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Reaching Global Lung Cancer Diagnostics Market $3 billion by 2024
Lung cancer is the leading cause of cancer death worldwide. The disease is divided into small cell lung cancer (SCLC) and non-small cell lung cancer (NSCLC), with the latter accounting for about 80-85% of cases. Early detection of lung cancer, both for NSCLC and SCLC, is becoming an increasing priority worldwide, which in turn drives the demand for lung cancer diagnostics. Amid the COVID-19 crisis, the global lung cancer diagnostics market is expected to reach US$3 billion by 2024, with a compound annual growth rate (CAGR) of 8.0% over the analysis period. United States represents the largest regional market for Lung Cancer Diagnostics, accounting for an estimated 27.0% share of the global total. The market is expected to reach: US$803.9 million at the end of the analysis period. China is expected to lead the growth and emerge as the fastest growing regional market with a CAGR of 11.3% over the analysis period.
The market is driven by an increasing incidence of lung cancer, increasing awareness of the symptoms and severity of the condition, technological advances and the launch of new products. More focus on the development of lung cancer-specific biomarkers bodes well for market growth. The ability of such diagnostic tools to enable personalized treatment of lung malignancies is driving market growth. The rapid increase in the number of smokers in developing regions is also an important growth driver for the lung cancer diagnostics market. Significant advances in diagnosis and early detection are changing the landscape of lung cancer treatment. The high prevalence of non-small cell lung cancer (NSCLC) is particularly driving interest in the diagnostic value of liquid biopsies. The US has the largest market share, thanks 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, caused by an increase in risk factors such as cigarette smoking, exposure to secondhand smoke, occupational exposure to cancer-causing chemicals, has stimulated the development of innovative and advanced diagnostic solutions. Grow in Asia-Pacific The region is fueled by key growth drivers, such as an increasing awareness of lung cancer symptoms, an emerging demand for advanced lung cancer diagnostic tools, improvement of healthcare infrastructure and a large population of patients with unmet clinical needs. Rising healthcare expenditure and the presence of a large patient pool in countries such as India and China is expected to offer significant growth opportunities.
The molecular testing market is expected to grow most rapidly during the analysis period. Molecular tests are generally done on tissue from a biopsy or surgery, as well as on blood taken from a vein. The rapid pace of advances and innovations in molecular diagnostic technology is leading to the development and launch of several new types of diagnostic testing techniques, which aid the use of molecular testing for the diagnosis of lung cancer. The use of molecular tests to diagnose lung cancer also facilitates the development of personalized treatments. A continued increase in investment in R&D initiatives to develop biomarker-based molecular tests for the detection of lung cancer will also support the growth of the segment. Lake
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