With the emergence and long-term Impact of COVID-19, the Global Lung Cancer Diagnostics Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Lung Cancer Diagnostics Market is poised to raise up to USD XX Billion by 2030. Lung cancer occurs when cells grow uncontrollably, resulting in the formation of masses called tumors. It can start in any area of the lung, but most cases originate from the cells lining the airways, such as the bronchi and bronchioles. Therefore, lung cancer is often referred to as bronchogenic cancer or bronchogenic carcinoma. The market for lung cancer diagnostics is expanding due to advanced technologies that increase early detection of the disease. However, market growth is challenged by high testing costs and strict regulations for cancer diagnostic products.
The lung cancer diagnostics market is propelling due to the rise in prevalence of lung cancer. According to a report published by cancer.net, the prevalence of lung cancer is on the rise, making it the second most common cancer in both men and women in the U.S. In 2021, there were an estimated 228,820 new cases and 135,720 deaths from the disease. The five-year survival rate for lung cancer is only 18%, which is lower than other types of cancer. It is predicted that 127,070 deaths from lung cancer would occur in the United States in 2023, and globally, an estimated 1,796,144 deaths were attributed to the disease in 2020.
The development of new and innovative diagnostic technologies, such as non-invasive methods such as CT scans and PET scans, has improved the accuracy and efficiency of early lung cancer detection. Additionally, government initiatives towards diagnosis and detection of cancer are creating more opportunities for the lung cancer diagnostics market to grow. However, a lack of skilled and well-trained professionals hinder market growth during the forecast period of 2023-2030.
The key regions considered for the Global Lung Cancer Diagnostics Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the high market penetration rates of technologically advanced products, the rising patient awareness, and the rising smoking prevalence level. According to the Centers for Disease Control and Prevention (CDC) in 2021, reported that nearly 12 of every 100 U.S. adults aged 18 years or older (11.5%) are cigarette smokers.
This means an around 28.3 million adults in the United States currently smoke. Initiatives, such as smoking cessation programs conducted by the American Lung Association (ALA) and campaigns to increase awareness of the symptoms of lung cancer are expected to further boost the regional market growth. Asia Pacific is expected to grow significantly over the forecast period, driven by rising penetration of advanced lung cancer diagnostic tools and increasing awareness of disease symptoms.
The global Lung Cancer Diagnostics Market is highly competitive owing to the presence of several key manufacturers such as QIAGEN GmbH, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Quest Diagnostics Incorporated, and others.
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Key findings of the study suggest:
- Global Lung Cancer Diagnostics Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the End User segment, hospitals emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to high market penetration rates of technologically advanced products.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Cancer Type:
- Small Cell Lung Cancer
- Non-small Cell Lung Cancer
By Test:
- Imaging Test
- Biopsy
- Sputum Cytology
- Molecular Testing
By End User:
- Hospitals
- Specialty Clinics
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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