Lung Cancer Diagnostic And Screening Market Is Estimated To Witness High Growth Owing To Rising Incidence Of Lung Cancer Cases
Lung cancer diagnostic and screening includes tests and procedures that help detect and diagnose lung cancer. This includes various imaging tests like CT scans, X-rays, and PET scans as well as biopsies and other surgical procedures. With advancements in technology, lung cancer screening and diagnostics have become more effective in detecting the disease at earlier stages.
The global Lung Cancer Diagnostic And Screening Market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising incidence of lung cancer cases is a key driver estimated to fuel the growth of the lung cancer diagnostic and screening market. According to the National Cancer Institute, lung cancer remains the leading cause of cancer-related deaths worldwide with over 2.2 million new cases diagnosed annually. Another driver of the lung cancer diagnostic and screening market growth is the increasing adoption of low-dose CT scans for lung cancer screening. CT scans allow detection of small lung tumors early when they are easiest to treat. Early diagnosis enables better treatment outcomes and survival rates in lung cancer patients. With growing awareness, more people are opting for lung cancer screening using CT scans.
SWOT Analysis
Strength: Lung cancer has a high mortality rate, with lung cancer remaining the leading cause of cancer death. Advancements in high-throughput sequencing technologies, digital image analysis, and molecular diagnostics are enabling more accurate screening, detection, and diagnosis of lung cancer at earlier stages.
Weakness: The availability and high cost of diagnostic kits, equipment, and treatment can be prohibitive for accurate screening and diagnosis, especially in developing nations. Interpreting lung cancer screening test results can sometimes be difficult, leading to possibilities of either false positives or false negatives.
Opportunity: With rising lung cancer incidence globally, the need for mass screening programs and diagnostic tools is increasing steadily. Governments and health organizations worldwide are launching various awareness initiatives to promote regular screening, especially among high-risk groups. New multicancer screening tests combining CT imaging and blood-based biomarker analysis hold promise to enable early detection of multiple cancer types from a single sample.
Threats: The lengthy and complex regulatory approvals required for new diagnostic tests and screening tools can delay their commercial availability. Socioeconomic barriers like lack of health insurance coverage pose challenges in ensuring equitable access to lung cancer screening, diagnosis and treatment. Technical limitations continue to hamper the development of highly accurate, non-invasive diagnostic techniques.
Key Takeaways
The global Lung Cancer Diagnostic and Screening Market is expected to witness high growth over the forecast period of 2023 to 2030. Technological advancements focusing onminiaturization, automation, and integration of multiple diagnostic modalities on a single platform are expanding the capabilities of lung cancer screening and diagnostics. The global lung cancer diagnostic and screening market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42.0% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global lung cancer diagnostic and screening market due to supportive policies for cancer screening programs, availability of advanced diagnostic technologies, and large burden of lung cancer cases. Asia Pacific is poised to grow at the fastest pace during the forecast period, spurred by rising healthcare expenditures, growing public awareness, and increasing government efforts to promote early cancer detection in populous nations like China and India.
Key players: Key players operating in the lung cancer diagnostic and screening market include Abbott, ANSYS, Inc., Autodesk Inc., AVEVA Group plc, Amazon Web Services, Inc., Dassault Systèmes, GE Digital, General Electric, Hexagon AB, IBM Corporation, Microsoft Corporation, PTC Inc., Rockwell Automation, SAP SE and Siemens AG. These entities are focusing on leveraging innovations in predictive analytics, precision diagnostics, digital pathology and other fields to develop advanced screening, diagnostic and therapeutic solutions for lung cancer.
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