Lung cancer screening and diagnostic techniques help in early detection of cancer leading to improved clinical outcomes. Various tests such as CT scans, X-rays, biopsies, and molecular testing help diagnose lung cancer type and determine appropriate treatment. Advancements in screening tools have increased diagnosis rates and reduced lung cancer mortality.
The global Lung Cancer Diagnostic And Screening Market is estimated to be valued at US$ 2458.7 Mn in 2023 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising lung cancer incidence coupled with increasing awareness about early diagnosis is a key factor driving the market growth. As per World Health Organization, lung cancer is the second most common cancer worldwide with over 2 million new cases reported in 2020. Growing geriatric population also fuels the risk of developing lung cancer. Furthermore, advancements in genomic testing, biomarker analysis, and imaging technologies enable accurate diagnosis and targeted treatment approaches. Introduction of novel blood-based liquid biopsy tests allows non-invasive monitoring of disease progression or response to therapies. Ongoing R&D to develop advanced screening tools with improved sensitivity and specificity is expected to boost the market during the forecast period.
Porter's Analysis
Threat of new entrants: The lung cancer diagnostic and screening market requires high capital investment for research and development which acts as a barrier for new companies. Bargaining power of buyers: The presence of many existing players offers buyers options to choose from limiting their bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies used. Threat of new substitutes: There exists limited threat from substitutes due to no alternative for lung cancer diagnostics. Competitive rivalry: Intense competition exists between existing players to gain higher market share.
SWOT Analysis
Strengths: Growing demand for advanced screening techniques. Increasing awareness about early detection.
Weaknesses: High costs associated with diagnostic procedures limit widespread adoption. Variations exist in diagnostic accuracy of different techniques.
Opportunities: Emerging economies offer high growth potential. New biomarkers and screening tests in pipeline.
Threats: Stringent regulatory framework delays product launches. Reimbursement issues in some regions.
Key Takeaways
The Global Lung Cancer Diagnostic And Screening Market Size is expected to witness high growth, exhibiting CAGR of 10.1% over the forecast period, due to increasing incidence of lung cancer cases. With growing awareness about early detection, demand for screening is on the rise. The North America region currently dominates the market due to supportive government initiatives and high acceptance of advanced technologies. China is expected to be the fastest growing regional market.
Key players operating in the lung cancer diagnostic and screening market are Abbott, Illumina, Inc., Thermo Fischer Scientific, QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc. , F. Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc., AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc. Major players are focused on new product launches, partnerships and expansion in emerging markets to strengthen their market position.
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