Lung Cancer Diagnostics Market Size, Share, Growth, And Industry Analysis By Type (Immunoassays, Flow Cytometry, Rapid Tests, Molecular Assays, Tissue Arrays Circulating Tumor Cells, Pharmacodiagnostics, Biomarkers and Other) By Application (Industrial, Healthcare and Other), Regional Insights, and Forecast From 2024 To 2032

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LUNG CANCER DIAGNOSTICS MARKET OVERVIEW

The global lung cancer diagnostics market size was USD 1.94 billion in 2023 and is projected to grow from USD 2.04 billion in 2024 to USD 3.12 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period. Asia-Pacific holds leading position in lung cancer diagnostics market share in 2023.

The danger of developing lung cancer among the working population has significantly increased due to the increasing prevalence of smoking and such other injurious activities. The cells that make up the bronchi and other areas of the lung, such as the bronchioles or alveoli, are where lung cancers generally begin. It is crucial to identify a person with lung cancer as promptly as possible in order to effectively treat such a serious condition. Early cancer detection boosts the chances of a favorable outcome from treatment. Although some early cancers may have observable signs and symptoms, this is not always the case, and it may be necessary to perform certain tests to determine whether lung cancer is present or not.

There are various alternatives to diagnose lung cancer, however the most popular one is imaging testing, in which an abnormal tumour or nodule may be visible on an X-ray of the lungs. Small lung lesions may not be seen on an X-ray but can be seen on a CT scan. Sputum cytology is another form of lung cancer detection whereby if the patient is coughing up sputum, examining the sputum under a microscope may occasionally show the presence of lung cancer cells. Lastly, tissue sampling (biopsy) is a method of lung cancer diagnosis, in which an aberrant cell sample may be taken during a technique known as a biopsy. As a result of the ongoing research being done in the field of cancer and its rising incidence, Improved and innovative procedures are emerging for the diagnosis of lung cancer, which will contribute to the expansion of the lung cancer diagnostics market share.

COVID-19 Impact

Demand Declined Due To Growing COVID-19 Cases

The global COVID-19 pandemic has been unprecedented and staggering, with lung cancer diagnostics market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic was one of its kind, the impact of the pandemic was felt by each and every person. The healthcare industry was completely overwhelmed by the unexpected and unprecedented convergence of widespread lockdowns, strict rules and regulations, and an overwhelming volume of patients. The healthcare industry's full arsenal of resources was unable to handle the patient population's rapid growth. This caused the healthcare sector to narrow its focus to fighting the pandemic, dealing with other medical situations only if they were extremely serious. The activities involved in diagnosing lung cancer therefore sharply dropped. Even said, the pandemic has raised people's awareness of the significance of leading a healthy lifestyle, and more people are consulting doctors to take better care of their health, which is quickly returning demand to pre-pandemic levels.

Latest Trends

Early Detection Technology To Steer The Market Growth

The field of lung cancer diagnosis has undergone significant development as a result of the study and research undertaken. A study conducted featured in Nature Communications centers on a novel technique for cellular-level lung cancer detection that may result in earlier and more efficient therapies. Particularly in lung cancer nodules, researchers said they looked at a method that could identify cancer at a more microscopic scale than a conventional biopsy and tissue analysis. They used cell cultures, human tissue samples, and mouse models in their study. Among all sexes, lung cancer is the most common cancer-related cause of death. Despite the severity of this condition, early discovery gives patients the highest prospect for a comprehensive course of therapy.

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LUNG CANCER DIAGNOSTICS MARKET SEGMENTATION

• By Type Analysis

According to type, the market can be segmented into Immunoassays, Flow Cytometry, Rapid Tests, Molecular Assays, Tissue Arrays, Circulating Tumor Cells, Pharmacodiagnostics, Biomarkers and Other. Among these the biomarkers segment is the major segment by the type analysis.

• By Application Analysis

Based on application, the market can be divided into Industrial, Healthcare and Other. The healthcare segment is the leading segment by application.

Driving Factors

Market Growth To Increase Due To New Product Launches And Approval

It has been relatively simple to identify the existence of lung cancer at a preliminary phase due to the increase in technological advancements in the field of cancer diagnosis. These technologies are also economically viable, enabling their commercial viability. Due to these characteristics, industry participants in the lung cancer diagnostics market are obtaining the required regulatory body approval for new products and releasing them on the market, which will propel the growth of the lung cancer diagnostics market over the forecast period.

Industry Developments To Expand The Market Size

There are numerous market participants in the enormously huge industry of lung cancer diagnosis. Innovations and research necessitate a significant amount of money, technology, and knowledge. Through collaborations, businesses and medical facilities are working together to deliver the newest diagnostic products at a highly competitive price. In order to introduce lung cancer diagnostics technology to numerous places throughout the world, multinational corporations are also procuring regional businesses through mergers and acquisitions, which is expected to boost the lung cancer diagnostics market.

Restraining Factors

Lack Of Awareness Of Screening To Limit The Demand

The market for lung cancer diagnostics is currently in its development. There is a presumption that lung cancer screening should be done when there are no symptoms for lung cancer and that lung cancer diagnosis should only be performed when there are some obvious signs. Due to these, many are not aware of the need for screening. The low demand for lung cancer diagnosis is attributed to be due to a lack of awareness, which is anticipated to impede the growth of the lung cancer diagnostic market.

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LUNG CANCER DIAGNOSTICS MARKET REGIONAL INSIGHTS

North America Region To Dominate The Market Share

During the anticipated period, North America region would hold the dominant market share for lung cancer screening and diagnostics. The North American lung cancer diagnostic market is expanding as a result of key players' increased use of technologically new products and market strategies including mergers and acquisitions. Furthermore, over the course of the forecast period, the lung cancer diagnostic market in the Europe region is projected to grow significantly as a result of an increase in unhealthy lifestyle choices, the adoption of new lung cancer screening tests, and a strong healthcare system.

Key Industry Players

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List Of Top Lung Cancer Diagnostics Companies

• Roche Diagnostics (Switzerland)
• BioMérieux (France)
• Qiagen (Germany)
• Advpharma (Belgium)
• AIT Austrian Institute of Technology (Austria)
• Courtagen Life Sciences (U.S.)
• DiagnoCure (Canada)
• BioMark Diagnostics (Canada)
• Mayo Clinic (U.S.)
• HalioDx SAS (France)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.