Lung cancer is one of the leading causes of cancer-related deaths worldwide. Early detection plays a vital role in improving the survival and treatment outcomes of lung cancer patients. Various lung cancer diagnostic and screening techniques such as Low Dose Computed Tomography (LDCT), chest X-rays, sputum cytology, bronchoscopy, and biopsy are being used to detect lung cancer at an early stage. Biomarkers are also gaining popularity for non-invasive lung cancer screening and diagnosis.
The global lung cancer diagnostic and screening market is estimated to be valued at US$ 2,585.07 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Global Lung Cancer Diagnostic And Screening Market Size has witnessed significant growth due to the growing prevalence of lung cancer worldwide. As per the World Health Organization (WHO), lung cancer accounted for over 2.2 million new cases globally in 2020. Rising awareness regarding early diagnosis and the benefits of screening tests is propelling the market growth. Various diagnostic tests such as low-dose computed tomography (LDCT), positron emission tomography (PET), and biopsy aid in early detection and diagnosis of lung cancer. Additionally, the adoption of novel molecular biomarkers for non-invasive lung cancer screening is expected to flourish the market.
Market Dynamics:
The market is witnessing growth owing to rising adoption of novel biomarkers, as mentioned earlier. Biomarkers offer non-invasive screening and help in early detection of lung cancer. For instance, methylated SEPT9 DNA biomarker test received FDA approval in 2021 for annual lung cancer screening of high-risk adults. Such approvals and rising R&D focus on developing accurate biomarkers for lung cancer screening are expected to drive the market growth over the forecast period. Additionally, growing awareness regarding benefits of screening programs, especially in developed regions, will further provide opportunities in the lung cancer diagnostic and screening market during the analysis timeframe.
Segment Analysis
The lung cancer diagnostic and screening market is segmented into non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). NSCLC dominates the market and accounts for around 85% of all lung cancers as it grows and spreads more slowly as compared to SCLC. SCLC spreads faster and is more likely to return after treatment.
PEST Analysis
Political: Governments across regions are undertaking initiatives to spread awareness about lung cancer and its symptoms through campaigns. Various schemes are being launched to provide diagnostic tests and screenings at subsidized rates.
Economic: Rising healthcare expenditure is supporting the market growth. Growing number of lung cancer cases coupled with improving access to diagnostic technologies is augmenting the demand.
Social: Changing lifestyle with increasing number of smokers is a major factor for lung cancer. Growing health consciousness is encouraging people to opt for regular health checkups and screenings.
Technological: Advancements in diagnostic technologies such as low-dose computed tomography, MRI, PET scans, and tumor biomarkers are enabling early detection and diagnosis. Development of artificial intelligence and robot-assisted systems is further augmenting the market.
Key Takeaways
The global lung cancer diagnostic and screening market is expected to witness high growth over the forecast period of 2024 to 2031. The global lung cancer diagnostic and screening market is estimated to be valued at US$ 2,585.07 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Regional analysis comprises – North America dominates the market and is expected to maintain its lead position. Increasing incidence rate of lung cancer coupled with significant healthcare spending is driving the regional market.
Key players related content comprises – Key players operating in the lung cancer diagnostic and screening market are ExxonMobil, Chevron Phillips Chemical Company, SABIC, China National Petroleum Corporation (CNPC), BASF. ExxonMobil offers diagnostic tests and screening services across various regions through its wide network of hospitals and diagnostic centers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it