by Lung cancer remains the leading cause of cancer deaths globally. Lung cancer diagnostic and screening mainly includes various diagnostic tools such as Imaging Tests (PET, MRI, CT scans), Biopsy and molecular testing. Imaging tests are largely used for initial screening and staging of lung cancer while biopsy and molecular testing help in determining the type of lung cancer and best treatment options. The increasing demand for lung cancer screening programs, especially in developed regions, is supporting the growth of lung cancer diagnostic and screening market.
The global Lung Cancer Diagnostic and Screening Market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The key driver fueling the growth of lung cancer diagnostic and screening market is increasing government initiatives regarding lung cancer screening programs. For instance, Centers for Disease Control and Prevention (CDC) recommends annual lung cancer screening program using low-dose computed tomography (LDCT) scan for certain high-risk groups in the U.S. These groups include adults aged 55 to 80 with a history of heavy smoking (that is, they smoked a pack of cigarettes or more per day for at least 30 years). The increasing incidence of lung cancer worldwide due to rising tobacco consumption is also boosting the demand for early detection of lung cancer through screening and diagnostic tools. According to WHO, nearly 2.2 million new cases of lung cancer occur each year globally, accounting for about 12.6% of all cancer diagnoses. However, high cost of diagnostic tests and limited healthcare resources in underdeveloped regions are some of the factors expected to hamper the market growth over the forecast period.
Segment Analysis
The lung cancer diagnostic and screening market is dominated by the imaging sub-segment. Imaging techniques such as Computed Tomography (CT), X-Ray and Positron Emission Tomography (PET) scans are widely used for lung cancer screening and diagnosis. CT scans have emerged as the primary diagnostic tool due to their ability to identify early stage lung cancer and determine the cancer’s location, size and whether it has spread. Advancements in CT technology and wider availability have further increased its adoption over other techniques.
PEST Analysis
Political: Governments across countries are undertaking several initiatives to spread awareness about lung cancer screening and its benefits. Many countries have also introduced reimbursement policies to make screening more affordable.
Economic: Rising healthcare expenditure and growing disposable incomes have increased the demand for advanced diagnostic technologies. High treatment costs of lung cancer also encourage early diagnosis.
Social: Growing health consciousness and awareness about various cancers have encouraged individuals to undergo regular health checkups. Non-governmental organizations conduct screening camps to promote early detection.
Technological: Advancements in imaging technologies like low-dose CT scans, artificial intelligence and liquid biopsies have improved the accuracy of lung cancer screening and diagnosis. Developments in minimally invasive procedures have reduced treatment timelines.
Key Takeaways
The global Lung Cancer Diagnostic and Screening Market is expected to witness high growth over the forecast period. The global Lung Cancer Diagnostic and Screening Market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period 2023 to 2030.
Regional analysis: North America is the dominant as well as the fastest growing region in the lung cancer diagnostic and screening market. High smoking population, developed healthcare infrastructure, raising healthcare expenditures are fueling the market growth in the region.
Key players operating in the lung cancer diagnostic and screening market are ABB; ANSYS, Inc.; Autodesk Inc.; AVEVA Group plc; Amazon Web Services, Inc.; Dassault Systèmes; GE DIGITAL; General Electric; Hexagon AB; IBM Corporation; Microsoft Corporation; PTC Inc.; Rockwell Automation; SAP SE; Siemens AG. Key players are focusing on introducing cost-effective and advanced screening solutions like low-dose CT scans and liquid biopsy tests to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
