Wilmington, Delaware, United States, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Lung Cancer Diagnostics Market is likely to expand at a CAGR of 7.3% between 2023 and 2031. An increase in cases of lung cancer globally is expected to boost market growth during the forecast period. A rise in awareness about the availability of lung cancer treatment and a surge in success rates are projected to bolster market expansion during the forecast period.
The surge in awareness about the significance of cancer diagnostics is driving the adoption of lung cancer diagnostics in developing and developed countries. Added advantages of early and accurate diagnostics are anticipated to augment industry growth during the forecast period. Furthermore, the advent and rise in popularity of biomarkers as a non-invasive diagnostic method is projected to present lucrative business opportunities in the lung cancer diagnostics market during the forecast period.
According to the TMR report, the global lung cancer diagnostics market is likely to reach US$ 26.3 Bn by the end of 2031. The rise in lung cancer cases globally and the increase in awareness about the availability of cancer therapy are boosting market growth.
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Key Findings of Study
- Increase in Prevalence of Lung Cancer: Increase in the prevalence of lung cancer among people in both developed and developing countries is augmenting the global lung cancer diagnostics market. Advancements in diagnostics and the increase in the adoption of the latest therapeutic and diagnostic approaches to various cancer types are projected to accelerate industry growth in the next few years. The surge in the adoption of accurate and effective diagnostic testing for cancer is likely to drive the market in the near future.
- Rise in Popularity of CT and PET Scans: The increase in popularity of imaging technology and non-invasive diagnostic methods, such as PET scans and CT scans, for detecting the presence of cancer cells in the body is fuelling market expansion
Key Drivers
- The rise in the prevalence of lung cancer coupled with the advent of accurate imaging techniques for diagnostics
- Increase in adoption of innovative biomarkers for lung cancer treatment
- Surge in advancement in imaging technology and rise in adoption of PET scans for diagnostic treatment
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Regional Growth Dynamics
- Europe held the dominant market share in 2021. The trend is anticipated to continue during the forecast period due to the rise in cases of lung cancer. The availability of advanced medical infrastructure & facilities and the presence of leading players are expected to propel the market in the region in the next few years.
- North America is likely to account for the second-largest market share during the forecast period. An increase in cases of lung cancer and advanced medical facilities for cancer treatment is projected to bolster market development in the next few years.
Key Players
Prominent players in the global lung cancer diagnostics market are
- Thermo Fisher Scientific, Inc.,
- Biodesix,
- Quest Diagnostics Incorporated,
- Paige AI,
- Oncocyte Corporation,
- Danaher,
- Boditech Med Inc.,
- F. Hoffmann-La Roche Ltd.,
- Amoy Diagnostics Co.,
- QIAGEN,
- Abbott,
- Illumina, and Bio-Rad Laboratories.
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Lung Cancer Diagnostics Market Segmentation:
Diagnostic Test
- Imaging Tests
- Pulmonary Function Tests
- Lung Tissue Analysis
- Others
Cancer Type
- Non-small Cell Lung Cancer (NSCLC)
- Small Cell Lung Cancer (SCLC)
End-User
- Hospitals
- Clinics
- Diagnostic Centers
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Japan
- China
- India
- GCC Countries
- South Africa
- Brazil
- Mexico
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