced a new model that aims to improve cancer care and lower the treatment cost for patients who are covered under Medicare services. Thus, an upsurge in initiatives taken by governments for the early detection and proper treatment of lung cancer patients fuels the growth of the North America lung cancer therapy market.
On the contrary, high cost of lung cancer therapy hampers the growth of North America lung cancer therapy market.
Based on therapy type, the North America lung cancer therapy market is bifurcated into noninvasive and minimally invasive. The noninvasive segment held 69.4% share of the North America lung cancer therapy market in 2022, amassing US$ 10,483.25 million. It is projected to garner US$ 25,985.51 million by 2030 to expand at 12.0% CAGR during 2022-2030. The minimally invasive segment is further subsegmented into radiofrequency ablation, microwave ablation, thermal ablation, cryoablation, chemical ablation, photodynamic ablation, and others.
By indication, the North America lung cancer therapy market is bifurcated into non-small cell lung cancer and small cell lung cancer. The non-small cell lung cancer segment held 85.7% share of the North America lung cancer therapy market in 2022, amassing US$ 12,945.48 million. It is projected to garner US$ 33,937.79 million by 2030 to expand at 12.8% CAGR during 2022-2030.
By end user, the North America lung cancer therapy market is segmented into hospitals, oncology clinics, research centers, and others. The hospitals segment held 45.3% share of the North America lung cancer therapy market in 2022, amassing US 6,847.07 million. It is projected to garner US$ 17,075.09 million by 2030 to expand at 12.1% CAGR during 2022-2030.
Based on country, the North America lung cancer therapy market is segmented into US, Canada, and Mexico. The US held 84.2% share of North America lung cancer therapy market in 2022, amassing US$ 12,713.14 million. It is projected to garner US$ 32,171.58 million by 2030 to expand at 12.3% CAGR during 2022-2030.
Key players operating in the North America lung cancer therapy market are Medtronic Plc, RF Medical Co Ltd, Johnson & Johnson, Merck KGaA, Sun Pharmaceutical Industries Ltd, Bioventus Inc, Olympus Corp, Meiji Seika Pharma Co Ltd, and Advanz Pharma Corp, among others.
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