Lung Cancer Diagnostics Market Assessment and Trends Forecast, 2017-2022
Lung cancer or lung carcinoma is malignant maturation of lung tumor, caused by uncontrolled growth of cells & tissues in the lung. Lung cancer diagnostics can be defined as an umbrella of tests & diagnosis procedures used in treatment of lung cancer, which includes methods such as imaging, tumor screening, sputum cytology tests, and biopsy.
Fact.MR, in its recent report, estimates the global lung cancer diagnostics market to register an impressive 7.3% CAGR during the forecast period 2017 to 2022.
The growth of the global market for lung cancer diagnostics is primarily attributed to increasing developments in lung cancer-specific biomarkers. These diagnostic tools are expected to facilitate personalized treatment approach towards lung malignancies. A number of biomarkers exist in the research pipeline. In the recent past, Epigenomics AG launched a new test based on blood utilizing DNA methylation biomarkers, whose developments are in the process. The initial results obtained from these tests have promised early diagnosis of lung cancer. Such incidences are expected to increase demand for lung cancer diagnostics across the globe.
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Increasing Awareness Programs for Lung Cancer to Drive Growth of the Market
A number of awareness programs associated with lung cancer and its related symptoms have been initiated in order to enhance the diagnosis and screening rates of individuals with high risks of developing lung malignancies. For example – In the United Kingdom, November is considered to be the lung cancer awareness month, and is supported by Roy Castle Lung Cancer Foundation. Such initiatives help in raising awareness about early detection and diagnosis of lung cancer.
CA tests will continue to be the most lucrative tests for lung cancer diagnostics in the market. Revenue from CA tests will account for US$ 889.3 Mn by 2022-end. Angiogenesis inhibitor is expected to witness the fastest expansion among test type in the market, followed by HER 2 tests. Revenue from ALK tests for lung cancer diagnostics will continue to remain low in the market.
Hospital-associated Labs to Remain the Most Lucrative End-Users of Lung Cancer Diagnostics
Hospital-associated labs will remain the most lucrative end-users of lung cancer diagnostics in the global market, with revenues estimated to reach nearly US$ 1,500 Mn by 2022-end. Cancer research institutes will continue to exhibit the fastest expansion in the global lung cancer diagnostics market, followed by independent diagnostic laboratories. In addition, independent diagnostic laboratories are expected to be the second largest end-users of lung cancer diagnostics throughout the forecast period.
On the basis of indication, although non-small cell lung cancer is expected to remain sought-after in the market, small cell-lung cancer is expected to exhibit the fastest expansion through 2022. Revenue from non-small cell lung cancer is expected to remain largest during the forecast period. In contrast, revenue from small cell lung cancer will continue to be low in the global lung cancer diagnostics market.
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Key Takeaways from Fact.MR’s Report on the Global Lung Cancer Diagnostics Market
1- North America is expected to remain dominant in the global lung cancer diagnostics market, with revenues expected to surpass US$ 1,000 Mn by 2022-end.
2- Europe will continue to be the second most lucrative region for growth of the market, expanding at a high single-digit CAGR through 2022.
3- CA tests will remain the largest adopted tests for diagnosis of lung cancer. Revenue from CA tests is expected to reach US$ 889.3 Mn by the end of 2022.
4- Angiogenesis inhibitor tests will exhibit the fastest expansion in the global market for lung cancer diagnostics, followed by HER 2 tests. However, revenue from ALK tests to diagnose lung cancer is estimated to be low in the market throughout the forecast period.
5- Hospital-associated labs are expected to remain the most lucrative among end-users in the global lung cancer diagnostics market.
6- Cancer research institutes are expected to register the fastest growth in the global market for lung cancer diagnostics.
7- Independent diagnostic laboratories are expected to be the second largest end-users of lung cancer diagnostics throughout the forecast period.
8- Based on indication, even though non-small cell lung cancer will remain sought-after, small cell-lung cancer will exhibit the fastest growth through 2022. Non-small cell lung cancer will continue to account for the largest revenues during the forecast period.
9- Revenue from small cell lung cancer will continue to be low in the global lung cancer diagnostics market.
Novel product launches for lung cancer diagnostics is a key strategy adopted by leading players in the global market, in order to increase their product portfolio. Fact.MR’s report profiles key market players, which include Illumina, Inc., Abbott Laboratories, Thermo Fischer Scientific, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, NeoGenomics Laboratories, Inc., NanoString Technologies, Inc., Myriad Genetics, Inc., Roche Holding AG, and Danaher Corporation.
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