デフォルト表紙
市場調査レポート
商品コード
1779086

肺がん治療薬市場- 世界の産業規模、シェア、動向、機会、予測、がん細胞タイプ別(非小細胞肺がん、小細胞肺がん)、治療別、地域別、競合別、2020年~2030年

Lung Cancer Therapeutics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Cancer Cell Type (Non-small Cell Lung Cancer, Small Cell Lung Cancer ), By Treatment, By Region & Competition, 2020-2030F


出版日
ページ情報
英文 188 Pages
納期
2~3営業日
カスタマイズ可能
価格
価格表記: USDを日本円(税抜)に換算
本日の銀行送金レート: 1USD=151.79円

こちらのレポートには、数時間(ご購入金額の10%)分のアナリストへの質問/追加調査サービスが含まれております。

肺がん治療薬市場- 世界の産業規模、シェア、動向、機会、予測、がん細胞タイプ別(非小細胞肺がん、小細胞肺がん)、治療別、地域別、競合別、2020年~2030年
出版日: 2025年07月29日
発行: TechSci Research
ページ情報: 英文 188 Pages
納期: 2~3営業日
GIIご利用のメリット
  • 全表示
  • 概要
  • 目次
概要

肺がん治療薬の世界市場規模は2024年に254億3,000万米ドルで、予測期間中のCAGRは9.62%で2030年には405億5,000万米ドルに達すると予測されています。

世界の肺がん治療薬市場は、認知度の向上、早期診断、標的療法や免疫療法の進歩により、力強い成長を遂げています。肺がんは世界中で最も多く診断され、最も死亡率の高いがんの1つであり、効果的な治療はヘルスケアシステムにとって最優先事項となっています。喫煙率の上昇、環境汚染物質への曝露、人口の高齢化は、革新的な治療オプションへの需要を煽る主要な要因です。非小細胞肺がんは最も罹患率の高いがん種であり、特に遺伝子変異に焦点を当てた標的療法によって、治療法の進歩が最も顕著です。免疫療法も勢いを増しており、身体の免疫系ががん細胞を認識し、より効果的に攻撃するのを助けることで希望をもたらしています。このような治療法は市場情勢を再構築し、患者の生存率を向上させています。例えば、世界保健機関(WHO)はタバコを重大な健康リスクとして認識しており、特に低・中所得国において毎年800万人以上の死者を出しています。WHOは、タバコの使用を抑制し禁煙を奨励するため、禁煙政策、広告規制、増税などの行動を支持しています。

市場概要
予測期間 2026年~2030年
市場規模:2024年 254億3,000万米ドル
市場規模:2030年 405億5,000万米ドル
CAGR:2025年~2030年 9.62%
急成長セグメント 免疫療法
最大市場 北米

市場促進要因

肺がん罹患率の上昇

主な市場課題

高い治療費

主な市場動向

個別化医療へのシフト

目次

第1章 概要

  • 市場の定義
  • 市場の範囲
    • 対象市場
    • 調査対象年
    • 主要市場セグメンテーション

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 顧客の声

第5章 世界の肺がん治療薬市場展望

  • 市場規模・予測
    • 金額別
  • 市場シェア・予測
    • がん細胞タイプ別(非小細胞肺がん(NSCLC)、小細胞肺がん(SCLC))
    • 治療別(化学療法、放射線療法、免疫療法、標的療法、その他の治療)
    • 地域別
    • 企業別(2022年)
  • 市場マップ
    • がん細胞タイプ別
    • 治療別

第6章 北米の肺がん治療薬市場展望

  • 市場規模・予測
  • 市場シェア・予測
  • 北米:国別分析
    • 米国
    • カナダ
    • メキシコ

第7章 欧州の肺がん治療薬市場展望

  • 市場規模・予測
  • 市場シェア・予測
  • 欧州:国別分析
    • フランス
    • ドイツ
    • 英国
    • イタリア
    • スペイン

第8章 アジア太平洋の肺がん治療薬市場展望

  • 市場規模・予測
  • 市場シェア・予測
  • アジア太平洋:国別分析
    • 中国
    • 日本
    • インド
    • 韓国
    • オーストラリア

第9章 南米の肺がん治療薬市場展望

  • 市場規模・予測
  • 市場シェア・予測
  • 南米:国別分析
    • ブラジル
    • アルゼンチン
    • コロンビア

第10章 中東・アフリカの肺がん治療薬市場展望

  • 市場規模・予測
  • 市場シェア・予測
  • 中東・アフリカ:国別分析
    • アラブ首長国連邦
    • サウジアラビア
    • 南アフリカ

第11章 市場力学

  • 促進要因
    • 肺がんの罹患率の増加。
    • 喫煙者数の増加
    • 免疫療法の需要増加
  • 課題
    • 高額ながん治療
    • 薬の副作用
    • 熟練労働力の不足

第12章 市場動向と発展

  • 製品上市
  • 合併と買収
  • 技術的進歩

第13章 臨床試験分析

第14章 世界の肺がん治療薬市場:SWOT分析

第15章 競合情勢

  • AstraZeneca Plc
  • Boehringer Ingelheim International GmbH.
  • Bristol-Myers Squibb Company
  • Eli Lilly and Company
  • F. Hoffmann-La Roche Ltd.
  • Merck & Co
  • Pfizer Inc.
  • Allergan Inc.
  • Teva Pharmaceutical Industries Ltd.
  • Abbvie, Inc.

第16章 戦略的提言

第17章 調査会社について・免責事項

目次
Product Code: 14700

Global Lung Cancer Therapeutics Market was valued at USD 25.43 billion in 2024 and is expected to reach USD 40.55 billion by 2030 with a CAGR of 9.62% during the forecast period. The global lung cancer therapeutics market is witnessing robust growth due to increasing awareness, early diagnosis, and advancements in targeted and immunotherapies. Lung cancer remains one of the most commonly diagnosed and deadliest forms of cancer worldwide, making effective treatment a high priority for healthcare systems. The rising prevalence of smoking, exposure to environmental pollutants, and aging populations are key drivers fueling demand for innovative treatment options. Non-small cell lung cancer is the most prevalent type and has seen the greatest therapeutic advancements, especially through targeted therapies that focus on genetic mutations. Immunotherapies are also gaining momentum, offering hope by helping the body's immune system recognize and attack cancer cells more effectively. These treatment modalities are reshaping the market landscape and improving patient survival rates. For instance, The World Health Organization (WHO) recognizes tobacco as a significant health risk, causing over 8 million deaths each year, especially in low- and middle-income countries. WHO supports actions like smoke-free policies, advertising restrictions, and tax increases to curb tobacco use and encourage smoking cessation.

Market Overview
Forecast Period2026-2030
Market Size 2024USD 25.43 Billion
Market Size 2030USD 40.55 Billion
CAGR 2025-20309.62%
Fastest Growing SegmentImmunotherapy
Largest MarketNorth America

Key Market Drivers

Rising Incidence of Lung Cancer

The rising incidence of lung cancer is one of the most significant drivers propelling the global lung cancer therapeutics market. For instance, the growing prevalence of various cancer types, with lung cancer being one of the most common, has led to an increasing demand for lung cancer therapeutics. Rising incidences of lung cancer across all demographics and age groups contribute to this demand. The American Cancer Society (ACS) reports that approximately 13% of all new cancer diagnoses are lung cancers. Lung cancer continues to be one of the most frequently diagnosed cancers worldwide and remains a leading cause of cancer-related deaths. This growing burden is closely linked to widespread tobacco use, which remains the most common risk factor, particularly in low- and middle-income countries where smoking rates are still high. The exposure to secondhand smoke, environmental pollutants, occupational carcinogens like asbestos, and increasing levels of urban air pollution have contributed to a broader and more diverse at-risk population.

The surge in lung cancer cases has heightened the need for timely diagnosis and effective treatment, prompting healthcare systems to invest more in therapeutics. This has led to significant market expansion, particularly in areas focused on advanced treatments like targeted therapies and immunotherapies. As more patients are diagnosed at earlier stages due to improved screening programs and public awareness initiatives, the opportunity for therapeutic intervention increases, further driving demand for innovative drug development.

The changing lifestyle patterns, increasing life expectancy, and a growing elderly population are contributing to a higher number of lung cancer diagnoses globally. The disease's high mortality rate has also intensified efforts from pharmaceutical companies and research organizations to accelerate clinical trials and regulatory approvals for novel therapies. The global response to this growing health crisis is reflected in rising healthcare expenditures and policy reforms aimed at improving cancer care access.

Key Market Challenges

High Treatment Costs

High treatment costs are one of the most significant challenges facing the global lung cancer therapeutics market. While advancements in targeted therapies and immunotherapies have revolutionized the treatment landscape, these therapies come with high price tags. For instance, newer treatments that target specific genetic mutations, such as EGFR inhibitors or immune checkpoint inhibitors, can cost patients tens of thousands of dollars per year. This makes them financially inaccessible for a large portion of the global patient population, especially in low- and middle-income countries where healthcare systems may already be strained.

The high cost of these treatments is often a barrier for patients who do not have sufficient insurance coverage or financial support. In many regions, the lack of universal healthcare coverage means that out-of-pocket expenses for patients are significant. This situation can lead to delayed treatment or even treatment abandonment, resulting in poorer outcomes.For those who do access these therapies, long-term costs can be unsustainable, as many lung cancer therapies require continuous use.

Pharmaceutical companies argue that the high costs are necessary to recoup the considerable investments made in research, development, and clinical trials. However, the pricing of cancer therapies has sparked widespread debate, with calls for more affordable pricing models or reimbursement strategies to ensure equitable access to these life-saving treatments.

Ultimately, the high treatment costs create a divide between those who can afford cutting-edge therapies and those who cannot, limiting the global reach of these innovative treatments and hindering efforts to reduce lung cancer mortality rates worldwide.

Key Market Trends

Shift Toward Personalized Medicine

The shift toward personalized medicine is one of the most significant trends in the global lung cancer therapeutics market, marking a transformative approach to treatment that aims to tailor therapies to individual patients based on their genetic, molecular, and environmental profiles. This paradigm shift is reshaping how lung cancer is diagnosed, treated, and managed, moving away from a one-size-fits-all approach to more targeted, effective, and less invasive therapies.

Personalized medicine in lung cancer relies heavily on identifying specific genetic mutations, biomarkers, and molecular characteristics of both the cancer cells and the patient. For example, targeted therapies are now developed to treat non-small cell lung cancer (NSCLC) based on mutations such as EGFR, ALK, ROS1, and BRAF. These therapies can directly target the molecular drivers of cancer growth, resulting in more effective treatments with fewer side effects than traditional chemotherapy. The success of targeted therapies in improving survival rates has demonstrated the value of personalized approaches and increased demand for genetic testing and biomarkers.

The growing field of immunotherapy, especially immune checkpoint inhibitors, has benefited from the personalized medicine trend. These therapies are often more effective in certain patients based on the expression of biomarkers like PD-L1. By identifying which patients are most likely to benefit from immunotherapy, healthcare providers can optimize treatment plans and avoid unnecessary therapies for those less likely to respond.

The expansion of personalized medicine has also spurred growth in companion diagnostics, which are essential for identifying the right patient populations for specific treatments. The availability of such diagnostics helps ensure that patients receive the most appropriate therapies based on their individual profiles, leading to better outcomes and a more efficient use of healthcare resources.

The shift toward personalized medicine is driving significant innovation in the lung cancer therapeutics market, making treatments more precise, effective, and patient-centered. As research advances, the integration of personalized approaches is expected to continue expanding, further improving survival rates and quality of life for lung cancer patients.

Key Market Players

  • AstraZeneca Plc
  • Boehringer Ingelheim International GmbH.
  • Bristol-Myers Squibb Company
  • Eli Lilly and Company
  • F. Hoffmann-La Roche Ltd.
  • Merck & Co
  • Pfizer Inc.
  • Allergan Inc.
  • Teva Pharmaceutical Industries Ltd.
  • Abbvie, Inc.

Report Scope:

In this report, the Global Lung Cancer Therapeutics Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Lung Cancer Therapeutics Market, By Cancer Cell Type:

  • Non-small Cell Lung Cancer (NSCLC)
  • Small Cell Lung Cancer (SCLC)

Lung Cancer Therapeutics Market, By Treatment:

  • Chemotherapy
  • Radiation Therapy
  • Immunotherapy
  • Targeted Therapy
  • Other Treatments

Lung Cancer Therapeutics Market, By Region:

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Lung Cancer Therapeutics Market.

Available Customizations:

Global Lung Cancer Therapeutics Market report with the given market data, TechSci Research, offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Service Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Lung Cancer Therapeutics Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC))
    • 5.2.2. By Treatment (Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 5.2.3. By Region
    • 5.2.4. By Company (2022)
  • 5.3. Market Map
    • 5.3.1. By Cancer Cell Type
    • 5.3.2. By Treatment

6. North America Lung Cancer Therapeutics Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC)
    • 6.2.2. By Treatment (Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 6.2.3. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Lung Cancer Therapeutics Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Cancer Cell Type
        • 6.3.1.2.2. By Treatment
    • 6.3.2. Canada Lung Cancer Therapeutics Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Cancer Cell Type
        • 6.3.2.2.2. By Treatment
    • 6.3.3. Mexico Lung Cancer Therapeutics Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Cancer Cell Type
        • 6.3.3.2.2. By Treatment

7. Europe Lung Cancer Therapeutics Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC)
    • 7.2.2. By Treatment ( Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 7.2.3. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. France Lung Cancer Therapeutics Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Cancer Cell Type
        • 7.3.1.2.2. By Treatment
    • 7.3.2. Germany Lung Cancer Therapeutics Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Cancer Cell Type
        • 7.3.2.2.2. By Treatment
    • 7.3.3. United Kingdom Lung Cancer Therapeutics Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Cancer Cell Type
        • 7.3.3.2.2. By Treatment
    • 7.3.4. Italy Lung Cancer Therapeutics Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Cancer Cell Type
        • 7.3.4.2.2. By Treatment
    • 7.3.5. Spain Lung Cancer Therapeutics Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Cancer Cell Type
        • 7.3.5.2.2. By Treatment

8. Asia-Pacific Lung Cancer Therapeutics Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC)
    • 8.2.2. By Treatment ( Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 8.2.3. By Country
  • 8.3. Asia-Pacific: Country Analysis
    • 8.3.1. China Lung Cancer Therapeutics Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Cancer Cell Type
        • 8.3.1.2.2. By Treatment
    • 8.3.2. Japan Lung Cancer Therapeutics Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Cancer Cell Type
        • 8.3.2.2.2. By Treatment
    • 8.3.3. India Lung Cancer Therapeutics Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Cancer Cell Type
        • 8.3.3.2.2. By Treatment
    • 8.3.4. South Korea Lung Cancer Therapeutics Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Cancer Cell Type
        • 8.3.4.2.2. By Treatment
    • 8.3.5. Australia Lung Cancer Therapeutics Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Cancer Cell Type
        • 8.3.5.2.2. By Treatment

9. South America Lung Cancer Therapeutics Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC)
    • 9.2.2. By Treatment ( Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 9.2.3. By Country
  • 9.3. South America: Country Analysis
    • 9.3.1. Brazil Lung Cancer Therapeutics Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Cancer Cell Type
        • 9.3.1.2.2. By Treatment
    • 9.3.2. Argentina Lung Cancer Therapeutics Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Cancer Cell Type
        • 9.3.2.2.2. By Treatment
    • 9.3.3. Colombia Lung Cancer Therapeutics Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Cancer Cell Type
        • 9.3.3.2.2. By Treatment

10. Middle East and Africa Lung Cancer Therapeutics Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Cancer Cell Type (Non-small Cell Lung Cancer (NSCLC), Small Cell Lung Cancer (SCLC)
    • 10.2.2. By Treatment (Chemotherapy, Radiation Therapy, Immunotherapy, Targeted Therapy, Other Treatments)
    • 10.2.3. By Country
  • 10.3. MEA: Country Analysis
    • 10.3.1. UAE Lung Cancer Therapeutics Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Cancer Cell Type
        • 10.3.1.2.2. By Treatment
    • 10.3.2. Saudi Arabia Lung Cancer Therapeutics Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Cancer Cell Type
        • 10.3.2.2.2. By Treatment
    • 10.3.3. South Africa Lung Cancer Therapeutics Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Cancer Cell Type
        • 10.3.3.2.2. By Treatment

11. Market Dynamics

  • 11.1. Drivers
    • 11.1.1. Increasing Prevalence of Lung Cancer.
    • 11.1.2. Rise in the number of Tobacco Smokers
    • 11.1.3. Rise in demand for Immunotherapy
  • 11.2. Challenges
    • 11.2.1. High Cost of Cancer Treatment
    • 11.2.2. Side Effects of Drugs
    • 11.2.3. Lack of skilled workforce

12. Market Trends & Developments

  • 12.1. Product Launches
  • 12.2. Mergers & Acquisitions
  • 12.3. Technological Advancements

13. Clinical Trial Analysis

14. Global Lung Cancer Therapeutics Market: SWOT Analysis

15. Competitive Landscape

  • 15.1. AstraZeneca Plc
  • 15.2. Boehringer Ingelheim International GmbH.
  • 15.3. Bristol-Myers Squibb Company
  • 15.4. Eli Lilly and Company
  • 15.5. F. Hoffmann-La Roche Ltd.
  • 15.6. Merck & Co
  • 15.7. Pfizer Inc.
  • 15.8. Allergan Inc.
  • 15.9. Teva Pharmaceutical Industries Ltd.
  • 15.10. Abbvie, Inc.

16. Strategic Recommendations

17. About Us & Disclaimer