A newly published report by Fact.MR estimates the global lung cancer diagnostics market revenue to reach US$ 4 Bn by 2031, representing a 2x increase from 2020. Augmented development of lung cancer-specific biomarkers is propelling demand for the lung cancer diagnostics over the forecast period. Revenue from CA tests will account for US$ 1 Bn by 2031-end.
Amongst the many factors credited to the expanding demand for lung cancer diagnostics is the mounting figure of cancer cases with around 12% annual growth. Moreover, contrary to the backdrop of the emergent picture of disease severity, there is a growing focus shed on early detection, diagnosis, and supportive treatment.
Key Points Covered in Lung Cancer Diagnostics Industry Survey:
- Market Estimates and Forecasts 2016-2031
- Key drivers and restraints shaping market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on lung cancer diagnostics and how to navigate
- Recommendation on key winning strategies.
Lung Cancer Diagnostics Marketplace Analysis from 2016-2020 Vs Future Outlook for 2021 to 2031
The market for lung cancer diagnostics was estimated at US$ 1.6 Bn in 2016 with an expansion rate of approximately 6% until 2020. Growing number of private diagnostic laboratories spurred demand in the historical period.
Conferring to a Cancer report by WHO, the most frequently diagnosed cancer and a leading cause of death is lung cancer (11.6% of all cases) followed by female breast (11.6%) and colorectal cancers (10.2%).
It is predicted that global demand for lung cancer diagnostics will cultivate at a CAGR of around 7% and prospective to record market value at US$ 4 Bn over the forecast period 2021-2031.
Which are Some Lucrative Growth Opportunities for Lung Cancer Diagnostics Technology?
Increasing spending on cancer treatment research is offering lucrative opportunities for the growth of the early-stage lung cancer diagnostics market. Majority of lung cancer patients are diagnosed at advanced stages which cannot be cured by surgery or other therapeutic modalities.
Additionally, accessibility of private and government funds for R&D to develop better tumour diagnostic tools, organizations such as NCI are supporting diagnostic developments to reduce the cost of screening open new doors for the manufacturers to expand the market size. However, for cancer relief CA tests will continue to be the most lucrative tests for lung cancer diagnostics in the market.
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What Are Some Key Trends in the Market?
Adoption of advanced multimodal diagnostic approaches is heavily influencing lung cancer diagnosis. For instance, liquid biopsy and breath analysis developments are the most promising and advanced technologies for the detection of biomarkers associated with lung cancer.
Wearable devices and AI are two niche areas that require development and standardization for commercialization. The upcoming technology based on nano-systems includes robots, fibres, and particles for sensitive detection of lung cancer.
Soon, nanotechnology-based theranostics, aptamers, and MIPs will befall in the early-stage diagnosis of lung cancer. These trends are expected to boost the demand for lung cancer diagnostics attributed to their laid-back usage and comparatively reduced cost.
Challenges to Lung Cancer Diagnostics Market Growth
Recently, expectations have been rising that overall survival rates for lung cancer could increase with the recent advent of various biological agents for the treatment of lung cancer.
However, the treatment costs for new biologics are very high lung cancer patients have approximately 4 times higher monthly medical expenditure compared to matched controls during their lifetime. Leading to this, increased adoption of refurbished machines for screening of lung cancer is witnessed.
Along with this, the treatment costs for new biologics are very high which hinders the market growth and affects the affordability of expensive diagnostics for cancer detection and screening.
An Adaptive Approach to Modern-day Research Needs
Why is the U.S Experiencing High Demand for Lung Cancer Diagnostics?
The U.S. accounted for over 27% of the global market size in 2020 which is prospective to foster demand in the forthcoming decade. The lung cancer diagnostics market in the U.S. is estimated to surpass US$ 900 Mn by the end of 2031.
Over the last 10 years, many researchers with American Cancer Society (ACS) grants have contributed to that growth. For instance, ACS-funded researchers across the US have developed ways to quickly analyse the large amounts of data that result from gene sequencing, identify mutations in lung cancer genes, and helped find new treatments for lung cancer patients.
Why is Lung Cancer Diagnostics Market Flourishing in China?
China is likely to contribute around 8% CAGR in the market for lung cancer diagnostics. Non-small cell lung cancer (NSCLC) is one of the most commonly diagnosed cancers and the leading cause of cancer-related deaths in China with a 37% oncology market representation of all lung cancer.
It is estimated that the Chinese NSCLC therapy market to experience robust growth in the coming years ahead. The biggest driver of market sales growth will be the continued uptake and anticipated approvals of immune checkpoint inhibitors.
How are Cancer Research Institutes Influencing Demand for Lung cancer diagnostics?
Latest research and developments in cancer diagnostics stimulate the demand for the lung cancer diagnostics market. For instance, In May 2021 the Food and Drug Administration (FDA) granted accelerated approval to the first KRAS-blocking drug, called sotorasib (Lumakras) which is a breakthrough in the treatment of lethal lung cancer.
Additionally, recent progressions in cancer diagnostics have reduced the global mortality rate. As per Fact.MR, the segment is expected to grow at around 6% CAGR.
Why Hospital-Based Labs Remain Prominent End Users?
Hospital-associated labs will remain the most lucrative end-users of lung cancer diagnostics in the global market, with revenues estimated to reach nearly US$ 1.6 Bn by 2031-end.
Increasing number of patients visiting hospitals, the rising number of in-house diagnostic procedures performed in hospitals, and cumulative awareness regarding early diagnosis are the major driving factor for this market.
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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 $30 billion cardiovascular markets and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets
Scope of the report:
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Market Segments Covered
|Key Market Segments Covered||
Key Companies Profiled
Available upon Request
- CA Test for Lung Cancer Diagnostics
- HER2 Tests for Lung Cancer Diagnostics
- ALK Tests for Lung Cancer Diagnostics
- Angiogenesis Inhibitor for Lung Cancer Diagnostics
- EGFR Mutation Tests for Lung Cancer Diagnostics
- KRAS Mutation Tests for Lung Cancer Diagnostics
- Lung Cancer Diagnostics for Hospital Associated Labs
- Lung Cancer Diagnostics for Independent Diagnostic Laboratories
- Lung Cancer Diagnostics for Cancer Research Institutes
- Non-Small-cell Lung Cancer Diagnostics
- Small-cell Lung Cancer Diagnostics
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