Lung Cancer Diagnostics Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1848
Lung Cancer Diagnostics Market size is projected to experience significant growth from 2017 to 2024.
Lung cancer diagnostics market size should witness significant growth due to increased prevalence of smoking and exposure to secondhand smoke, influencing the occurrence rate of lung malignancies. Smoking is forestalled to be the major cause of approximately 85 per cent of cancer. The surging dominance of cancer is directly proportional to the business growth, owing to the high demand for diagnosis and early disease screening.
Mounting technological advancements such as the development of specific biomarkers facilitates the customized treatment approach of lung malignancies eventually driving the lung cancer diagnostics market during the forecast period. The rising awareness levels amongst the populace and the availability of government as well as private funds for R&D of better tumor diagnostic tools further fuels the industry growth.
Evidences show that beta-carotene supplements and arsenic in drinking water intensifies the risk of lung cancer, and accounted for 8.8 million deaths in 2015. An estimated 14 million adults have been diagnosed with the disease worldwide, with its prevalence expected to reach 21.7 million by 2030Increased exposure to radon, asbestos, secondhand smoke, air pollution, or other factors cause lung cancer in nonsmokers. Genetics also play a vital role for disease occurrence in non-smokers. Workplace exposures to diesel exhaust, asbestos and other chemicals increases the chance of cancer. As per WHO, lung cancer accounted for 1.69 million deaths worldwide in 2015.
Increasing number of programs to enhance public awareness will create immense growth opportunities. For instance, the Centers for Disease Control and Prevention (CDC) introduced Tips from former smokers (Tips), a paid national tobacco education campaign. The campaign profiles people surviving with long-term serious health damage caused from smoking. The main objectives of the campaign are to encourage smokers to quit and not to smoke around nonsmokers, building public awareness of the immediate health issues caused by exposure to secondhand smoke and smoking. Prohibitive cost associated with the treatment for lung cancer and limited reimbursement policies in low and middle-income countries may hamper the lung cancer diagnostics market growth.
Based on the type, the industry can be segmented into small-cell and non-small cell lung cancer. Non-small cell lung cancer (NSCLC) was identified as the largest segment, owing to the availability of novel diagnostic testing, detecting the large tumor growths and is also the most protuberant form in terms of occurrence, accounting for approximately 85 percent of the disease. Based on the test segment, the industry can be segmented into imaging test, sputum cytology, biopsy and molecular testing. Imaging test segment was identified as the largest test segment due to the high usage rates of several imaging techniques including CT scan MRI and X-ray as the primary screening techniques used for disease diagnosis.
U.S. will witness significant growth over the forecast period due to the rising patient awareness, high-pitched market penetration rates of technologically advanced products and the escalated smoking prevalence level in the country. As per CDC statistics, 215,951 people in the U.S were diagnosed and approximately 155,526 people died from the disease. Increased tobacco intake coupled with sedentary lifestyle will boost the lung cancer diagnostics market size.
Asia Pacific will exhibit profitable growth over the forecast period. Increased prevalence coupled with adoption of cutting-edge technologies will accelerate the revenue share. India will grow at healthy rate due to presence of large patient pool requiring disease screening. Increased health care expenditure coupled with rising awareness among people witnesses to create lucrative growth opportunities.
Some of the industry players include Roche Diagnostics, Thermo Fisher Scientific, Qiagen N.V., Agilent Technologies, AstraZeneca, Janssen and Sanofi S.A. Key strategies adopted by the companies include strategic agreements, collaborations, geographical expansion, mergers and acquisitions. Companies integrating technologies and methods are the ones that will gain a competitive advantage and grow in today’s volatile business environment.
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