Press Release

Aug, 16 2023

Empowering Precision Lung Cancer Diagnostics: A Promising Future of Innovation and Personalized Care

The global lung cancer diagnostics market is poised for substantial growth due to several key factors. The market is experiencing an increase in the number of market players offering a wide range of advanced diagnostic services, leading to enhanced competition and innovation. Manufacturers' emphasis on research and development is driving the introduction of novel diagnostic services, catering to the specific needs of patients and healthcare providers. Moreover, there is a rising trend in lung cancer diagnosis and research developments, leading to improved early detection and personalized treatment approaches. These advancements are expected to fuel the market's expansion as more effective and efficient lung cancer diagnostics become available worldwide.

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Data Bridge Market Research analyses that the Global Lung Cancer Diagnostics Market will grow from USD 2.6 billion in 2022 to USD 7.52 billion in 2030 CAGR of 14.2% during the forecast period of 2023 to 2030. The rising incidence of lung cancer globally is a major driver of the diagnostics market. As the number of lung cancer cases increases, there is a growing demand for accurate and efficient diagnostic tools to aid in early detection and effective treatment.

Key Findings of the Study

Lung Cancer Diagnostics Market

The aging population is expected to drive the market's growth rate

The aging population is at a higher risk of developing lung cancer due to factors such as cumulative exposure to risk factors such as smoking and environmental pollutants over time. As individuals age, their lung tissues may become more susceptible to cancerous changes, increasing the need for early detection and diagnosis. With a larger proportion of elderly individuals in the population, there is a growing demand for lung cancer diagnostics to identify potential cases in this vulnerable group. Timely diagnosis allows for timely interventions and appropriate treatment strategies, improving patient outcomes.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Instruments, Consumables, and Accessories), Test Type (Biomarkers Test, Imaging Test, Biopsy, Blood Test, and Others), Cancer Type (Non-Small Cell Lung Cancer, Small Cell Lung Cancer), End User (Hospital, Associated Labs, Independent Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes, and Others), Distribution Channel (Direct Tender, Retail Sales)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Abbott (U.S.), Quest Diagnostics Incorporated (U.S.), Biodesix (U.S.), Amoy Diagnostics Co., Ltd. (China), Bio-Rad Laboratories, Inc. (U.S.), Biocartis (Belgium), Boditech Med Inc. (South Korea), Danaher (U.S.), Vela Diagnostics (Singapore), DiaSorin S.p.A. (Italy), Exact Sciences UK, Ltd. (a subsidiary of Exact Science Corporation) (U.K.), 20/20 Gene Systems (U.S.), Guardant Health, Inc. (U.S.), Inivata Ltd. (U.K.),LalPathLabs.com (India), LungLife AI, Inc. (U.S.), MedGenome (India), Myriad Genetics, Inc. (U.S.), NeoGenomics Laboratories (U.S.), NanoString (U.S.), Nanoentek (South Korea), Oncocyte Corporation (U.S.), PerkinElmer Inc. (U.S.), PlexBio (Taiwan), QIAGEN (Germany), Siemens Healthcare GmbH (Germany), Veracyte, Inc. (U.S.) among others

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The global lung cancer diagnostics market is segmented on the basis of product type, test type, cancer type, end user, and distribution channel.

  • On the basis of product type, the global lung cancer diagnostics market is segmented into instruments, consumables, and accessories. In 2023, the instruments segment is expected to dominate the global lung cancer diagnostics market with a 63.36% market share forecast period of 2023 to 2030 due to their wide range of applications in various industries, including telecommunications, aerospace, and defense. They offer precise measurement and testing capabilities, ensuring optimal antenna performance and reliability.
  • On the basis of test type, the global lung cancer diagnostics market is segmented into imaging test, biomarkers test, biopsy, blood test, and others. In 2023, the imaging test segment is expected to dominate the global lung cancer diagnostics market with a CAGR of 14.9% in the forecast period of 2023 to 2030 due to non-invasive and detailed visualizations of internal structures, aiding in accurate diagnosis and treatment planning for various health conditions.

In 2023, the imaging test segment is expected to dominate the test type segment of the global lung cancer diagnostics market

In 2023, the imaging test segment is expected to dominate the test type segment of the global lung cancer diagnostics market owing to detailed visualizations of internal structures. They are crucial for accurate diagnosis and effective treatment planning across a wide range of health conditions with a CAGR of 14.9% in the forecast period of 2023 to 2030.

  • On the basis of cancer type, the global lung cancer diagnostics market is segmented into non-small cell lung cancer and small cell lung cancer. In 2023, the non-small cell lung cancer segment is expected to dominate the global lung cancer diagnostics market with a CAGR of 14.4% in the forecast period of 2023 to 2030 due to its high prevalence and significant impact on public health. Advanced imaging and targeted therapies have improved treatment outcomes, making it a critical area of focus in cancer research and healthcare.
  • On the basis of end user, the global lung cancer diagnostics market is segmented into hospital, associated labs, independent diagnostics laboratories, diagnostic imaging centers, cancer research institutes, and others. In 2023, the hospital segment is expected to dominate the global lung cancer diagnostics market with a CAGR of 15.7% in the forecast period of 2023 to 2030 due to its pivotal role in providing comprehensive healthcare services. They heavily rely on advanced imaging tests and other medical technologies to diagnose and treat patients effectively, making them a key market for the healthcare industry.

In 2023, the hospital segment is expected to dominate the end user segment global lung cancer diagnostics market

In 2023, the hospital segment is expected to dominate the end user segment global lung cancer diagnostics market owing to heavy reliance on advanced imaging tests and other medical technologies for effective diagnosis and treatment makes them a key market segment for the healthcare industry with a CAGR of 15.7% in the forecast period of 2023 to 2030.

  • On the basis of distribution channel, the global lung cancer diagnostics market is segmented into direct tender and retail sales. The direct tender segment is expected to dominate the global lung cancer diagnostics market with a CAGR of 15.0% in the forecast period of 2023 to 2030 due to uppliers directly interact with buyers, such as hospitals or healthcare institutions, to provide medical imaging equipment and services through a bidding process or negotiated contracts.

Major Players

Data Bridge Market Research recognizes the following companies as the major lung cancer diagnostics market players in lung cancer diagnostics market are DiaSorin S.p.A. (Italy), Exact Sciences UK, Ltd. (a subsidiary of Exact Science Corporation) (U.K.), 20/20 Gene Systems (U.S.), Guardant Health, Inc. (U.S.), Inivata Ltd. (U.K.),LalPathLabs.com (India), LungLife AI, Inc. (U.S.), MedGenome (India), Myriad Genetics, Inc. (U.S.), NeoGenomics Laboratories (U.S.), NanoString (U.S.), Nanoentek (South Korea)

Lung Cancer Diagnostics Market

Market Developments

  • In 2022, Quest Diagnostics announced a new chapter of the partnership with Decode Health. This partnership has aided the business in decreasing the time and expense involved in creating fresh diagnostic tests and finding new medication targets for various cancers and increased the company's global presence
  • In 2022, F. Hoffmann-La Roche Ltd. announced the launch of a Digital LightCycler System, a next-generation digital PCR system that helps clinical researchers better understand the nature of a patient's cancer, genetic disease, or infection.
  • In 2020, GE Healthcate entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease.
  • In 2020, Roche Diagnostics entered into partnership with Illumina to provide broad access to clinical oncology next-generation sequencing

Regional Analysis

Geographically, the countries covered in the lung cancer diagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is expected to dominate the region in global lung cancer diagnostics market during the forecast period 2023-2030

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the U.S. is anticipated to be the dominant market in the North America region for cancer diagnostics and consultancy services, primarily due to its heightened awareness and emphasis on cancer detection and management. The country has robust healthcare infrastructure and widespread access to advanced diagnostic technologies, facilitating early cancer detection and precise treatment planning. Additionally, increasing initiatives from healthcare organizations, government agencies, and advocacy groups have led to greater public awareness about the importance of cancer diagnostics, driving the demand for related services in the U.S.

Europe is estimated to be the fastest growing region in lung cancer diagnostics market the forecast period 2023-2030

Europe will undergo the highest growth rate during the forecast period owing to advanced healthcare technology and reliable healthcare services with the dominance of Germany that is projected to lead the lung cancer diagnostics market in Europe due to its advanced healthcare technology and reliable healthcare services. The country's healthcare system is known for its efficiency and effectiveness, providing infotainment services that enhance patient experience. With the growing prevalence of chronic diseases, including lung cancer, healthcare data integration with portable devices has become crucial for timely and accurate diagnosis and treatment. These factors contribute to Germany's dominance in the lung cancer diagnostics market, ensuring improved patient outcomes and overall healthcare quality.

For more detailed information about the lung cancer diagnostics market report, click here – https://www.databridgemarketresearch.com/es/reports/global-lung-cancer-diagnostics-market


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