According to a recent report by Fact.MR, the global lung cancer diagnostics market is anticipated to register 7.3% CAGR throughout the forecast period 2017 to 2024.
Growth of the global lung cancer diagnostics market is mainly attributed to surging developments in the lung cancer-specific biomarkers. Diagnostic tools, such as these, will facilitate personalized treatment approach for lung malignancies. Numerous biomarkers are in the research pipeline. Epigenomics AG has launched a new test which is based on blood by utilizing DNA methylation biomarkers, and their developments are in process. Initial results of these tests have guaranteed early diagnosis of lung cancer. These incidences are most likely to increase demand for diagnosis of lung cancer across the globe.
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Several awareness programs related to lung cancer and its symptoms are being taken by the private as well as government authorities for enhancing the diagnosis as well as screening rates of patients with high risks of lung malignancies. In the United Kingdom, November has been considered as lung cancer awareness month, and Roy Castle Lung Cancer Foundation has been supporting the initiative. These kinds of initiatives will fuel demand for diagnosis of lung cancer, which in turn will propel growth of the market.
10 Key Takeaways from Fact.MR’s Report on the Global Lung Cancer Diagnostics Market
- North America is expected to remain dominant in the global lung cancer diagnostics market, with revenues expected to surpass US$ 1,000 Mn by 2024-end.
- Europe will continue to be the second most lucrative region for growth of the market, expanding at a high single-digit CAGR through 2024.
- CA tests will remain the largest adopted tests for diagnosis of lung cancer. Revenue from CA tests is expected to reach US$ 889.3 Mn by the end of 2024.
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- Angiogenesis inhibitor tests will exhibit the fastest expansion in the global market for lung cancer diagnostics, followed by HER 2 tests. However, revenue from ALK tests to diagnose lung cancer is estimated to be low in the market throughout the forecast period.
- Hospital-associated labs are expected to remain the most lucrative among end-users in the global lung cancer diagnostics market.
- Cancer research institutes are expected to register the fastest growth in the global market for lung cancer diagnostics.
- Independent diagnostic laboratories are expected to be the second largest end-users of lung cancer diagnostics throughout the forecast period.
- Based on indication, even though non-small cell lung cancer will remain sought-after, small cell-lung cancer will exhibit the fastest growth through 2024. Non-small cell lung cancer will continue to account for the largest revenues during the forecast period.
- Revenue from small cell lung cancer will continue to be low in the global lung cancer diagnostics market.
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Key market players included in Fact.MR’s report are Illumina, Inc., Thermo Fischer Scientific, Inc., Quest Diagnostics Incorporated, NanoString Technologies, Inc., Myriad Genetics, Inc., Roche Holding AG, Abbott Laboratories, QIAGEN N.V., NeoGenomics Laboratories, Inc., and Danaher Corporation.
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