Lung Cancer Diagnostics Market Worth $3.64 Billion By 2024

The global lung cancer diagnostics market is expected to reach USD 3,644.6 million by 2024, according to a new report by Grand View Research Inc. The development of lung cancer-specific biomarkers is one of the primary factors for the growth of the lung cancer diagnostics market over the forecast period. These diagnostic tools facilitate the personalized treatment approach of lung malignancies.

Various biomarkers are present in the research pipeline. For instance, in November 2015, Epigenomics AG announced the launch of a new blood-based test using DNA methylation biomarkers, the development of which is underway. The initial results of this test revealed a promising outcome in the early diagnosis of lung cancer.

Furthermore, various awareness programs focusing on lung cancer and its associated symptoms are initiated in an attempt to elevate the screening and diagnosis rates inindividuals at a high risk of developing lung malignancies. For instance, November is considered as a lung cancer awareness month across the UK, which is supported by the Roy Castle Lung Cancer Foundation.

Further key findings from the study suggest:

The small cell lung cancer segment accounted for around 15% market share in 2015. This is an aggressive subtype of the lung malignancies, which has proven to be fatal within a short period of time if left undiagnosed.

Non-small cell lung cancer was identified as the largest segment in 2015 with revenue of over USD 1,300.0 million. This is majorly due to the availability of novel lung cancer diagnostics that facilitate the detection of large tumor growths.

The imaging tests segment was identified as the largest revenue generating segment in 2015 with a market share of around 50%. Major factors responsible for the large market share include the frequent use of various imaging techniques such as CT scan, X-ray, and MRI in the detection of lung malignancies coupled with the increased availability of the diagnostic tools.

The molecular testing segment is expected to grow at a profitable rate of around 10% over the forecast period. The introduction of novel molecular testing techniques coupled with the increasing number of investments to support the research and development efforts for the development of biomarker-based molecular testing in lung cancer detection is expected to foster the demand of this segment over the forecast period.

In 2015, North America accounted for the largest revenue share of over 30% majorly due to supportive government policies in the region coupled with the availability of technology-enabled lung cancer diagnostics

Asia Pacific region is expected to reach a revenue share of over 28% by 2024. Major factors responsible for the growth include the constantly improving healthcare infrastructure, the growing awareness of the disease symptoms, and a wide base of unmet clinical needs in the developing countries in the region.

Major players of this market include bioMérieux, Roche Diagnostics, Qiagen N.V., Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Janssen, AstraZeneca plc, and Sanofi S.A.

Novel product launches in the lung cancer diagnostics product portfolio is one of the major strategic initiatives adopted by the market players. For instance, Orion genomics is involved in the development of novel biomarkers for lung cancer diagnosis. Allegro Diagnostics is involved in the development and commercialization of pulmonary genomics-based lung cancer diagnostics.

Research Study With Latest Advancements & Application: http://tinyurl.com/y2oyctev

Grand View Research has segmented the global lung cancer diagnostics market on the basis of type, test, and region:

Global Lung Cancer Diagnostics Type Outlook (Revenue, USD Million, 2016 - 2024)

Small Cell Lung Cancer

Non-small Cell Lung Cancer

Global Lung Cancer Diagnostics Test Outlook (Revenue, USD Million, 2016 - 2024)

Imaging Test

Biopsy

Sputum Cytology

Molecular Test

Others

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.

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This release was published on openPR.