The global market for Non-Small Cell Lung Cancer Therapeutics is expected to be worth US$15.1 bn by 2023. On the basis of geography, Asia Pacific will emerge as the most lucrative regional market on account of growing awareness about cancer and increasing number of government projects supporting lung cancer treatment. On the basis of drugs, the angiogenesis inhibitor segment is estimated to lead on account of the efficacious nature of this drug and rise in the adoption of targeted therapy in the U.S., Japan, and European markets, says TMR. The angiogenesis inhibitor segment is predicted to be worth US$ 2,020.4 mn by 2023.
Continuous Efforts by Market Players Leading to Rich Pipeline of Drugs
The presence of geriatric population is a key factor driving the growth of the Non-Small Cell Lung Cancer Therapeutics Market. The prevalence of unhealthy lifestyle is also boosting the growth of the global non-small cell lung cancer therapeutics market. The global non-small cell lung cancer therapeutics market is driven by the high investments made by market players in research and development as well as their continuous efforts in developing innovative products. “There exists a rich pipeline, thanks to the efforts by market players and support received from governments across the globe,” states a TMR analyst. Introduction of new drugs is propelling the market’s growth. For instance, in October 2016, the FDA granted Breakthrough Therapy Designation to Alecensa (alectinib), a drug developed by Genentech to treat ALK-positive NSCLC as a first-line treatment. The drug has been approved in the U.S., Israel, Japan, Hong Kong, Canada, South Korea, and Kuwait.
Market’s Growth Hampered by the Presence of Many Drugs are in Early Stage Pipeline
According to the report, the global non-small cell lung cancer therapeutics market faces a few challenges which will hamper the growth of this market. The development of many drugs is at an early stage pipeline. The resistance to targeted therapies is another challenge. The delay in drug approval will also be a cause of obstruction to the growth of the global non-small cell lung cancer therapeutics market. Thus, despite the efficacy of non-small cell lung cancer therapeutic drugs, the market will face many challenges.
The global Non-Small Cell Lung Cancer Therapeutics market is characterized by many players operating in the industry, but Genentech, a Roche company has been identified as the leader in 2014 accounting for 36% of the revenue share, by Transparency Market Research (TMR). Some of the other players in the market include: Bristol-Myers Squibb, AstraZeneca plc, Celgene Corporation, Boehringer Ingelheim, Novartis AG, Pfizer, Inc., and Eli Lilly and Company. There exists a moderate competition among existing players, which comprise both branded and generic companies. Players are adopting the strategy of expanding their geographical presence so as to gain more market shares and penetrate further in the industry. The development of innovative and effective drugs is one of the major objectives of players, with a view to gain a stronger foothold in the market.
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