At 12.9% CAGR, the South & Central America Lung Cancer Therapy Market is Projected to be Worth US$ 3,308.30 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America lung cancer therapy market was valued at US$ 1,250.04 million in 2022 and is expected to reach US$ 3,308.30 million by 2030, registering a CAGR of 12.9% 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 South & Central 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. Lung cancer was included as a strategic health problem in Colombia's Plan Decenal de Salud Pública 2022–2031, which also contained a goal to lower the disease's mortality to 7% by 2031. Thus, an upsurge in initiatives taken by governments for the early detection and proper treatment of lung cancer patients fuels the growth of the lung cancer therapy market.

On the contrary, high cost of lung cancer therapy hampers the growth of South & Central America lung cancer therapy market.

Based on therapy type, the South & Central America lung cancer therapy market is bifurcated into noninvasive and minimally invasive. The noninvasive segment held 83.8% share of the South & Central America lung cancer therapy market in 2022, amassing US$ 1,048.03 million. It is projected to garner US$ 2,748.53 million by 2030 to expand at 12.8% 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 South & Central 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 88.8% share of the South & Central America lung cancer therapy market in 2022, amassing US$ 1,110.17 million. It is projected to garner US$ 2,964.49 million by 2030 to expand at 13.1% CAGR during 2022–2030.

By end user, the South & Central America lung cancer therapy market is segmented into hospitals, oncology clinics, research centers, and others. The hospitals segment held 48.5% share of the South & Central America lung cancer therapy market in 2022, amassing US 606.45 million. It is projected to garner US$ 1,565.43 million by 2030 to expand at 12.6% CAGR during 2022–2030.

Based on country, the South & Central America lung cancer therapy market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America held 38.6% share of South & Central America lung cancer therapy market in 2022, amassing US$ 482.26 million. It is projected to garner US$ 1,255.17 million by 2030 to expand at 12.7% CAGR during 2022–2030.

Key players operating in the South & Central America lung cancer therapy market are Bioventus Inc, Johnson & Johnson, Medtronic Plc, Merck KGaA, Olympus Corp, RF Medical Co Ltd, and Sun Pharmaceutical Industries Ltd, among others.

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