The lung cancer diagnostic and screening market encompasses various tools and technologies that are used to detect lung cancer at an early stage. There are several techniques such as imaging test, biomarkers test, endobronchial ultrasound-guided needle aspiration, and thoracic surgery that help diagnose and screen lung cancer.
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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of digital biomarkers is expected to be a key trend fueling the lung cancer diagnostic and screening market growth over the forecast period. Digital biomarkers are objective, quantifiable physiological and behavioral data that can be acquired through digital sensors and used to assess health-related states and outcomes. They help in early detection of lung cancer through integration of digital tools into routine clinical practice. For instance, digital chest X-rays help in detecting subtle changes in lung tissues over time and aid diagnosis. Similarly, biomarkers such as circulating tumor cells and tumor-derived extracellular vesicles in bloodstream provide insight into tumor biology and disease progression. The quantitative collection of digital biomarkers through smartphones and wearable devices expands access to lung cancer screening tests and improves patient outcomes. This rising adoption of digital technologies for screening and diagnosing lung cancer is anticipated to boost the market growth.
Segment Analysis
The global Lung Cancer Diagnostic and Screening market is dominated by the cancer diagnostics segment. This segment accounts for over 35% of the total market share owing to the increasing adoption of innovative diagnostic techniques such as biopsy, chest x-ray, sputum cytology, and molecular diagnostics for detecting early stages of lung cancer. The cancer screening segment is expected to witness the fastest growth during the forecast period owing to the rising awareness regarding regular health checkups and screening programs conducted across major countries globally.
Key Takeaways
The global Lung Cancer Diagnostic and Screening Market is expected to witness high growth over the forecast period of 2023 to 2030. The global lung cancer diagnostic and screening market Market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42.% over the forecast period 2023 to 2030
Regional analysis
North America currently dominates the global market with over 40% market share. This is attributed to the wide availability of advanced healthcare facilities and increasing healthcare expenditure in countries like the US and Canada. The Asia Pacific region is projected to grow at the fastest rate during the forecast period due to large patient population, increasing penetration of diagnostic services, and rising healthcare expenditure in major emerging countries like India and China.
Key players
Key players operating in the Lung Cancer Diagnostic and Screening market are ABB; 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; Siemens AG.
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