Lung Cancer Diagnostics Market to Witness Healthy CAGR of 14.2% by 2030, Size, Share, Trends, Opportunities, Key Growth Drivers and Future Outlook
NEW YORK, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research completed a qualitative study titled "Lung Cancer Diagnostics Market" with 100+ market data tables, pie charts, graphs, and figures spread across Pages and an easy-to-grasp full analysis. The data, information, statistics, facts, and figures covered in the Lung Cancer Diagnostics report lend a hand to the Lung Cancer Diagnostics industry in maximizing or minimizing the production of goods depending on the conditions of demand. The estimations of CAGR values are quite significant which aids businesses to decide upon the investment value over the time period. Unsurpassed and well-established tools and techniques such as SWOT analysis and Porter's Five Forces analysis have been used in the whole report for the purpose of forecasting, analysis, and estimations. Thus, the transparent, consistent, and extensive market information of the Lung Cancer Diagnostics report will definitely develop the business and perk up return on investment (ROI).
The Lung Cancer Diagnostics market report comprises of data that can be pretty indispensable when it is about dominating the market or making a mark in the market as the latest emergent. The Lung Cancer Diagnostics report studies and evaluates market drivers, market restraints, challenges, opportunities, and key developments in the market. It also includes strategic profiling of top players in the market, wide-ranging analysis of their core competencies, and their strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions that are applicable to the businesses. The Lung Cancer Diagnostics market research report consists of a systematic and comprehensive market research study that provides facts and figures in the field of marketing.
The global lung cancer diagnostics market is supportive and aims to reduce the progression of the disease. Data Bridge Market Research analyses that the global lung cancer diagnostics market will grow at a CAGR of 14.2% during the forecast period of 2023 to 2030.
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Market Definition:
Cancer begins in the lungs and most often occurs in people who smoke. Two major types of lung cancer are non-small cell lung cancer and small cell lung cancer. Causes of lung cancer include smoking, second-hand smoke, exposure to certain toxins, and family history.
Symptoms include a cough (often with blood), chest pain, wheezing, and weight loss. These symptoms often don't appear until the cancer is advanced. Treatments vary but may include surgery, chemotherapy, radiation therapy, targeted drug therapy, and immunotherapy.
The lung cancer diagnostics market is expected to grow in the forecast year due to the rise in market players and the availability of advanced services. Along with this, manufacturers are engaged in R&D activity for launching novel services in the market. Increasing lung cancer diagnosis and development research is further projected to boost the market growth. However, difficulties in lung cancer screening techniques might hamper the growth of the global lung cancer diagnostics market in the forecast period.
Increasing healthcare expenditure on cancer diagnosis and treatment is expected to give opportunities to the market to enhance the treatment. However, the high cost of testing and strict regulations and standards for the approval and commercialization of cancer diagnostic products may challenge market growth.
Fundamental Aim of Lung Cancer Diagnostics Market Report
In the Lung Cancer Diagnostics Industry, every company has goals, but this report focuses on the most important ones, allowing you to gain insight into the competition, the future of the market, potential new products, and other useful information that can boost your sales significantly.
- Major alterations to the Lung Cancer Diagnostics Market in the near future.
- Notable Market rivals around the world.
- The Lung Cancer Diagnostics Market's Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
- Sales data and profiles of the world's leading Lung Cancer Diagnostics manufacturers
The Lung Cancer Diagnostics Market is Dominated by Firms Such as
- F. Hoffmann-La Roche Ltd.,
- Thermo Fisher Scientific Inc.,
- Quest Diagnostics Incorporated,
- Amoy Diagnostics Co., Ltd.,
- Bio-Rad Laboratories, Inc.,
- Exact Sciences UK, Ltd. (a subsidiary of Exact Science Corporation),
- NeoGenomics Laboratories,
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Recent Developments
- In October 2022, Quest Diagnostics announced a new chapter of the partnership with Decode Health. This partnership has aided the business in decreasing the time and expense involved in creating fresh diagnostic tests and finding new medication targets for various cancers and increased the company's global presence
- In August 2022, F. Hoffmann-La Roche Ltd. announced the launch of a Digital LightCycler System, a next-generation digital PCR system that helps clinical researchers better understand the nature of a patient's cancer, genetic disease, or infection. This system is designed for laboratories performing highly sensitive and precise DNA and RNA analysis in oncology and infectious diseases
Radical conclusions of the report:
- Industry overview with a futuristic perspective
- Analysis of production costs and analysis of the industrial chain
- Benchmarking the competitive landscape
- Market growth trends; current and emerging
- Technological developments and products
- Comprehensive coverage of market factors, restraints, opportunities, threats, limitations, and outlook for the Market
- SWOT Analysis, Porter's Five Forces Analysis, Feasibility Analysis, and ROI Analysis
Key Market Segments Covered in Lung Cancer Diagnostics Industry Research
By Product Type
- Consumables & Accessories
By Test Type
By Cancer Type
By End User
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
By Distribution Channel
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Key Growth Drivers:
- Increasing early diagnosis of lungs cancer
Machine learning could revolutionize early cancer diagnosis, which trains computers to see patterns in complex data. Tools include assessments of common health data, medical imaging, biopsy samples, and blood tests to help in early diagnosis and risk stratification. In many tumor types, the likelihood of undergoing successful therapy increases with an early cancer diagnosis. One important strategy is to assess patients at risk who do not exhibit symptoms and respond quickly and appropriately to those who do.
The likelihood of successfully treating cancer is considerably increased by early identification. The two elements of early cancer detection are screening and early diagnosis (or downstaging). While screening consists of evaluating healthy individuals to find those who have cancer before any symptoms occur, early diagnosis focuses on identifying symptomatic patients as early as feasible.
- Detection of early-stage cancers often limited by high false positives and poor sensitivity
The creation of non-invasive tests that can quickly and reliably identify whether and where in the body a person has early-stage cancer is one of the most promising areas of cancer prevention research. And not just one cancer but a variety of cancers. On this front, significant advancements have been made in recent years. Several multi-cancer early detection (MCED) tests are currently under development, and they are designed to screen for multiple cancer types in otherwise healthy individuals simultaneously. However, detecting early-stage cancer is a challenge as it comes with many barriers, such as high false positives or poor sensitivity. Many cases of poor diagnostics sensitivity lead to a patient's life at risk. The high false positives are also one of the causes of cancer advancing to late stages or advanced stages.
- The rise in healthcare expenditure for cancer diagnosis and treatment
Across the globe, research and development activities are escalating owing to the public health expenditure with economic performances. Whereas the healthcare industry ranks second among all industries when it comes to the amount spent on healthcare. Rising healthcare expenditure can result in better provision of research and development opportunities. It is anticipated to increase the demand for lung cancer diagnostics. Increasing the healthcare expenditure for cancer treatment also helps the patient take hassle-free advanced diagnostics and treatment for fast recovery. The spending on healthcare is made up of the combination of out-of-pocket payments (people paying for their care), government expenditure, and sources. It also includes health insurance and activities by non-governmental organizations. This increasing healthcare expenditure for cancer treatment is an opportunity to grow the market's demand.
Lung Cancer Diagnostics Market Regional Analysis/Insights:
Some countries covered in the lung cancer diagnostics market report are the U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, New Zealand, Taiwan and Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Oman, Bahrain, Qatar, Kuwait and Rest of Middle East and Africa.
The U.S. is expected to dominate in the North American region due to exponential awareness of cancer diagnostics and consultancy services. Germany is expected to dominate the Europe lung cancer diagnostics market due to increasing technology and reliability of healthcare services, which also deliver infotainment services. Due to the rise in chronic diseases with the growing integration of healthcare data with portable devices.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Lung Cancer Diagnostics Market: Regulations
- Market Overview
- Global Lung Cancer Diagnostics Market, By Product Type
- Global Lung Cancer Diagnostics Market, By Test Type
- Global Lung Cancer Diagnostics Market, By Cancer Type
- Global Lung Cancer Diagnostics Market, By End User
- Global Lung Cancer Diagnostics Market, By Distribution Channel
- Global Lung Cancer Diagnostics Market, By Region
- Global Lung Cancer Diagnostics Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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