May 25, 2024
Lung Cancer Diagnostic and Screening Market

Lung Cancer Diagnostic and Screening Market is estimated to Propelled by Technological Advancements in Molecular Diagnostics

Lung cancer remains a leading cause of death worldwide, responsible for approximately 1.8 million deaths annually. Screening and diagnostic tests play a vital role in early detection and management of the disease, improving patient outcomes. Common screening tests include chest X-rays, computed tomography (CT) scans, and sputum cytology examinations, while diagnostic methods incorporate molecular analysis techniques to identify genetic variations.

The global Lung Cancer Diagnostic and Screening Market is estimated to be valued at US$ 2585.07 Mn in 2024 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 key trends:
Technological advancements in molecular diagnostics is one of the major trends fueling the Global Lung Cancer Diagnostic And Screening Market Size. Next-generation sequencing and liquid biopsy techniques provide non-invasive ways to detect genetic mutations from blood or other body fluids. This allows for continuous monitoring of disease progression and therapy response. Companies are focusing on developing multicancer early detection tests using circulating tumor DNA analysis. Such minimally-invasive screening options address patient preference and can facilitate more widespread implementation of lung cancer screening programs.

SWOT Analysis
Strength: Early and accurate diagnosis is critical for effective treatment of lung cancer. Advance diagnostic tools helps in accurate diagnosis.
Weakness: High cost involved in lung cancer screening and diagnostic procedures limits its use. Lack of awareness about screening in developing nations.
Opportunity: Growing adoption of minimally invasive procedures. Increasing awareness campaigns by governments and cancer organizations on benefits of screening.
Threats: Risk of false positive and false negative results from certain diagnostic tests. Exposure to radiation from repeated CT scans used for screening.

Key Takeaways

The global lung cancer diagnostic and screening market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 2585.07 Mn with a CAGR of 4.1% during the forecast period.

Regional analysis: North America dominates the global lung cancer diagnostic and screening market currently. High cancer burden, favorable reimbursement policies, and rapid adoption of advanced screening techniques drive the North America market. Asia Pacific region is expected to witness fastest growth over the forecast period owing to growing patient pool, increasing healthcare expenditure, and growing awareness.

Key players analysis: Key players operating in the lung cancer diagnostic and screening market are ExxonMobil, Chevron Phillips Chemical Company, SABIC, China National Petroleum Corporation (CNPC), and BASF. Players are focused on launching novel diagnostic modalities and expanding geographic presence through strategic partnerships to strengthen their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it