Portland, OR, Nov. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lung cancer screening market garnered $879.6 million in 2021, and is estimated to generate $1.8 billion by 2031, manifesting a CAGR of 7.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $879 .6 million |
| Market Size in 2031 | $1.8 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 271 |
| Segments covered | Type, Age group, End User, and Region. |
| Drivers | Rise in technological advancement in lung cancer screening methods Growing population of smokers and tobacco consumers |
| Opportunities | Increase in use of low-dose computed tomography for lung cancer screening Rise in awareness regarding innovative and affordable lung cancer screening techniques in the developing countries, such as India and China |
| Restraints | High cost of screening |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global lung cancer screening market, as the pandemic led to implementation of the global lockdown and strict following of the social distancing rules, thereby resulting in a significant decrease in demand for the lung cancer screening devices.
- The main cause of the interruption experienced by patients getting screening tests done from the hospitals.
- In addition, significant disruption in lung cancer screening led to decrease in new patients screened, thus reducing the demand for lung cancer screening solution and devices in 2020.
- However, the market is likely to recover soon in the post-pandemic.
The research provides detailed segmentation of the global lung cancer screening market based on type, age group, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the low-dose computed tomography (LDCT) segment held the highest share in 2021, accounting for nearly three-fourths of the global lung cancer screening market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 8.0% from 2022 to 2031. The report also discusses X-ray segment.
Based on age group, the 50 and older segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global lung cancer screening market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the highest CAGR of 7.9% from 2022 to 2031. The report also discusses below 50 segment.
Based on end user, the diagnostic centers segment accounted for the highest share in 2021, holding more than half of the global lung cancer screening market, and is expected to continue its leadership status during the forecast period. The report also discusses segments including hospitals and others.
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Based on region, North America held the largest share in 2021, contributing to nearly half of the global lung cancer screening market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 9.4% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading market players of the global lung cancer screening market analyzed in the research include Canon Medical Systems Corporation, Eon Health, FUJIFILM Holdings Corporation, General Electric incorporated (GE Healthcare), Koninklijke Philips N.V., Medtronic plc, Nuance Communications, Inc., Penrad Technologies Inc, Siemens AG (Siemens Healthineers AG), Volpara Solutions Limited
The report provides a detailed analysis of these key players of the global lung cancer screening market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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