The rising incidence of lung cancer is one of the significant factors influencing the growth of diagnostic procedures for the disease.
The global lung cancer diagnostics market is forecasted to reach USD 4,215.5 Million by 2027, according to a new report by Reports and Data. The lung cancer diagnostics market is observing demand attributed to the rising incidence of lung cancer. It may occur due to various reasons, including smoking, genetic, and exposure to toxic gases. The American Cancer Society projects over 228,000 lung cancer cases in the year 2020, with the occurrence of the disease being higher in men than women. It is a significant cause of death in both US men and women dying due to cancer.
The rise in the number of people suffering from non-small cell lung cancer is one of the major factors driving the global market growth. The risk factors such as air pollution, cigarette smoking, passive smoking, and occupational exposure are increasing the incidence of the disease globally. One of the major drivers of the disease is a strong drug pipeline and recent drug approvals. The innovation of new drugs and their approvals for the treatment of the disease is anticipated to fuel the growth of the market.
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The global Lung Cancer Diagnostics market is expected to reach over the forecast period, according to a novel report published by Reports and Data. Robust revenue growth is attributable to rising prevalence of chronic diseases, rapid advancements in medical and healthcare sector, increasing healthcare expenditure and improving healthcare infrastructure and research facilities. Other factors such as increasing adoption of latest treatment facilities, tools and techniques across several healthcare centers, increasing funds by various public and private sectors, and government initiatives to create awareness about diseases and devices are expected to fuel market growth during the forecast period. In addition, high adoption of point of care diagnosis and home care settings, rising global geriatric population, rising shortage of medicines and vaccines worldwide is expected to open lucrative growth opportunities for existing and emerging market players going ahead.
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The report also sheds light on leading players in the market with details about their global position, revenue contribution, financial standing, product portfolio and license agreement. The global Lung Cancer Diagnostics market is extremely competitive and comprise global and regional market players. These players are focused on adopting various strategies such as mergers and acquisitions, collaborations, and government partnerships, research and development activities and introducing novel products to strengthen their market position. Some of the key players operating in the global market are Qiagen NV, Agilent Technologies, Roche Diagnostics, Thermo Fisher Scientific, Merck KGaA, Abbott Laboratories, Becton, Dickinson, and Company, Illumina Inc., Genomic Health, and Myriad Genetics, among others.
Further the research report offers details about 5 major regions covered in the global Lung Cancer Diagnostics market.
Regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- Rest of MEA
Lung Cancer Diagnostics Market Segmentation:
Lung Cancer Type Outlook (Revenue, USD Billion; 2017-2027)
- Small Cell Lung Cancer
- Non-Small Cell Lung Cancer
Test Type Outlook (Revenue, USD Billion; 2017-2027)
- Sputum Cytology
- Molecular Testing
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals Clinics
- Diagnostic Centers
- Research Institutes
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