The global lung cancer diagnostics market size is estimated to be worth USD 4.01 billion by 2025.
Lung cancer is a leading cause of death among many people across the world. Around 154,000 American deaths are due to lung cancer every year, particularly in the US. Lung cancer is high compared with deaths due to breast and prostate cancers. World Health Organization (WHO) has established the safe levels of air pollution where thousands of cities have air pollution significantly higher than the levels. Billions of people are exposed to dangerous air, which is associated with an increase in the number of lung cancer cases. According to a recent survey, around 8.5 million deaths are occurring due to exposure to air pollution. World Health Organization (WHO) stated that approximately 80% of the total population are addicted to smoking worldwide, which is a significant factor in the occurrences of lung cancer diseases.
MARKET DRIVERS:
The rise in the prevalence of smoking and alcohol consumption is a significant factor in lung disorders. The lung cancer diagnostics market's growth is influenced by the surge of cancer dominancy and the rise of high demand for early diagnosis. Increase of awareness levels among the population and the rise of public and private funds for R&D activities to get better tumor diagnostic tools are leveraging the market's demand. Increasing investments in the development of healthcare services are also enhancing the need of the market. The rise of encouragement to build awareness among the public is propelling the growth of the lung cancer diagnostics market. Prior to the early diagnosis and increasing severity of the disease are ascribed to bolster the growth rate of the market. The rising number of deaths due to lung cancer and the growing prevalence of the development of new diagnostics procedures are elevating the growth rate of the market.
MARKET RESTRAINTS:
The treatment procedures are a bit expensive, where ordinary people cannot afford them is slowly degrading the market's growth rate. Fewer reimbursement policies in the undeveloped countries and a lack of skilled professionals inhibit the demand of the market.
Impact of COVID-19 on the global lung cancer diagnostics market:
COVID-19 has disrupted every sector except for healthcare. During the first half of 2020, the diagnostic tool market has been slightly decreased due to lockdown restrictions and a ban on international flights. As COVID-19 shows severe illness on the respiratory system, the patients with lung cancer have to take proper medications to avoid death risk. With the proper precautions like maintaining social distancing and wearing masks, the diagnostic centers have resumed the activities and giving accurate services for the customers. The lung cancer diagnostic market is in full swing during the pandemic and is expected to have the highest shares in the coming years.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Type, Test and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This market research report on the global lung cancer diagnostics market has been segmented based on the technology, application, and region.
Lung cancer diagnostics market – By Type:
Based on the type, the Non-small cell type is leading with the dominant shares of the market. Rising research and development activities and an increasing geriatric population are promoting the market's growth rate. Along with this, the rising demand to lower the risk due to lung cancer by diagnosing it at an early stage is merely to leverage the growth rate of the market.
Lung cancer diagnostics Market – By Test:
Based on the test segment, the imaging test segment is holding the market's dominant shares due to increasing incidences of chronic diseases and growing awareness over the availability of different treatment procedures. Adoption of the latest technologies in imaging systems is leveraging the demand of the market. Molecular testing is holding second place in ruling the shares of the market. Ongoing research in developing effective diagnostic procedures to find the abnormalities at an early stage is prompting the growth rate of this segment to the extent.
Lung cancer diagnostics market – By Region:
Geographically, the North America region is ruling with the highest shares of the market and is to continue the same flow in the foreseen years. Factors like rising initiatives steps by government and the adoption of advanced technology are majorly propelling the market demand in this region. Additionally, the adoption of sedentary lifestyles and food habits changes are likely to fuel the market's direction. The US is having the dominant shares of the market. An increasing number of patients diagnosed with lung cancer is leveling up the demand of the market. In the U.S, around 215,951 million people were diagnosed with lung cancer disease, and 155,526 people lost lives due to this disease. Europe is next to North America, leading the highest shares of the market by constant economic growth and rising disposable income.
Europe is projected to grow at a rate of 7.8% during the forecast period. Also, government investments in the development of new products are ascribed to boost up the demand for the lung cancer diagnostics market. Rising healthcare expenditure and the growing need to diagnose the diseases at the initial stages are likely to propel the market demand.
The Asia Pacific is expected to grow at a higher rate in the coming years with the increasing geriatric population and rise in the demand to promote quality treatment procedures. China is the primary country to contribute the highest shares for the market. China is growing at a CAGR of 11.4% from 2020 to 2025. Increasing incidences of chronic illness and rising support from the public and private organizations are anticipated to set growth opportunities for the market. India is deemed to have high growth opportunities in the coming years with the increasing population and growing funds from the government in the healthcare sector.
KEY MARKET PARTICIPANTS:
Roche Diagnostics, bioMérieux, Qiagen N.V., Thermo Fisher Scientific, Agilent Technologies, and Sanofi S.A. are some of the noteworthy companies dominating the space of lung cancer diagnostics market.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
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