Lung cancer diagnostic and screening includes various medical imaging tests and examination to detect lung cancer. These tests include chest X-rays, CT scans, PET scans, MRI scans etc. which provides important information about the size, location and spread of lung cancer. Lung cancer remains the leading cause of cancer-related deaths globally. The increasing incidence of lung cancer, growing awareness regarding early diagnosis, evolving reimbursement landscape and technological advancements in lung cancer screening and diagnostic tools are some of the major factors driving the growth of the market.

The global lung cancer diagnostic and screening market is estimated to be valued at USD 2585.07 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rising cases of lung cancer across the globe remain a key driver fueling Global Lung Cancer Diagnostic And Screening Market Size. According to the American Cancer Society, lung cancer accounts for about 25% of all cancer deaths in the United States. Additionally, the introduction of low-dose computed tomography (LDCT) screening for lung cancer and its recommendation in major guidelines is also boosting the market growth. LDCT scans have been shown to reduce lung cancer mortality by 20% in high-risk individuals compared to chest X-rays. Technological advancements in lung cancer screening and diagnostic technologies are further contributing towards early and more effective detection of lung cancer. This is expected to surge the demand for lung cancer diagnostic and screening procedures over the forecast period.

SWOT Analysis

Strength: The lung cancer diagnostic and screening market has seen significant advancements in diagnostic technologies over the past few years. Computed tomography (CT) scans can detect small cancerous lesions early. Molecular diagnostic tests enable targeted treatment based on biomarker status. Non-invasive blood and urine tests allow for lung cancer screening of high-risk groups without invasive procedures.

Weakness: Access to advanced diagnostic technologies remains limited in developing regions. Low awareness about screening benefits among at-risk populations and healthcare providers leads to underutilization. Biomarker assays are costly and not reimbursed by all insurance plans.

Opportunity: Rising tobacco consumption in developing countries is expected to increase the lung cancer burden. This represents an opportunity to scale up national screening programs. Biomarker development for personalized medicine offers opportunity to improve outcomes. Public-private partnerships can enhance access to diagnostics in low-resource settings.

Threats: Switch to reduced-risk alternatives like e-cigarettes by smokers may reduce future diagnostic volumes. Diagnostic test approvals are time-consuming; reimbursed pricing remains uncertain. Economic slowdowns can limit healthcare spending on new technologies.

Key Takeaways

The global lung cancer diagnostic and screening market is expected to witness high growth over the forecast period of 2024 to 2031 supported by the increasing prevalence of lung cancer. According to estimates, lung cancer cases are projected to increase from 2.21 million cases globally in 2020 to 2.47 million cases by 2030. The global lung cancer diagnostic and screening market is estimated to be valued at USD 2585.07 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Regional analysis

North America holds the largest share of the lung cancer diagnostic and screening market currently due to growing healthcare expenditures, insurance coverage for screening, and availability of advanced diagnostics. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising tobacco consumption, growing healthcare infrastructure, and government initiatives to expand screening programs.

Key players

Key players operating in the lung cancer diagnostic and screening market include ExxonMobil, Chevron Phillips Chemical Company, SABIC, China National Petroleum Corporation (CNPC), and BASF. These companies are focusing on developing advanced molecular diagnostic platforms, imaging devices, and targeted therapeutics to personalize treatment and improve patient outcomes.

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