The global Lung Cancer Diagnostic and Screening Market is estimated to be valued at US$ 1,931.0 Mn in 2022 and is expected to exhibit a CAGR of 7.8% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Lung cancer diagnostic and screening play a crucial role in the early detection and diagnosis of lung cancer, enabling better treatment outcomes. The market offers various diagnostic and screening methods such as imaging tests, biopsy, molecular diagnostic tests, and liquid biopsy, among others. These tests help in identifying the presence of lung cancer and determining its stage, type, and treatment options. The need for these products arises due to the increasing incidence of lung cancer globally. According to the World Health Organization (WHO), lung cancer is the leading cause of cancer-related deaths worldwide, accounting for 1.8 million deaths annually.
B) Market Key Trends:
One key trend in the lung cancer diagnostic and screening market is the growing adoption of liquid biopsy tests. Liquid biopsy is a non-invasive method that allows for the detection of cancer-related genetic alterations using a simple blood sample. This method has shown promise in improving early detection of lung cancer and monitoring treatment response. Liquid biopsy tests offer several advantages over traditional tissue biopsy, including real-time monitoring, minimal invasiveness, and ability to detect resistance mutations.
For instance, Guardant Health Inc. provides Guardant360, a liquid biopsy test that detects actionable genomic alterations in solid tumors, including non-small cell lung cancer (NSCLC). The test has demonstrated high sensitivity and specificity in detecting known actionable mutations, thereby aiding in personalized treatment decisions.
C) PEST Analysis:
Political: Governments across the globe are implementing various initiatives to reduce the burden of lung cancer by promoting awareness, early diagnosis, and access to healthcare facilities.
Economic: The economic burden of lung cancer is substantial, with significant healthcare costs associated with diagnosis, treatment, and supportive care. This drives the demand for cost-effective diagnostic and screening solutions.
Social: Changing lifestyles, increasing tobacco consumption, and exposure to environmental risk factors contribute to the rising incidence of lung cancer. Social awareness campaigns and educational programs play a vital role in promoting early detection and prevention.
Technological: Advancements in imaging technologies, genomics, and biomarker research are driving the development of innovative diagnostic and screening methods for lung cancer.
D) Key Takeaways:
1. Market size-related content: The global Lung Cancer Diagnostic and Screening Market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period. This growth is attributed to increasing incidence of lung cancer globally. For example, according to the American Cancer Society, lung cancer is the second most common cancer in both men and women in the United States.
2. Regional analysis: North America dominates the global lung cancer diagnostic and screening market, owing to the presence of well-established healthcare infrastructure, high awareness levels, and early adoption of advanced diagnostic technologies. However, Asia Pacific is expected to witness the fastest growth during the forecast period, driven by the increasing prevalence of lung cancer and improving healthcare infrastructure in emerging economies such as China and India.
3. Key players: Key players operating in the global lung cancer diagnostic and screening market include Abbott, Illumina, Inc., Thermo Fisher Scientific, QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc., F. Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc., AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc. These players focus on strategic collaborations, product launches, and acquisitions to expand their market presence and enhance their product offerings.
In conclusion, the global lung cancer diagnostic and screening market is expected to witness significant growth due to the increasing incidence of lung cancer. The adoption of liquid biopsy tests and advancements in technology are key trends driving market growth. However, governments’ initiatives and social awareness campaigns are crucial in promoting early detection and prevention. North America currently dominates the market, but Asia Pacific is expected to be the fastest-growing region. Key players in the market continue to innovate and collaborate to meet the growing demand for effective lung cancer diagnostic and screening solutions.
