Global Lung Cancer Diagnostics Market to Reach $3.4 Billion by 2026

SAN FRANCISCO, April 18, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Lung Cancer Diagnostics – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
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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Edition: 9; Released: February 2022
Executive Pool: 3123
Companies: 48 – Players covered include 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. and Others.
Coverage: All major geographies and key segments
Segments: Test (Imaging Tests, Sputum Cytology, Molecular Tests, Biopsy, and Other Tests); Type (Non-Small-Cell Lung Cancer (NSCLC), and Small-Cell Lung Cancer (SCLC); and End-Use (Hospital Laboratories, Cancer Research Institutes, and Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Complimentary Project Preview – This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

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. More

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Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include – enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.

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