In a Rapidly Changing Economic Scenario, Here’s What to Expect in the Global Lung Cancer Diagnostics Market in 2020 & Beyond
The global market for Lung Cancer Diagnostics is projected to reach US$3.2 billion by 2025, driven by rising incidence and growing economic burden of lung cancer in terms of survival rates and medical expenditure.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Lung Cancer Diagnostics market. The segments covered in the study include Test (Imaging Tests, Sputum Cytology, Molecular Tests, Biopsy, and Other Tests); Type (Non-Small-Cell Lung Cancer (NSCLC), and Small-Cell Lung Cancer (SCLC); and End-Use (Hospital Laboratories, Cancer Research Institutes, and Other End-Uses).
21 June 3:36 A.M., California/Marketwire/ - According to the new market research report, the global market for Lung Cancer Diagnostics is projected to reach US$3.2 billion by 2025, driven by rising incidence and growing economic burden of lung cancer in terms of survival rates and medical expenditure. Rising environmental pollution is taking its toll on the health of the population. Among the many factors attributed to the epidemic spread of cancer is the rising air pollution as evidenced by unchecked presence of particulate matter (PM10 and PM2.5) in outdoor and indoor air. Increase in the cacogenic load in the environment is catalyzing the prevalence of all types of cancers. Exposure to particulate matter (PM2.5) in the air as a result of deteriorating air quality in global cities is a key reason amplifying the incidence and prevalence of lung cancer. Thousands of cities today have air pollution significantly higher than the safe levels established by WHO, exposing billions of people around the world to dangerous air.
Over 8.5 million deaths occur each year due to exposure to fine particles in polluted air, with lung cancer leading the mortality rate. Against the backdrop of the emerging picture of disease severity, there is growing focus shed on early detection, diagnosis and supportive treatment. Given that any cancer when detected at an early stage before it has spread has a higher likelihood of being successfully treated, there is strong focus shed on lung cancer screening. Screening provides new hope for early detection and more successful treatment of lung cancer. As compared to other cancers, survival rates associated with lung cancer is low and the disease is often identified only at advanced stages since symptoms closely mimic those associated with infections, emphysema, COPD and smoking thereby leading to misdiagnosis. Currently gaining significance is a low-dose CAT scan (LDCT) with research studies proving the diagnostic technique to be effective in identifying abnormal lesions in the lungs in high risk patients.
Also a growth driver is the expanding base of high risk population which includes aging people in the 60+ age group, growing number of smokers, rise in COPD which is a major risk factor for cancer and premature lung aging. A key sector of the market poised to witness above average growth is the emerging field of liquid biopsies. Until recently, testing for mutations was carried out only by tissue-biopsy-based testing which is ridden with challenges and clinical inefficiency. Tissue biopsies are effective in confirming a diagnosis and identifying corresponding molecular abnormalities. However, the test does not offer the in-depth understanding of the tumor which is required for timely and effective treatment. Liquid biopsy, on the other hand, enhances the effectiveness of the treatment of NSCLC, with the ability to circumvent all the biological limitations of tissue biopsy. A key of benefit of liquid biopsies will however be a reduction in the number of unrequired and unnecessary tissue biopsies. This is a significant advantage especially in the current era of value based care which aims to reduce healthcare wastages.
The benefit in healthcare cost savings can be put into perspective by the fact that in the United States in the breast cancer sector alone over 1.5 million breast tissue biopsies are performed annually with only 25% of these tests resulting in a confirmatory cancer diagnosis. Liquid biopsies given their ability provide greater diagnostic insights can help close the wastages involved in cancer diagnosis. The United States and Europe represent large markets worldwide with a combined share of 49.3% of the global market. China ranks as the fastest growing market with a CAGR of 11.4% over the analysis period supported by rising incidence of lung cancer as a result of diversity in lifestyles and socioeconomic development including occupational factors.
Key Competitors Covered in the Report
Abbott Diagnostics - Core Laboratory
Dr Lal PathLabs
F. Hoffmann-La Roche AG
Myriad Genetics Inc.
NeoGenomics Laboratories Inc.
PlexBio Co. Ltd.
Thermo Fisher Scientific Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 3123. Among this pool, 562 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 94 unique participations, a total of 42 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.