Global Lung Cancer Diagnostic and Screening Market, By Test Type [Biomarkers Test (EGFR Mutation Test, KRAS Mutation Test, ALK Test, Others), Imaging Test (Computed Tomography (CT) scan, Positron Emission Tomography (PET) scan, Chest X-Ray, Others), Biopsy], By Cancer Type (Non-small cell lung cancer and Small Cell Lung Cancer), By End User (Hospital Associated Labs, Independent Diagnostic Laboratories, Cancer Research Institutes and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,458.7 Million in 2023 and is expected to exhibit a CAGR of 10.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as collaborations, which will drive the global lung cancer diagnostic and screening market. For instance, on May 9, 2023, Pfizer Inc., a company that discovers, develops, manufactures, and commercializes biopharmaceuticals, and Thermo Fisher Scientific Inc., a biotechnology and laboratory equipment company, announced that they had entered into a collaboration agreement to help increase local access to next-generation sequencing (NGS)-based testing for lung and breast cancer patients.
Global Lung Cancer Diagnostic and Screening Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a negative impact on the global lung cancer diagnostic and screening market. For instance, in December 2020, according to a report published by the National Center for Biotechnology Information (NCBI), COVID-19 has caused considerable disruption in lung cancer screening. There were fewer new patients screened, more patients were apprehensive to visit the healthcare system, and an increased proportion of nodules suspicious for malignancy was observed.
Global Lung Cancer Diagnostic and Screening Market: Key Developments
On March 21, 2023, AstraZeneca, a multinational pharmaceutical and biotechnology company, announced that it had signed a Memorandum of Understanding (MoU) with Phyathai 2 Hospital to use AI-based technology for chest X-rays in the hospital to enhance the diagnosis of early-stage lung cancer.
On March 13, 2023, University of Buffalo., a public university, announced that it is developing a new lung cancer screening test and has secured US$3.5 million to create a liquid biopsy test that could help detect cancer earlier and improve treatment.
In March 2022, OPTELLUM INC., an Oxford-based medtech company that provides breakthrough AI technologies to help with early diagnosis of lung cancer, announced that it had attained CE marking for its Virtual Nodule Clinic, an AI-powered clinical decision support software that helps clinicians identify and track at-risk patients who present suspicious lung nodules that may or may not be cancerous.
Browse 35 Market Data Tables and 31 Figures spread through 180 Pages and in-depth TOC on “Global Lung Cancer Diagnostic and Screening Market”- Forecast to 2030, Global Lung Cancer Diagnostic and Screening Market, By Product [Biomarkers Test (EGFR Mutation Test, KRAS Mutation Test, ALK Test, Others), Imaging Test (Computed Tomography (CT) scan, Positron Emission Tomography (PET) scan, Chest X-Ray, Others), Biopsy], By Cancer Type (Non-small cell lung cancer and Small Cell Lung Cancer), By End User (Hospital Associated Labs, Independent Diagnostic Laboratories, Cancer Research Institutes and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Key Takeaways of the Global Lung Cancer Diagnostic and Screening Market:
- The global lung cancer diagnostic and screening market is expected to exhibit a CAGR of 10.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global lung cancer diagnostic and screening market.
- Among cancer type, the non-small cell lung cancer segment is expected to hold a dominant position in the global lung cancer diagnostic and screening market during the forecast period, and this is attributed to the increase in the prevalence of non-small cell lung cancer. For instance, in February 2022, 2.2 million people were diagnosed globally with lung cancer in 2020, with non-small cell lung cancer accounting for approximately 85 percent of all lung cancer patients. As a result of the availability of a wide patient base and the growing number of non-small cell lung cancer patients, there is a significant need for therapy to treat the patients.
- Among region, North America is expected to be the dominant region in the global lung cancer diagnostic and screening market, owing to the increasing prevalence of lung cancer. For instance, in January 2023, according to the American Cancer Society, a nationwide voluntary health organization dedicated to eliminating cancer, about 238,340 new cases of lung cancer (117,550 in men and 120,790 in women) and about 127,070 deaths from lung cancer (67,160 in men and 59,910 in women) were estimated in U.S. in the year 2023.
- Major players operating in the global lung cancer diagnostic and screening market are Abbott, Amgen Inc., Illumina, Inc., Thermo Fisher Scientific Inc., Lepu Medical Technology(Beijing)Co.,Ltd., AstraZeneca, F. Hoffmann-La Roche Ltd, Laboratory Corporation of America Holdings., Agilent Technologies, Inc., QIAGEN, Quest Diagnostics Incorporated., NeoGenomics Laboratories., Myriad Genetics, Inc., GRAIL, LLC., DELFI Diagnostics.
