Global Lung Cancer
Diagnostic and Screening Market Is Estimated To Witness High Growth Owing To
Rising Awareness and Technological Advancements

The
global Lung Cancer Diagnostic and Screening Market is estimated to be valued at
US$ 1,931.0 Mn in 2021 and is expected to exhibit a CAGR of 7.8% over the
forecast period 2021-2028, as highlighted in a new report published by Coherent
Market Insights.



A) Market Overview:

Lung cancer diagnostic and screening are crucial in the early detection and
treatment of lung cancer. Diagnostic tests such as imaging, biomarker tests,
and genetic tests help in the accurate diagnosis of lung cancer. Screening
tests such as low-dose computed tomography (LDCT) are used to detect lung
cancer in individuals with high-risk factors. These tests play a significant
role in improving patient outcomes by enabling early detection and effective
treatment.



B) Market Dynamics:

The two key drivers contributing to the growth of the lung cancer diagnostic
and screening market are:



1. Rising Awareness: With the increasing prevalence of lung cancer worldwide,
there has been a significant rise in awareness about the importance of early
detection and screening. Government initiatives, awareness campaigns, and
educational programs have played a crucial role in disseminating information
about the risk factors, symptoms, and available diagnostic and screening
options for lung cancer.



2. Technological Advancements: Advancements in medical imaging technology,
genomics, and molecular biology have revolutionized lung cancer diagnostics and
screening. The development of non-invasive biomarker tests, liquid biopsies,
and next-generation sequencing techniques has improved the accuracy and
efficiency of lung cancer detection. Additionally, the integration of
artificial intelligence (AI) and machine learning algorithms in the
interpretation of medical images has enhanced diagnostic precision.



C) Segment Analysis:

One segment dominating the global lung cancer diagnostic and screening market
is genetic tests. Genetic tests play a crucial role in identifying specific
gene mutations or alterations that are associated with lung cancer. These tests
help in determining the appropriate treatment options and predicting treatment
response. The increasing demand for personalized medicine and targeted
therapies has propelled the growth of the genetic tests segment.



D) PEST Analysis:

Political: Government initiatives, regulations, and reimbursement policies
influence the adoption of lung cancer diagnostic and screening methods.



Economic: The economic factors such as healthcare expenditure, insurance
coverage, and affordability impact the accessibility of diagnostic and screening
services.



Social: Increasing awareness, changing lifestyles, and smoking habits influence
the demand for lung cancer diagnostic and screening.



Technological: Advancements in medical imaging technology, genomics, and
molecular biology have improved the accuracy and efficiency of lung cancer
diagnostic and screening methods.



E) Key Takeaways:

- The global Lung
Cancer Diagnostic and Screening Market is expected to witness high
growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing
awareness about the importance of early detection and screening and
advancements in technology.

- Among the regional analysis, North America is the fastest-growing and
dominating region in the lung cancer diagnostic and screening market,
attributed to the high prevalence of lung cancer, well-established healthcare
infrastructure, and favorable reimbursement policies.

- Key players operating in the global lung cancer diagnostic and screening
market include Abbott, Illumina, Inc., Thermo Fischer Scientific, QIAGEN, Quest
Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc., F.
Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc., AstraZeneca,
Sanofi, and Janssen Pharmaceuticals, Inc. These companies are focused on
research and development activities, strategic collaborations, and mergers and
acquisitions to strengthen their market position and introduce innovative
diagnostic and screening solutions.



In conclusion, the global lung cancer diagnostic and screening market is poised
for significant growth due to increased awareness and technological
advancements. Early detection and screening play a crucial role in improving
patient outcomes, and the market is witnessing the development of innovative
diagnostic and screening solutions to meet the growing demand.