Global Lung Cancer Diagnostics Market to Reach $3 Billion by 2024

Lung cancer represents the leading cause of cancer deaths globally. The disease is categorized into Small-cell Lung Cancer (SCLC) and Non-small cell lung cancer (NSCLC), with the latter constituting for about 80-85% of cases. Early detection of lung cancer, for both NSCLC and SCLC, is taking increased precedence globally which in turn spurs demand for lung cancer diagnostics. Amid the COVID-19 crisis, the global market for Lung Cancer Diagnostics is projected to reach US$3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 8.0% over the analysis period. United States represents the largest regional market for Lung Cancer Diagnostics, accounting for an estimated 27.0% share of the global total. The market is projected to reach US$803.9 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 11.3% over the analysis period.

The market is driven by rising incidence of lung cancer, increasing awareness levels about the symptoms and the seriousness of the condition, technological advancements, and new product launches. Increased focus on the development of lung cancer-specific biomarkers bodes well for the market growth. The ability of such diagnostic tools to enable personalized treatment for lung malignancies fuels market growth. The rapid rise in the number of smokers in developing regions also represents an important growth driver for the lung cancer diagnostics market. Significant advancements in diagnosis and early detection are transforming the lung cancer treatment landscape. High prevalence rate of Non-Small Cell Lung Cancer (NSCLC) is especially driving interest in the diagnostic value offered by liquid biopsies. The US holds the largest market share, owing to key factors such as growing patient awareness, high market penetration of innovative and technologically advanced products, and rapid urbanization and industrial development. The increasing prevalence of lung cancer in the region driven by increase in risk factors like cigarette smoking, exposure to second hand smoke, occupational exposure to cancer causing chemicals, has spurred the development of innovative and advanced diagnostic solutions. Growth in Asia-Pacific region is fueled by key growth drivers, such as rising awareness of symptoms of lung cancer, emerging demand for advanced lung cancer diagnostic tools, improving healthcare infrastructure, and large base of patients with unmet clinical needs. Rising healthcare expenditure and the presence of a large patient pool in countries like India and China is expected to unfurl significant growth opportunities.

The market for molecular tests is forecast to grow the fastest over the analysis period. Molecular tests are generally done on tissue from biopsy or surgery, as well as on blood taken from a vein. The rapid pace of advancements and innovations in the area of molecular diagnostic technology are leading to the development and launch of several new types of diagnostic test techniques, aiding use of molecular tests for lung cancer diagnosis. The use of molecular tests for lung cancer diagnosis also facilitates in developing personalized treatments. Sustained increase in investments into R&D initiatives for developing biomarker-based molecular testing for lung cancer detection will also support segment growth.