A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global lung cancer diagnostics market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast period. Lung cancer diagnostics stands for tests, diagnostic methods, and treatment procedures used in the process of treating cancer. Procedures such as imaging, tumor screeching, sputum cytology, and biopsy are among the widely used to diagnose lung cancer. The growth of the market is predominantly attributed to the increasing incidence of lung cancer, developments of cancer-specific biomarkers, and increased availability of technologically advanced tools with high precision, accuracy and effectiveness. Moreover, increasing awareness among the population regarding regular screenings, coupled with private and public investments on research and development activities will also complement the market growth in the forthcoming years.
Emergence of Advanced Technologies Promises Remunerative Opportunities
Over the years, the incidence of lung cancer has witnessed a significant uptick, on the back of high levels of smoking, exposure to asbestos fibers gas and radon gas. According to the American Lung Association, 541,000 people in the US are currently suffering from lung cancer, with an estimated 234,000 cases being diagnosed in 2018. In order to diagnose lung cancer, there are numerous methods employed by medical professionals, such as chest x-ray, CT scan, MRI, PET scan, bone scan, sputum cytology, and biopsy. The development of lung cancer-specific biomarkers, which enable a personalized treatment approach towards lung malignancies, thereby giving a boost to the market growth. Numerous biomarkers have been introduced in the recent past, and many more are being developed. For instance, Epigenomics AG, a molecular diagnostics company headquartered in Berlin, introduced a new blood testing methodology utilizing DNA methylation biomarkers, with promising initial results in the early diagnosis of lung cancer. Such effective developments will continue to propel the demand for lung cancer diagnostics. On the other hand, several campaigns are being run by healthcare institutions and governments to raise awareness among the population regarding the symptoms and need for cancer screening. On this premise, the UK marks November as the lung cancer awareness month, and is supported by Roy Castle Lung Cancer Foundation. While such initiatives help in driving demand for lung cancer diagnostics, the lack of skilled medical personnel and low awareness in low-income countries are restraining the growth to a certain extent.
North America Remains at Center of Global Growth
North America will remain the leading regional market for lung cancer diagnostics, backed by the availability of technologically advanced products, technologically advanced healthcare infrastructure, and high awareness among the population. Moreover, the implementation of the Affordable Care Act has enabled reimbursements for patients. Also, awareness programs conducted by ALA to increase awareness regarding symptoms are also bolstering the growth of the market in the region. Likewise, Asia Pacific is also exhibiting remarkable growth in market share, owing to rising awareness among the population and increasing the availability of lung cancer diagnostic tools.