Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The "Lung Cancer Diagnostics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Abbott Diagnostics - Core Laboratory
Dr Lal PathLabs
F. Hoffmann-La Roche AG
Myriad Genetics Inc.
NeoGenomics Laboratories Inc.
PlexBio Co., Ltd.
Thermo Fisher Scientific Inc.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Increasing Prevalence and Incidence of Lung Cancer to Push the Demand for Early Diagnoses
Lung Cancer-Specific Biomarkers to Spur Market Growth
Select Lung Cancer Biomarkers
New Potential Biomarker for Early Stage Lung Cancer Identified in a Recent NCI Study (2019)
Advancements and Research Initiatives in Lung Cancer Diagnostics Space
EFIRM Test for Detection of Lung Cancer-related EGFR Mutations in NSCLC Patients
A Glance at Select Recent Launches of Lung Cancer Diagnostic Tests
New Product Launches/Approvals in the Lung Cancer Diagnostics
Liquid Biopsies Grow in Value as a Diagnostic Tool Supporting Therapy Decisions in NSCLCs
Effervescent Rate of New Innovations & Product Development Will Make Liquid Biopsy a Readily Available Option for Patients in the Coming Years
High Cigarette Consumption/Rise in Prevalence of Smoking Increases the Incidence of Lung Cancer
Increasing Number of Awareness Programs for Lung Cancer and Symptoms
Growing Availability of Government/Private Funding for R&D to Develop Lung Cancer Diagnostics
National Cancer Institute Research Funding for Lung Cancer in US$ Million for the Years 2014 through 2017
Aging Demographics & Unhealthy Lifestyles Raise the Risk of Cancer
Cancer Prone Sites based on Age
Global Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/4wv9h8
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