Portland, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to the "Lung Cancer Screening Market" research published by Maximize Market Research, the market is expected to grow from USD 2.18 billion in 2021 to USD 4.13 billion in 2029, at a CAGR of 8.32 percent during the forecast period from 2022 to 2029. Lung Cancer Screening Dramatically Increases the Long-term Survival Rate, which creates an opportunity.
Lung Cancer Screening Market Scope and Research Methodology
Both primary and secondary data sources are used for data collection. The research process involves the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industries, and market risks, opportunities, market barriers, and challenges.
New product launches and the expansion of the already existing market are expected to benefit the key players in maintaining their dominance in the global market for Lung Cancer Screening Market. Market segmentation analysis includes qualitative and quantitative research incorporating the impact of economic and policy aspects. The country-levels regional and country level analysis integrates the demand and supply forces that are influencing the growth of the market, the competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players, and comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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Lung Cancer Screening Market Overview
Lung cancer screening is a device or process that is suggested to adults or older people who are a smoker or who have symptoms of cancer. This device is used to detect the presence of cancer in the body. The growing awareness of lung cancer and an increasing number of screening labs are increasing the demand for market growth. Also, some of the key driving factors of the market are the growing demand for the prediagnosis of cancer and technological development and the high demand for medical devices.
Higher cost of screening treatment for lung cancer. lack of skilled professionals is expected to hamper the market growth during the forecast period.
Lung Cancer Screening Market Dynamics
Screening helps to detect cancer at an early stage, which can overcome the death rate. Genetic tests, x-rays, spectroscopy, and MRI helps to increase the effectiveness of screening lung cancer. key market players like Roche Holding AG, Illumina, Inc., Abbott Laboratories, Canon Medical Systems Corporation, and PenRad Technologies Inc these market players are highly focused on R&D development to increase the effectiveness of treatment and adopt new technological advancements for product launching to create a new opportunity and increase competitiveness in the market.
A growing number of smokers, tobacco addicted peoples have a high risk of lung cancer and these patients are not aware of lung cancer screening is hampering the market growth. For diagnosing cancer lack of skilled professionals and the high cost of screening treatment hamper the market growth.
Emerging technological advancements like artificial intelligence and cloud services improve the accuracy and speed of diagnosis. Real-time data analysis digital pathology helps increases efficiency and is expected to increase the market demand during the forecast period.
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Lung Cancer Screening Market Regional Insights
The Noth American lung cancer screening market is expected to dominate the market during the forecast period. The US held the largest market share in 2021 thanks to growing government initiatives to increase awareness for lung cancer screening and drive market growth. Increasing numbers of clinical trials adopting new technology in screening software to increase the effectiveness of treatment are driving the market growth of the lung cancer screening market.
Europe held the second-largest market share in 2021. The increasing numbers of smoking-addicted people and the availability of advanced screening devices in well-established healthcare markets drive the lung cancer screening market demand in the region.
| Market Size in 2021 | USD 2.18 Bn. |
| Market Size in 2029 | USD 4.13 Bn. |
| CAGR | 20.8% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segement Covered | Type, Diagnosis, Age Group, End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Lung Cancer Screening MarketKey Competitors:
- GE Healthcare (United States)
- PenRad Technologies, Inc. (United States)
- NanoString, Myriad Genetics Inc. (United States)
- OncoCyte (United States)
- Biodesix (United States)
- Broncus (United States)
- Abbott (United States)
- Illumina, Inc., (United States)
- Thermo Fischer Scientific (United States)
- Medtronic (United States)
- Nuance Communications, Inc. (United States)
- Riverain Tech (United States)
- 20/20 Gene Systems (United States)
- Danaher Corporation (United States)
- NeoGenomics (United States)
- Eon Health (United States)
- Siemens Healthineers AG (Germany)
- Agilent Technologies, Inc., AstraZeneca (United Kingdom)
- Insight Genetics (United Kingdom)
- Inivata (United Kingdom)
- Oncimmune (United Kingdom)
- Koninklijke Philips N.V. (The Netherlands)
- QIAGEN (The Netherlands)
- Quest Diagnostics Incorporated (The Netherlands)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Janssen Pharmaceuticals, Inc. (Belgium)
- Sanofi, (France)
- Canon Medical Systems Corporation (Japan)
- FUJIFILM Holdings Corporation (Japan)
- VisionGate (India)
- Integrated Diagnostics (India)
- Volpara Solutions Limited. (New Zealand)
Key questions answered in the Lung Cancer Screening Market are:
- What are the technological innovations in Lung Cancer Screening Market?
- What are the factors driving the growth of the Lung Cancer Screening Market?
- Which technology insight dominated the Lung Cancer Screening market in 2021?
- How has COVID-19 affected the growth of the Lung Cancer Screening Market?
- What is the growth rate of the Lung Cancer Screening market during the forecast period?
- What are the trends of the Asia-Pacific region in the Lung Cancer Screening Market?
- Who are the market leaders in Lung Cancer Screening Market North America region?
- Which deployment mode led the Lung Cancer Screening Market in 2021?
- Who are the key players in the Lung Cancer Screening Market?
- What are the factors restraining the growth of the Lung Cancer Screening Market?
- Which region held the largest market share in Lung Cancer Screening Market?
- What is the growth rate of the North America Lung Cancer Screening Market
- What is key feature of Lung Cancer Screening?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – Type, Diagnosis, Age Group, End-User and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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