Lung Cancer Diagnostics Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2027

The global lung cancer diagnostics market is forecasted to reach USD 4,215.5 Million by 2027, according to a new report by Reports and Data. The lung cancer diagnostics market is observing demand attributed to the rising incidence of lung cancer. It may occur due to various reasons, including smoking, genetic, and exposure to toxic gases. The American Cancer Society projects over 228,000 lung cancer cases in the year 2020, with the occurrence of the disease being higher in men than women. It is a significant cause of death in both US men and women dying due to cancer.

The rise in the number of people suffering from non-small cell lung cancer is one of the major factors driving the global market growth. The risk factors such as air pollution, cigarette smoking, passive smoking, and occupational exposure are increasing the incidence of the disease globally. One of the major drivers of the disease is a strong drug pipeline and recent drug approvals. The innovation of new drugs and their approvals for the treatment of the disease is anticipated to fuel the growth of the market.

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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.

Further key findings from the report suggest

• Smoking causes ~90% of lung cancer cases. Constant exposure to a high level of air pollution and drinking water with a high level of arsenic increases the odds of the disease.

• The most common type of non-small cell lung cancer are adenocarcinomas, squamous cell carcinoma, and large cell carcinomas.

• Hospitals & clinics dominated the market in 2019. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.

• North America contributed to the largest market share in 2019. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare diagnostic facilities, the surging incidence of lung cancer, and the enactment of numerous initiatives for raising awareness about the disease in the region.

• Key participants Qiagen NV, Agilent Technologies, Roche Diagnostics, Thermo Fisher Scientific, Merck KGaA, Abbott Laboratories, Becton, Dickinson, and Company, Illumina Inc., Genomic Health, and Myriad Genetics, among others.

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For the purpose of this report, Reports and Data has segmented into the global Lung cancer diagnostics on the basis of lung cancer type, test type, end-user, and region:

Lung Cancer Type Outlook (Revenue, USD Billion; 2017-2027)

• Small Cell Lung Cancer
• Non-Small Cell Lung Cancer

Test Type Outlook (Revenue, USD Billion; 2017-2027)

• Imaging
• Biopsy
• Sputum Cytology
• Molecular Testing
• Others

End-User Outlook (Revenue, USD Billion; 2017-2027)

• Hospitals & Clinics
• Diagnostic Centers
• Research Institutes
• Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
o U.S
o Canada
• Europe
o Germany
o U.K
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o Japan
o South Korea
o Rest of APAC
• MEA
o Saudi Arabia
o UAE
o Rest of MEA
• Latin America
o Brazil
o Rest of LATAM

In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Lung Cancer Diagnostics market growth over the forecast period of 2021-2027. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.

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