Global Lung Cancer Diagnostics Market Likely to Expand 2x by 2031: Fact.MR Study
Published : 04 Aug 2021 Industry: Healthcare
According to Fact.MR, the global market for lung cancer diagnostics market is projected to reach US$ 4 Bn, experiencing a growth rate of over 7% CAGR during the forecast period 2021-2031. Liquid biopsy and breath analysis developments are the most promising and advanced technologies for the detection of biomarkers associated with lung cancer.
Historically, the market expanded at nearly 6% CAGR, closing in at around US$ 2 Bn by 2020. Despite the onset of COVID-19, the landscape experienced high growth, as healthcare providers prioritized respiratory health above everything else.
Manufacturers are emphasizing on wearable devices and AI- two niche areas requiring development and standardization for commercialization. The upcoming technology based on nanosystems includes robots, fibres, and particles for sensitive detection of lung cancer are expected to add traction to the lung cancer diagnostics market.
Key Takeaways from Market Study
- By test type, CA lung cancer diagnostic tests to reign supreme, clocking US$ 1 Bn by 2031
- Hospital-associated labs set to reach around US$ 1.6 Bn until 2031
- Treatment for non-small cell lung cancer (NSCLC) to comprise over 50% of total demand
- Cancer research institutes to make significant use of lung cancer diagnostics, expanding at 6% CAGR
- Angiogenesis inhibitors is the fastest growing segment followed by HER2 tests
- U.S to acquire around 27% market share in the global lung cancer diagnostics industry
- China is expected to register a CAGR of around 8% until 2031, with NSCLC treatment gaining traction
“Rapid technological advancements with respect to human diagnostics is prompting lung cancer diagnostics service providers to leverage key advancements, including AI and automation, opening lucrative growth frontiers,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In March 2021, Next-generation sequencing (NGS)-based precision oncology provider Geneseeq Technology Inc. collaborated with Illumina, Inc. (to develop comprehensive in-vitro diagnostic (IVD) NGS testing kits for cancer, using Illumina's NextSeq™ 550Dx sequencing platform.
- In Jan 2017, Abbott Laboratories completed largest the acquisition of St.Jude Medical for US$ 25 Bn. Together, the company will compete in nearly every area of the $30 billion cardiovascular markets and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the lung cancer diagnostics market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on the test type (CA Test, HER2 Tests, ALK Tests, Angiogenesis Inhibitor, EGFR mutation tests and KRAS mutation tests) end-user (hospital associated labs, independent diagnostic laboratories, cancer research institutes) and indication (non-small-cell lung cancer, small-cell lung cancer) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA)
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare