Growing cases of lung cancer and novel product launches to offer precise diagnosis are the key factors creating growth opportunities
Growing cases of lung cancer and novel product launches to offer precise diagnosis are the key factors creating growth opportunities
Fact.MR, Rockville MD: Award winning market research company Fact.MR’s study, presents a positive outlook for global lung cancer diagnostics market through 2021 and beyond. According to the study, surging investment in the development of lung cancer-specific biomarkers is improving opportunities for growth. Soaring demand for advanced diagnostic tools and various biomarkers specifically designed for detecting lung malignancies is expected to be the key driver.
Public and private organizations are collaborating to spread awareness related to lung cancer. Coupled with this, the increasing incidence of lung cancer is bolstering the growth of lung cancer diagnostic market. According to the American Cancer Society, about 235,760 new cases of lung cancer have been recorded. Among those, 84% are non-small cell lung cancer and 13% are small cell lung cancers.
With the alarming rise in incidence, the death toll among lung cancer patients is rising continuously. Lack of proper screening on time is creating challenges around the world. Healthcare professionals are acknowledging this burden and are pushing for the development of advanced bio-markers for precise, accurate, and timely diagnosis, thereby, increasing the growth of lung cancer diagnostic market.
“Various initiatives programs launched by public and private organization are in motion in order to improve screening rates of individuals with high risk of small and non-small cell lung cancer. These initiatives are also helping in spreading awareness about diagnosis of lung cancer, thus, creating growth opportunities for the market,” says the Fact.MR analyst.
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Key Takeaways
- CA test is expected to reach valuation of nearly US$ 889.3 Mn by 2022-end
- Angiogenesis inhibitor is projected to emerge the fastest growing segment, while ALK test to project sluggish growth through 2021
- United States has been forecast to remain dominant while UK and France are projected to lead the European lung cancer diagnostic market
- Cancer research institutes are expected to remain highly sought after end-user in the market
- Based on indication, small lung cancer will exhibit the fastest expansion through 2022
- Non-small cell lung cancer is expected to generate highest revenue during the forecast period
- Hospital-associated labs will remain the most lucrative segment through 2021
Prominent Drivers
- Increasing consumption of tobacco and rising cases of human papillomavirus is increasing cancer incidences, bolstering diagnostics prospects
- Initiatives undertaken by government and health organization to spread the awareness about cancer is a key driver
- Public and private organization collaboration to improve infrastructure pf diagnostic imaging centers is driving lung cancer diagnostic market
Key Restraints
- High capital investment and low benefit-cost ratio for biomarkers is likely to hamper the growth
- Inadequate experienced personnel to pose a challenge for the market
- High cost of diagnostic imaging systems is affecting the adoption rate in emerging markets, restraining the growth
Discover more about the lung cancer diagnostics market with 68 figures, 236 data tables and the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/49/lung-cancer-diagnostics-market
Competitive Landscape
Some of the prominent players identified in global lung cancer diagnostics by Fact.MR includes Illumina Inc., Abbott Laboratories, Thermo Fischer Scientific Inc., QIAGEN N.V., Quest Diagnostic Incorporated, NeoGenomics Laboratories Inc., NanoString Technologies Inc., Myriad Genetics Inc., Roche Holding, and Danaher Corporation. Leading manufacturers are focusing various R&D activities and launching new products as their core strategies to increase their revenue.
For instance, in 2020, Roche announced the CE-IVD launch of its automated digital pathology algorithm, the uPath PD-L1 image analysis for non-small cell lung cancer. The new algorithm provides pathologists with automated assessments of scanned slide images that are objective and reproducible and have the potential to aid diagnosis and, ultimately, targeted treatment options for patients.
Also, on 31st March 2021, Delfi Diagnostics, Inc., a pioneering leader of next generation high performance, affordable liquid biopsy tests for early cancer detection, launched the start for a nationwide prospective study and plans to commercialize an initial test in lung cancer before expanding into other cancer types.
More Insights on the Lung cancer diagnostics Market
Fact.MR sheds an in-depth analysis on global lung cancer diagnostics market. The report offers a detailed segmentation on lung cancer diagnostics market on the basis of test (CA test, HER2 tests, ALK tests, angiogenesis inhibitor, EGFR mutation tests, KRAS mutation tests, and others), end-user (hospital associated labs, independent diagnostic laboratories, cancer research institutes, and others), and indications (non small-cell lung cancer and small-cell lung cancer) across seven regions.
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Source: Fact.MR