The Australian Lung Cancer drugs market size stood at around USD 0.59 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Lung cancer is the fifth most common cancer in Australia and accounts for 9% of all cancers. It was estimated that there would be 3,258 new cases of lung cancer diagnosed in Australia in 2020. The risk of being diagnosed with lung cancer in Australia by age 85 is 1 in 13 for men and 1 in 21 for women. The chance of surviving lung cancer for at least five years is 19%. There are two types of lung cancers namely, Non-Small Cell Lung Cancer (NSCLS), & Small Cell Lung Cancer (SCLC). Comparatively Non-small cell lung cancer is the most common type of lung cancer, accounting for around 85% of cases.
The rising prevalence rate of lung cancer is a major driver of the lung cancer market. This is mainly because an increase in prevalence and incidence rate of lung cancer cases propels the need for drugs that enable efficient and fast treatment of the disease. Increasing funding in the field of research and development of new drugs, increasing pollution due to rapid industrialization, and a rise in the number of smokers are some of the reasons for the increasing prevalence of lung cancer. Hence all these factors have been driving the growth of the market. In 2018 Lung Foundation Australia pledged $ 450,000 in research and development. The latest data from the National Drug Strategy Household Survey (NDSHS) estimated that 11.6% of adults smoked daily in 2019. In 2017-18, net overseas migration was 236,700 and the natural increase was 153,800. In total, Australia’s population grew by 390,500, or 1.6 percent.