July 15, 2024
Lung Cancer Diagnostic And Screening Market

Rising Prevalence Of Lung Cancer Is Anticipated To Open Up The New Avenue For Lung Cancer Diagnostic And Screening Market

Lung cancer diagnostic and screening devices help to detect and diagnose lung cancer at an early stage. Various diagnostic tests used for lung cancer include CT scans, X-rays, surgical biopsy, and others. CT scans and low-dose helical CT screening are commonly used diagnostic methods. Screening helps to detect lung cancer early when the chance of cure is highest. Early detection significantly improves the chances of recovery.

The global Lung Cancer Diagnostic And Screening Market is estimated to be valued at US$ 2458.7 Mn in 2023 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growth of the market is attributed to the increasing prevalence of lung cancer globally. As per WHO, lung cancer is the leading cause of cancer deaths worldwide, accounting for nearly 1.8 million deaths annually. Additionally, rising government initiatives and funding for lung cancer screening programs are also expected to fuel the market growth. For instance, the National Lung Screening Trial demonstrated that low-dose helical CT screening reduced lung cancer mortality by 20% in high-risk individuals. This led the US Preventive Services Task Force to recommend annual lung cancer screening with low-dose CT for certain groups of high-risk adults. Furthermore, technological advancements in diagnostic & screening devices, such as low-dose helical CT and automated image analysis solutions are also anticipated to boost the market growth over the forecast period.
Segment Analysis
The lung cancer diagnostic and screening market is segmented based on screening test, diagnosis test and end user. Screening test is further divided into Low Dose Computed Tomography (LDCT),Chest X-Ray,Sputum Cytology, and Biomarkers. Of these, LDCT dominates the screening test segment as it is considered the gold standard screening method for early detection of lung cancer. It is non-invasive and provides high-resolution images that helps detect cancer at an early stage.

PEST Analysis
Political: Governments in various countries are promoting screening and awareness programs to curb the rising lung cancer burden. Favorable reimbursement policies help increase the adoption of advanced diagnostic tests.
Economic: The growing per capita healthcare expenditure and rising disposable incomes favor the market growth. However, the high cost of diagnostic tests remains a challenge, especially in lower-income nations.
Social: Growing public awareness about the symptoms and risk factors of lung cancer aids early diagnosis. Support groups help reduce the stigma associated with lung cancer.
Technological: Advancements in imaging technologies, biomarker analysis, and genomic profiling have improved the accuracy of lung cancer diagnosis and personalized treatment. AI and digital pathology also assist in analysis.

Key Takeaways
The Global Lung Cancer Diagnostic And Screening Market Size is expected to witness high growth, exhibiting CAGR of 10.1%  over the forecast period, due to increasing awareness initiatives and improved access to screening and diagnostic tests.

Regional analysis: North America dominates the market owing to the increasing adoption of advanced diagnostic methods and presence of key pharmaceutical companies in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditures, growing geriatric population, and improvement in healthcare infrastructure in China and India.

Key players operating in the Lung Cancer Diagnostic And Screening market are Abbott, Illumina, Inc., Thermo Fischer Scientific, QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc., F. Hoffmann-La Roche Ltd, Danaher and Agilent Technologies, Inc., AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc.. Major players are focusing on collaborations and new product launches to consolidate their market position. For instance, in 2022, Abbott launched Alinity TS Molecular assay that allows high-volume laboratories to detect tissue samples for common mutations in lung cancer.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it