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Lung Cancer Screening Market By Technology, Share, Demand, Growth, Opportunity, Projection Analysis Forecast Outlook 2028
Lung Cancer Screening Market Forecast 2021-2028
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Market Overview:
The global lung cancer screening market size was USD 2.61 billion in 2020. The market is projected to grow from USD 2.80 billion in 2021 to USD 4.85 billion in 2028 at a CAGR of 8.1% in the 2021-2028 period. This report is provided by Fortune Business Insights™ in its report titled, “Lung Cancer Screening Market, 2021-2028.”
According to our analysts, lung cancer is one of the principal categories of cancers. It is activated by the unrepressed growth of cells in the lungs. The occurrence of this type of cancer is precisely connected with the ingestion of tobacco. In majority of lung cancer conditions, tobacco consumption is the prime reason for its occurance.
The market is flourishing owing to the rising smoking populace, technological progressions in cancer screening, and surging government backing for the early detection of this type of cancer. This is expected to stimulate the lung cancer screening market growth during the forecast period.
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Outbreak of COVID-19 to Hinder Market Growth
The outbreak of COVID-19 has hindered the market since its arrival. This pandemic has caused a commotion in the supply chain of clinical equipment. Consequently, there has been a rise in the demand for imaging solutions worldwide. Nevertheless, disruption in production and the industrial procedure has led to an adverse impact on the market globally.
Additionally, the significant players functioning in the market have postponed the launch of their products owing to the increasing number of active circumstances of coronavirus documented across the world. On the contrary, the manufacturing of important players functioning in the market is affected owing to the unattainability of raw materials or fragments. Therefore, this is likely to restrain the market growth during the fiscal year of 2020.
Report Coverage
We have executed a unique research approach that includes statistics triangulation based on the celebrated bottom-up and top-down approaches. Our researchers have lead thorough principal research to validate the estimated size of the lung cancer screening industry. The data operated to portray the shares for multiple segments at the national, regional, and global levels is extracted from all-inclusive interviews with numerous investors. Our analysts have also achieved information from professional records, industry journals, SEC filings, and many other comparable resources.
Segmentation
On the basis of cancer type, the market is divided into Non-Small Cell Lung Cancer (NSCLC) and small cell lung cancer. The NSCLC segment produced the maximum revenue across the globe, directed by the surging consciousness about lung cancer screening in established as well as emerging countries pooled with the rising cases of NSCLC across the world.
By application, the market is segregated into low-dose spiral CT scans and chest X-rays. On the basis of end-user, the market is further classified into hospitals & clinics and diagnostic centers. In terms of geography, the market is branched into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Technological Developments in Lung Cancer Screening to Sustain Market Growth
Significant players in the clinical equipment industry are involved in the expansion of advanced products. The lung cancer screening and diagnosis segment is experiencing important technological advancements to satisfy the unfulfilled requirements of patients and consumers. Chief players are functioning in the market alongside the research-based start-ups that are in quest of finance for research and medical analysis of screenings solutions. The rising occurrence of cancer cases are accountable for encouraging market players to improve resourceful and cost-effective analytical and screening devices.
For example, in September 2020, researchers from the University of Otago directed a research study on the identification of lung cancer by the usage of low dose computerized tomography (LDCT). The study, which made use of methodical demonstration to evaluate the profits of low cast LDCT screening that was circulated in BMJ Open clinical journal.
Regional Insights
Increasing Prevalence of Lung Cancer to Aid Growth in North America
North America held the highest lung cancer screening market share in the global market and made a USD 1.38 billion worth of income contribution in 2020. The rising cases of lung cancer, robust application of cancer screening courses, and increasing implementation of technologically advanced solutions are a few of the aspects accountable for the domination of North America in 2020.
Asia Pacific documented a noteworthy share in the market and recorded the maximum CAGR during the forecast period. The higher percentage of smoking and tobacco ingestion among the Asian populace, amplified initiatives by prominent players and government organizations to advertise the acceptance of screening equipment is likely to boost demand for the product. This, coupled with the determination of national government organizations to institute a robust agenda, is accountable for the market growth.
Latin America is anticipated to embrace a moderately inferior share in the global market owing to the absence of consciousness and restricted admittance to screening. Moreover, the strong emphasis on hospital and healthcare substructure development in the gulf region, expanding government funds for the improvement of healthcare services, and the entrance of reserved players in the healthcare segment of this region is projected to reinforce market growth.
Competitive Landscape
Strong Distribution Network and Robust Portfolio Assist Key Players to Top Global Market
The global market is merged with key players, comprising General Electric Company, Koninklijke Philips N.V., Siemens Medical Solutions, and Canon Medical Systems Corporation. These companies hold a substantial share in the market. The supremacy of these corporations is ascribed to the strong distribution network, robust product collection of screening devices, unions and acquisitions, and launches of new products in the market.
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Industry Development
May 2020: Fujifilm broadcasted that the Artificial Intelligence (AI)-based lung nodule discovery technology of the company has been granted the sanction for its usage in Japan.
List of Key Players Covered in this Market Report
Koninklijke Philips N.V. (Amsterdam, Netherlands)
Siemens Healthineers AG (Munich, Germany)
Canon Medical Systems Corporation (Tochigi, Japan)
GE Healthcare (Chicago, U.S.)
FUJIFILM Holdings Corporation (Tokyo, Japan)
Medtronic (Dublin, Ireland)
Nuance Communications, Inc. (Burlington, U.S.)
Eon (Denver, U.S.)
PenRad Technologies, Inc. (Minnesota, U.S.)
Volpara Solutions Limited. (Wellington, New Zealand)
Other Prominent Players
Related Article @ https://marketresearchreportsfbi.wordpress.com/2021/10/26/knee-replacement-market-projection-by-technology-top-key-players
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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