Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The global lung cancer screening market size was USD 2.61 billion in 2020. The market is projected to grow from USD 2.80 billion in 2021 to USD 4.85 billion in 2028 at a CAGR of 8.1% in the forecast period. This report is provided by Fortune Business Insight™ in its report titled, “Lung Cancer Screening Market, 2021-2028.”
According to our analysts, it is one of the chief kinds of cancer. It is triggered by the unrestrained growth of cells in the lungs. The incidence of lung cancer is meticulously associated with the ingestion of tobacco. Furthermore, tactical associations and restructured references and rules on cancer screening are also expected to bolster the market demand in the foreseeable future.
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For example, in 2019, Genentech and Roche teamed up in order to discover biomarker screening for lung cancer treatment and recognition. As per the corporations, this genome-based analysis is likely to shortly substitute intrusive tissue biopsies of the lungs. This in turn is expected to drive the lung cancer screening market growth during the forecast period.
COVID-19 Outbreak to Hamper Market Growth
The outbreak of COVID-19 has hindered this market since its arrival. This pandemic has caused a commotion in the supply chain of clinical equipment. Consequently, there has been a rise in the demand for imaging solutions worldwide. Nevertheless, disruption in production and the industrial procedure has led to an adverse impact on the market globally.
Nonetheless, the market is projected to display substantial growth post COVID-19 condition owing to the escalation in the demand for imaging solutions as non-essential operations and consultations were forced to be rescheduled when the general mortality ratio settled down. This may result in an upsurge in the demand for screening and analytical equipment such as MRI, X-ray machineries, and automated tomography systems among others.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lung-cancer-screening-market-101174
Report Coverage
We follow a comprehensive research methodology that focuses majorly on offering accurate information. Our researchers have used a data triangulation technique which would help us to provide authentic estimates and gauge the overall market dynamics. Besides, our analysts gained access to several global and regional paid databases for delivering the latest information so that you can invest only in the crucial zones.
Segmentation
On the basis of cancer type, the market is divided into Non-small Cell Lung Cancer (NSCLC), and small cell lung cancer. The NSCLC segment produced the maximum revenue across the globe, directed by the surging consciousness about lung cancer screening in established as well as emerging countries pooled with the rising cases of NSCLC across the world.
By application, the market is segregated into low dose spiral CT scan, and Chest X-ray. On the basis of end-user, the market is further classified into Hospitals & Clinics, and Diagnostic Centres. In terms of geography, the market is branched into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints
Increasing Incidence of Lung Cancer and High Consumption of Cigarettes to Promote Market Growth
The mounting incidence of cancer across the world, combined with growing healthcare expenses and increasing analysis, offers a huge patient populace undertaking screening measures. These aspects are accountable for the growth of the market in the foreseeable future.
For example, as per the American Society of Clinical Oncology (2020), lung cancer is the second greatest basic cancer occurring in women and men and was assessed to impact more than 235,000 adults in U.S in the year 2020.
Likewise, as per the Globocan (Global Cancer Observatory), around 64,804 fresh cases of cancer of the lungs were detected in Germany in the year 2020. The data report further mentions that more than 50,000 people deceased owing to lung cancer in the nation, turning it into the number one origin of demise among cancers.
The liability of this type of cancer diseases is escalating on a global level, owing to numerous features such as obesity, smoking, and regime fluctuations. Smoking and vaping are estimated to surge the probabilities of this cancer among the common population. The rise in cases of this type of cancer patients is further predicted to raise the demand for operative cancer recognition solutions.
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Regional Insights
Rising Usage of Advanced Screening Solutions to Help North America Lead
North America held the highest lung cancer screening market share in the global market and made an USD 1.38 billion worth income contribution in 2020. The rising cases of lung cancer, robust application of cancer screening courses, and increasing implementation of technologically advanced solutions are few of the aspects accountable for the domination of North America in 2020.
Asia Pacific documented a noteworthy share in the market and recorded the maximum CAGR during the forecast period. The higher percentage of smoking and tobacco ingestion among the Asian populace, amplified initiatives by prominent players and government organizations to advertise the acceptance of screening equipment is likely to boost demand for the product. This, coupled with determination of national government organisations to institute a robust agenda for lung cancer screening is accountable for the market growth.
Latin America is anticipated to embrace a moderately inferior share in the global market owing to the absence of consciousness and restricted admittance to lung cancer screening. Moreover, the strong emphasis on hospital and healthcare substructure development in the gulf region, expanding government funds for the improvement of healthcare services, and entrance of reserved players in the healthcare segment of this region is projected to reinforce market growth.
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Competitive Landscape
Key Companies Focus on Introduction of New Products to Compete with Rivals
Key players are constantly trying to ace the market by applying certain tactics such as introducing novel products, partnering up with other competitive players, and acquiring more companies in order to expand their business territories. For instance, in September 2020, Koninklijke Philips N.V. declared the launch of Azurion Lung Edition, which is an advanced 3D screening and navigation stage to quicken the analysis and treatment of the cancer of lungs.
Industry Development
January 2018: Medtronic proclaimed the alliance with Koninklijke Philips N.V to improve and commercialize the LungGPS patient administration platform for lung cancer.
List of Key Players Covered in this Market Report
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Siemens Healthineers AG (Munich, Germany)
- Canon Medical Systems Corporation (Tochigi, Japan)
- GE Healthcare (Chicago, U.S.)
- FUJIFILM Holdings Corporation (Tokyo, Japan)
- Medtronic (Dublin, Ireland)
- Nuance Communications, Inc. (Burlington, U.S.)
- Eon (Denver, U.S.)
- PenRad Technologies, Inc. (Minnesota, U.S.)
- Volpara Solutions Limited. (Wellington, New Zealand)
- Other Prominent Players
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Incidence of Lung Cancer, By Key Region, 2020
- Key Industry Developments, Merger, Acquisitions, and Product Launches
- Regulatory Scenario Imposed on the Development of Lung Cancer Screening in U.S.
- Regulatory Scenario Imposed on the Development of Lung Cancer Screening Europe
- Regulatory Scenario Imposed on the Development of Lung Cancer Screening Asia
- Technological Advancements in Lung Cancer Screening
- Impact of COVID-19 on Lung Cancer Screening
- Global Lung Cancer Screening Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Cancer Type
- Non-small cell lung cancer (NSCLC)
- Small Cell Lung Cancer
- Market Analysis, Insights and Forecast – By Diagnosis Type
- Low Dose Spiral CT scan
- Low Dose Spiral CT scan
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Center
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Lung Cancer Screening Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Cancer Type
- Non-small cell lung cancer (NSCLC)
- Small Cell Lung Cancer
- Market Analysis, Insights and Forecast – By Diagnosis Type
- Low Dose Spiral CT scan
- Low Dose Spiral CT scan
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Center
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Lung Cancer Screening Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Cancer Type
- Non-small cell lung cancer (NSCLC)
- Small Cell Lung Cancer
- Market Analysis, Insights and Forecast – By Diagnosis Type
- Low Dose Spiral CT scan
- Low Dose Spiral CT scan
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Center
- Market Analysis, Insights and Forecast – By Country
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific Lung Cancer Screening Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Cancer Type
- Non-small cell lung cancer (NSCLC)
- Small Cell Lung Cancer
- Market Analysis, Insights and Forecast – By Diagnosis Type
- Low Dose Spiral CT scan
- Low Dose Spiral CT scan
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Center
- Market Analysis, Insights and Forecast – By Country
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
TOC Continued…
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