Lung Cancer
Diagnostics Market: Overview
The lung
cancer diagnostics market expects to observe considerable growth during the
forecast period of 2019-2028. The growth is largely dependent on the rising
rate of tobacco consumption, especially smoking. According to the World Health
Organization (WHO), tobacco consumption kills at least 6 million people every
year. Tobacco, being the major cause of lung cancer may lead the lung cancer
diagnostics market toward growth. Other factors such as alcohol use,
infection-carrying agents such as human papilloma virus (HPV), pollution, and
occupational carcinogens also attribute to the increase in lung cancer
patients.
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Lung Cancer
Diagnostics Market: Competitive Analysis and Key Developments
The manufacturers in the lung cancer
diagnostics market consistently focus on research and development activities.
Being highly competitive, the lung cancer diagnostics market is characterized
by frequent technological innovations to improve the cancer diagnosis speed.
Furthermore, to strengthen the
footprint in the sector, collaborations, partnerships, joint ventures, mergers,
and acquisitions are a common norm in the lung cancer diagnostics market. Key
players involved in the lung cancer diagnostics market are bioMerieux, QIAGEN
N.V., Roche Diagnostics, and Illumina Inc.
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Lung Cancer
Diagnostics Market: Key Trends
The COVID-19 outbreak has put many
lives at risk. Over 20 million people are infected by the novel coronavirus.
Early detection is key to avoid the spread of SARS-CoV-2. A recent article in
Annals of Oncology recommended testing for patients having lung cancer, as they
are more at risk of infected with COVID-19. Therefore, this factor will boost
the growth of the lung cancer diagnostics market as more people will test for
early detection.
In addition, lung cancer testing
companies are also stepping in the COVID-19 testing process. For instance,
Biodesix Inc. has begun COVID-19 screenings through the ‘Droplet Digital PCR’
test. Biodesix uses Droplet Digital for lung cancer detection. It is in the
process of getting FDA approval. It has a capacity of 1000 tests per day.
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Lung Cancer
Diagnostics Market: Regional Analysis
The lung cancer diagnostics market is
spread through Asia Pacific, the Middle East and Africa, South America, North
America, and Europe. North America may prove to be a great growth multiplier
for the lung cancer diagnostics market owing to a large number of smokers in
the region. A rise in awareness programs and considerable government support
may further boost the growth prospects of the lung cancer diagnostics market.
Other regions are also expected to
show feasible growth in the forecast period, especially Asia Pacific and
Africa.According to the WHO, nearly 80 percent of smokers in the world live in
low- and middle-income countries. Asia Pacific and Africa consist mostly of low
and middle-income countries. Hence, these regions have tremendous growth potential
for the lung cancer diagnostics market.
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