At 14.2% CAGR, the Asia Pacific Lung Cancer Therapy Market is Projected to be Worth US$ 10,963.26 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Asia Pacific lung cancer therapy market was valued at US$ 3,778.03 million in 2022 and is expected to reach US$ 10,963.26 million by 2030, registering a CAGR of 14.2% 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 Asia Pacific 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. In July 2021, Cancer Australia partnered with the Department of Health and Aged Care to evaluate the feasibility of a lung cancer screening program in Australia. After obtaining positive results of the feasibility assessment, in May 2023, the Department of Health and Aged Care, the Government of Australia, declared an investment of US$ 263.8 million for 2023-2024 for the implementation of the National Lung Cancer Screening Program across the country. Through this program, the Department of Health and Aged Care focuses on the prevention and early detection of lung cancer. Thus, an upsurge in initiatives taken by governments for the early detection and proper treatment of lung cancer patients fuels the growth of the Asia Pacific lung cancer therapy market.
On the contrary, high cost of lung cancer therapy hampers the growth of Asia Pacific lung cancer therapy market.
Based on therapy type, the Asia Pacific lung cancer therapy market is bifurcated into noninvasive and minimally invasive. The noninvasive segment held 81.6% share of the Asia Pacific lung cancer therapy market in 2022, amassing US$ 3,082.64 million. It is projected to garner US$ 8,807.00 million by 2030 to expand at 14.0% 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 Asia Pacific 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 87.4% share of the Asia Pacific lung cancer therapy market in 2022, amassing US$ 3,300.95 million. It is projected to garner US$ 9,668.47 million by 2030 to expand at 14.4% CAGR during 2022-2030.
By end user, the Asia Pacific lung cancer therapy market is segmented into hospitals, oncology clinics, research centers, and others. The hospitals segment held 50.7% share of the Asia Pacific lung cancer therapy market in 2022, amassing US 1,917.08 million. It is projected to garner US$ 5,421.82 million by 2030 to expand at 13.9% CAGR during 2022-2030.
Based on country, the Asia Pacific lung cancer therapy market is segmented into China, Japan, India, Australia, South Korea, Southeast Asia, and the Rest of Asia Pacific. China held 23.4% share of Asia Pacific lung cancer therapy market in 2022, amassing US$ 882.93 million. It is projected to garner US$ 2,527.03 million by 2030 to expand at 14.0% CAGR during 2022-2030.
Key players operating in the Asia Pacific 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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