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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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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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.
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
- Small Cell Lung Cancer
- Non-Small Cell Lung Cancer
Test Type Outlook
- Imaging
- Biopsy
- Sputum Cytology
- Molecular Testing
- Others
End-User Outlook
- Hospitals Clinics
- Diagnostic Centers
- Research Institutes
- Others
Regional Outlook
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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