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Global Lung Cancer Diagnostics Industry

Global Lung Cancer Diagnostics Industry

  • July 2022
  • 605 pages
  • ID: 5834219
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

Abstract:

What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
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Global Lung Cancer Diagnostics Market to Reach $3.4 Billion by 2026
- Lung cancer represents the leading cause of cancer deaths globally. The disease is categorized into Small-cell Lung Cancer (SCLC) and Non-small cell lung cancer (NSCLC), with the latter constituting for about 80-85% of cases. Early detection of lung cancer, for both NSCLC and SCLC, is taking increased precedence globally which in turn spurs demand for lung cancer diagnostics. Amid the COVID-19 crisis, the global market for Lung Cancer Diagnostics is projected to reach US$3.4 Billion by 2026, registering a compounded annual growth rate (CAGR) of 7.6% over the analysis period. The United States represents the largest regional market for Lung Cancer Diagnostics, and is projected to reach US$843.4 Million by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 11% over the analysis period.
- The market is driven by rising incidence of lung cancer, increasing awareness levels about the symptoms and the seriousness of the condition, technological advancements, and new product launches. Increased focus on the development of lung cancer-specific biomarkers bodes well for the market growth. The ability of such diagnostic tools to enable personalized treatment for lung malignancies fuels market growth. The rapid rise in the number of smokers in developing regions also represents an important growth driver for the lung cancer diagnostics market. Significant advancements in diagnosis and early detection are transforming the lung cancer treatment landscape. High prevalence rate of Non-Small Cell Lung Cancer (NSCLC) is especially driving interest in the diagnostic value offered by liquid biopsies. Liquid biopsies, which utilize cell-free tumor DNA (cfDNA) and tumor-derived exosomes to detect mutations, will play a key role in precision medicine in the coming years. By region, developed economies account for a significant share of the lung cancer diagnostics market. The US holds the largest market share, owing to key factors such as growing patient awareness, high market penetration of innovative and technologically advanced products, and rapid urbanization and industrial development. The increasing prevalence of lung cancer in the region driven by increase in risk factors like cigarette smoking, exposure to second hand smoke, occupational exposure to cancer causing chemicals, has spurred the development of innovative and advanced diagnostic solutions. Growth in Asia-Pacific region is fueled by key growth drivers, such as rising awareness of symptoms of lung cancer, emerging demand for advanced lung cancer diagnostic tools, improving healthcare infrastructure, and large base of patients with unmet clinical needs. Rising healthcare expenditure and the presence of a large patient pool in countries like India and China is expected to unfurl significant growth opportunities.
- The market for molecular tests is forecast to grow the fastest over the analysis period. Molecular tests are generally done on tissue from biopsy or surgery, as well as on blood taken from a vein. The rapid pace of advancements and innovations in the area of molecular diagnostic technology are leading to the development and launch of several new types of diagnostic test techniques, aiding use of molecular tests for lung cancer diagnosis. The use of molecular tests for lung cancer diagnosis also facilitates in developing personalized treatments. Sustained increase in investments into R&D initiatives for developing biomarker-based molecular testing for lung cancer detection will also support segment growth.

Select Competitors (Total 48 Featured) -

  • Abbott Diagnostics - Core Laboratory
  • Dr Lal PathLabs
  • F. Hoffmann-La Roche AG
  • Illumina Inc.
  • Myriad Genetics Inc.
  • NanoString Technologies
  • NeoGenomics Laboratories Inc.
  • PlexBio Co., Ltd.
  • QIAGEN GmbH
  • Quest Diagnostics
  • Thermo Fisher Scientific Inc.

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