Lung Cancer Screening Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Lung Cancer Screening Market Outlook

Lung Cancer Screening Market size is projected to reach US$ 4.36 Billion by 2028, according to Renub Research. Cancer these days is one of the most common causes of mortality worldwide. Lung cancer is the second most common type of cancer according to World Health Organization (WHO). The number one objective of lung cancers screening is to discover the presence of lung cancers in its earliest possible phase. This screening is usually encouraged for older people with records of long-term smoking, who are currently asymptomatic for lung cancers. Healthcare providers employ low-dose automated tomography (LDCT) scans or X-rays as screening equipment. There is a growing worldwide cognizance of the significance of early detection, which has led to an expanded demand for lung cancers screening.

According to the Lung Cancer Alliance, generally there is 5-year survival rate for lung cancers a significant decline because the disease progresses from stage 1 (with a survival charge starting from 68% to 92%) to stage 4 (with a survival fee as low as 0% to 10%). Growing number of lung cancers cases worldwide is one of the most essential drivers of the lung cancers screening market.

Lung cancer screening market is projected to grow at a CAGR of 7.34% from 2022 to 2028

The worldwide lung cancers screening market is experiencing sizeable growth due to the growing populace of people who are smokers & tobacco user and improvements in lung cancers screening technology. According to the FDA (Food and Drug Administration), about 2.55 million students used tobacco product in 2021 and according to Centers for Disease Control and Prevention (CDC), almost thirteen out of each one hundred adults' age 18 and older in the United States had been cigarette smokers in 2020. Additionally, the growing occurrence of lung cancer is a leading contributing component to the increasing demand for lung cancer screening.

In Australia, lung cancer is the most dangerous kind of cancer, which accounts for a significant percentage of fatality cases. According to the Cancer Australia 2023, early detection of lung cancer is crucial for increasing survival rates. Furthermore, newly developed screening software tries to identify lung tumors in their earliest level, when therapy is more likely to be successful. In July 2021, the Department of Health and Aged Care and Cancer Australia implemented lung cancer screening campaign in Australia.

Furthermore, the global lung cancer screening market is growing due to numerous elements, along with improved utilization of low-dose computed tomography by healthcare specialists. The growing consciousness of innovative and cost-effective lung cancer screening techniques in developing nations like India and China is contributing to the growth of the market. Prominent Market players are pursuing mergers & acquisitions with healthcare establishments to elevate awareness of lung cancer among the population. For instance, Baptist Health South Florida's Miami Cancer Institute (MCI) and Nuance Communications, Inc. collaborated to set up a lung cancer screening program that conducts imaging tests for the early analysis and effective treatment of the lung cancer disease. The lung cancer screening market was valued at US$ 2.85 billion in 2022.

Non-Small Cell Lung Cancer (NSCLC) accounted for largest revenue share in the lung cancers screening market

By Cancer Type, Lung cancer screening market is segmented into Non-Small-cellular Lung Cancer Diagnostics and Small-cellular Lung Cancer Diagnostics. Non-small cell lung cancer (NSCLC) has emerged as the dominant driver of revenue in the lung cancer screening market. This type of lung cancer, recognized for its relative insensitivity to chemotherapy and radiotherapy, has claimed the largest percentage of monetary resources committed to screening and treatment. Its incidence and difficult nature have propelled it to the forefront of research and funding within the area. The vast sales contribution from NSCLC underscores the urgent need for continued advancements in early detection techniques and progressive therapeutic techniques to fight this formidable disease, ultimately improving affected persons consequences and survival costs.

Hospitals & clinics section accounted for largest market in the Lung cancers screening market

By End User, Lung cancers screening market is divided into Hospitals & Clinics, Diagnostic Centers, Research Institute and Others. The hospitals & clinics section accounted for largest Market. Hospitals and clinics, equipped with advance diagnostic tools and medical expertise, are at the leading front conducting screenings, diagnosing capability cases, and initiating timely interventions. This substantial market presence signifies the believe patients and healthcare provider place in these facilities for accurate and comprehensive lung cancer screening services. As the primary interface between patients and medical solutions, hospitals and clinics are instrumental in shaping the trajectory of lung cancers management and improving patient outcomes.

The diagnostic centers sector accounted for fastest developing market percentage all through forecast year. For older peoples, diagnostic facilities are an ideal alternative considering the fact that they offer individualized treatment and reduce the need for repeated health facility visits. In addition to having more manipulated over scheduling of methods, outpatient surgical procedure centers may be 45%–60% much less steeply-priced than hospitals, which advantages patients, insurance, and taxpayers similarly. As a result, compared to sudden sanatorium activities, very few surgical procedures may additionally want to be postponed or rescheduled.

China lung cancer market is expected to witness significant growth due to the rise in prevalence of lung cancer and increase in demand for early and accurate diagnosis

By Country, Lung cancers screening market is break up into United States, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Netherlands, Switzerland, China, Japan, India, South Korea, Australia, Brazil, Argentina, Saudi Arabia, U.A.E, South Africa and Rest of the World. China has emerged as a dominant market in the global lung cancers screening market due to its amplified recognition of the advantages associated with early-stage lung cancer screening. With a large populace, China's huge reach enables a wider variety of screenings, raising huge revenue possibilities. Leveraging superior screening technologies and progressive devices, the nation has fortified its role by presenting accurate diagnostics. This dominance stems from heightened focus campaigns that spotlight the advantages of early-degree screening, fostering a proactive method to healthcare. Government assist and innovative guidelines have catalyzed this growth, nurturing an environment conducive to scientific innovation and infrastructure development. China's ascendancy underscores its pivotal function in reshaping the panorama of lung cancer screening, sponsored via a strong confluence of technology, cognizance, and strategic healthcare initiatives.

Key Players

Some important players operating in the lung cancers screening market report are lluminaInc, Abbott Laboratories, Thermo Fisher Scientific Inc, QIAGEN N.V., Roche Holding AG and Medtronic percent. 

In June 2022, Royal Philips teamed up with Biodesix, Inc. to include the results of Biodesix’s Nodify Lung blood-based totally lung nodule danger evaluation trying out into Philips Lung Cancer Orchestrator lung cancer affected person management machine.

In August 2022, Intelerad Medical Systems acquired PenRad Technologies, Inc., a software company for boosting breast imaging and lung screening productiveness. The acquisition has elevated Intelerad’s product offerings for mammography and lung analytics, optimizing workflow for radiologists and boosting patient fitness outcomes.

Cancer Type – Market has been covered from 2 viewpoints:

1.    Non-Small-cell Lung Cancer Diagnostics
2.    Small-cell Lung Cancer Diagnostics

End-User – Market has been covered from 4 viewpoints:

1.    Hospitals & Clinics
2.    Diagnostic Centers
3.    Research Institute
4.    Others

Countries – Market has been covered from 21 viewpoints:

1    North America

1.1    United States
1.2    Canada
1.3    Mexico

2    Europe

2.1    Germany
2.2    United Kingdom
2.3    France
2.4    Italy
2.5    Spain
2.6    Netherlands
2.7    Switzerland

3    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Australia

4    South America

4.1    Brazil
4.2    Argentina

5    Middle East & Africa

5.1    Saudi Arabia
5.2    U.A.E
5.3    South Africa

6    Rest of the World

Company Insights:

•    Overviews
•    Recent Development
•    Revenue

Company Analysis:

1.    llumina, Inc.
2.    Abbott Laboratories
3.    Thermo Fisher Scientific, Inc
4.    QIAGEN N.V.
5.    Roche Holding AG.
6.    Medtronic plc

Report Details: