At 12.6% CAGR, the Europe Lung Cancer Therapy Market is Projected to be Worth US$ 25,548.74 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Europe lung cancer therapy market was valued at US$ 9,919.66 million in 2022 and is expected to reach US$ 25,548.74 million by 2030, registering a CAGR of 12.6% from 2022 to 2030. Increase in cases of lung cancer and government initiatives for screening and treatment of lung cancer are among the critical factors attributed to the Europe lung cancer therapy market expansion.
Lung cancer is among the main causes of mortality across the world. This type of cancer can be treated more effectively if it is diagnosed early. Therefore, people at a high risk of lung cancer need to undergo routine testing to detect the formation of cancerous growth inside their lungs. Globally lung cancer is the most common cancer in men and the second most common cancer in women. According to the World Health Organization (WHO), lung cancer is the leading cause of cancer-related deaths globally, in both men and women. As per the World Cancer Research Fund International, ~2.2 million new lung cancer cases were registered worldwide in 2020. Lung cancer is among one of the main causes of mortality across the world. Lung cancer screening is a critical component of cancer prevention approaches. The prognosis of lung cancer patients is better when the disease is diagnosed early, so people at high risk of lung cancer are prompted to undergo routine checkups to detect the formation of cancerous growth in their lungs. As per research conducted by the cancer journal Annals of Oncology, around 1,261,990 cancer patients are expected to die in 2023 in the EU region. Lung cancer death rates would increase by over 1% to 13.6 per 100,000. As more UK women started smoking earlier than those in the EU, there will be a 13.8% decrease in the death rate from lung cancer among women in the UK, although the death rate of 16.2 per 100,000 is still higher than among women in the EU. In the UK, lung cancer currently claims more per 100,000 than breast cancer, which claims 13.5 per 100,000. When the researchers particularly examined lung cancer death rates in five EU nations in addition to the UK, they discovered that while rates are expected to decline for men in the most populous six nations (France, Germany, Italy, Poland, and Spain), they will increase for women in France, Italy, and Spain by about 14%, 5.6%, and 5%, respectively. The researchers discovered that among women in various age groups, expected mortality rates from lung cancer decreased among those between the ages of 25 and 64 but increased among those between the ages of 65 and over 75, leading to an increase overall. Additionally, according to the National Center for Biotechnology Information (NCBI), ~41,000 new diagnoses of lung cancers and ~34,000 deaths are recorded yearly in Italy. Also, Data provided by the Health Ministry of Turkey states that ~23,000 men and ~4,500 women are diagnosed with lung cancer annually in Turkey. Thus, the rising incidence of lung cancer worldwide is contributing to the research and development activities for lung cancer therapy, which is, in turn, driving the market growth.
On the contrary, high cost of lung cancer therapy hampers the growth of Europe lung cancer therapy market.
Based on therapy type, the Europe lung cancer therapy market is bifurcated into noninvasive and minimally invasive. The noninvasive segment held 70.5% share of the Europe lung cancer therapy market in 2022, amassing US$ 6,998.31 million. It is projected to garner US$ 17,453.17 million by 2030 to expand at 12.1% 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 Europe 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 87.5% share of the Europe lung cancer therapy market in 2022, amassing US$ 8,683.40 million. It is projected to garner US$ 22,869.09 million by 2030 to expand at 12.9% CAGR during 2022-2030.
By end user, the Europe lung cancer therapy market is segmented into hospitals, oncology clinics, research centers, and others. The hospitals segment held 45.0% share of the Europe lung cancer therapy market in 2022, amassing US 4,466.78 million. It is projected to garner US$ 11,187.75 million by 2030 to expand at 12.2% CAGR during 2022-2030.
Based on country, the Europe lung cancer therapy market is segmented into Germany, the UK, France, Italy, Spain, Russia, and the Rest of Europe. Germany held 29.6% share of Europe lung cancer therapy market in 2022, amassing US$ 2,936.22 million. It is projected to garner US$ 7,378.48 million by 2030 to expand at 12.2% CAGR during 2022-2030.
Key players operating in the Europe 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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