by The lung cancer diagnostic and screening market encompasses devices and assays used in the detection, diagnosis, and screening of lung cancer. Early and accurate detection of lung cancer is crucial for improved patient outcomes as it allows for timely intervention and management of the disease.
The global Lung Cancer Diagnostic And Screening Market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing awareness regarding benefits of early lung cancer screening programs is one of the key factors contributing to the growth of the lung cancer diagnostic and screening market. Various government and non-profit organizations across the globe are undertaking several awareness initiatives to educate people regarding signs and symptoms of lung cancer and importance of screening. This has resulted in increased number of at-risk individuals opting for low-dose computed tomography (LDCT) screening. Furthermore, reducing costs of LDCT and development of novel non-invasive screening tests such as blood-based screening are also contributing to the higher adoption of lung cancer screening programs globally. Surging incidence of lung cancer owing to extensive tobacco consumption worldwide is expected to drive the demand for effective diagnostic and screening solutions over the forecast period.
SWOT Analysis
Strength: The lung cancer diagnostic and screening market is witnessing rapid advancements in diagnostic technologies such as PET scanners and X-ray imaging which enables early stage diagnosis.
Weakness: High cost associated with lung cancer screening may limit market growth to developed regions. Lack of public awareness also acts as a barrier.
Opportunity: Rising incidence of lung cancer worldwide provides scope for market expansion. Growing adoption of molecular diagnostics and biomarkers for screening offer an opportunity.
Threats: Presence of other alternative cancer screening technologies poses challenge to market growth. Stringent regulations hinder product development timelines.
Key Takeaways
The global Lung Cancer Diagnostic and Screening Market is expected to witness high growth. The global lung cancer diagnostic and screening market is estimated to be valued at US$ 2243.98 Mn in 2023 and is expected to exhibit a CAGR of 42% over the forecast period 2023 to 2030.
The North America region dominates the lung cancer diagnostic and screening market currently due to fast adoption of advanced diagnostic technologies and higher public awareness. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising lung cancer incidences in countries such as China and India.
Key players operating in the lung cancer diagnostic and screening incorporate ABB, ANSYS, Inc., Autodesk Inc., AVEVA Group plc, Amazon Web Services, Inc., Dassault Systèmes, GE DIGITAL, General Electric, Hexagon AB, IBM Corporation, Microsoft Corporation, PTC Inc., Rockwell Automation, SAP SE, Siemens AG. Key players are focusing on mergers and acquisitions to consolidate their presence. They are also undertaking strategic collaborations with biotechnology companies for diagnostic development.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
