By 2031, the global lung cancer diagnostics market is expected to generate US$ 4 billion, a 2x increase over 2020. Demand for lung cancer diagnostics is expected to increase due to the increased development of lung cancer-specific biomarkers. By the end of 2031, CA test revenue will total US$ 1 billion.
The rising number of cancer cases, which is increasing at a rate of about 12% annually, is one of the many factors attributed to the rising demand for lung cancer diagnostics. A greater emphasis is being placed on early identification, diagnosis, and supportive treatment, which contrasts with the background of the emerging image of disease severity.
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Market Frontrunners
- llumina, Inc.
- Abbott Laboratories
- Thermo Fischer Scientific, Inc.
- QIAGEN N.V.
- Quest Diagnostics Incorporated
- NeoGenomics Laboratories, Inc.
- NanoString Technologies, Inc
- Myriad Genetics, Inc.
- Roche Holding AG
- Danaher Corporation.
Key Takeaways from Market Study
- By test type, CA lung cancer diagnostic tests to reign supreme, clocking US$ 1 Bn by 2031
- Hospital-associated labs set to reach around US$ 1.6 Bn until 2031
- Treatment for non-small cell lung cancer (NSCLC) to comprise over 50% of total demand
- Cancer research institutes to make significant use of lung cancer diagnostics, expanding at 6% CAGR
- Angiogenesis inhibitors is the fastest growing segment followed by HER2 tests
- U.S to acquire around 27% market share in the global lung cancer diagnostics industry
- China is expected to register a CAGR of around 8% until 2031, with NSCLC treatment gaining traction
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In March 2021, Next-generation sequencing (NGS)-based precision oncology provider Geneseeq Technology Inc. collaborated with Illumina, Inc. (to develop comprehensive in-vitro diagnostic (IVD) NGS testing kits for cancer, using Illumina’s NextSeq™ 550Dx sequencing platform.
- In Jan 2017, Abbott Laboratories completed largest the acquisition of St.Jude Medical for US$ 25 Bn. Together, the company will compete in nearly every area of the $30 billion cardiovascular markets and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets.
Segmentation Covered In this Report:
- By Test Type:
- CA Test for Lung Cancer Diagnostics
- HER2 Tests for Lung Cancer Diagnostics
- ALK Tests for Lung Cancer Diagnostics
- Angiogenesis Inhibitor for Lung Cancer Diagnostics
- EGFR Mutation Tests for Lung Cancer Diagnostics
- KRAS Mutation Tests for Lung Cancer Diagnostics
- Others
- By End-User:
- Lung Cancer Diagnostics for Hospital Associated Labs
- Lung Cancer Diagnostics for Independent Diagnostic Laboratories
- Lung Cancer Diagnostics for Cancer Research Institutes
- Others
- By Indication:
- Non-Small-cell Lung Cancer Diagnostics
- Small-cell Lung Cancer Diagnostics
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
- What are the strategies adopted by top players to retain their stronghold in the market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the market?
- How businesses can respond, manage, and mitigate the risks?
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