Extensive cancer research leading to upsurge in lung cancer screening market

According to the deep-dive market assessment study conducted by Growth+ Reports, the global lung cancer screening market was pegged at ~US$ 2.65 billion in 2021. The market is expected to witness a CAGR of ~7.7% from 2022 to 2030.
  
The global lung cancer screening market is driven mainly by the increasing prevalence of lung cancer across the globe. The increased number of smokers and passive smokers, aging population, exposure to harmful toxic gases, radon, asbestos as an occupational hazard, and air pollution all contribute to the development of lung cancer, in turn impacting the lung cancer screening market. Apart from this, the rising research and development in the cancer screening and diagnostics domain are also driving the market. Furthermore, the key strategy to expand the business globally by key players such as acquisition and mergers is also boosting the lung cancer screening market. Increased healthcare expenditure is also one of the driving factors.

 However, the high cost of imaging equipment, and lack of skilled radiologists especially in developing countries, and lack of awareness of screening are some of the major challenges for the market growth.

Lung cancer is the second most common cancer in the world. Millions of cases are reported every year globally. According to a paper published by the American Cancer Society Journal, Cancer statistics 2021, around 1.9 million individuals were diagnosed with lung cancer in the United States. Older persons are more likely to develop lung cancer. A very tiny percentage of lung cancer diagnoses occur in patients under the age of 45, with most patients being 65 or older. Additionally, the rising environmental pollution and occupational hazards are all contributing to boost the lung cancer screening market growth.

The rising attention on research and development of lung cancer diagnosis and screening test also plays a major role in market growth. For instance, in August 2022, the Alliance for Clinical Trials in Oncology announced the beginning of a Biobank study that aims to obtain a reference set of blood samples from newly diagnosed cancer patients and healthy individuals without cancer to include in a future study to assess the utility of early cancer detection blood tests.

Moreover, increasing adoption of inorganic growth strategies by market players such as collaborations and acquisitions is expected to boost the growth of the global lung cancer screening market in the near future. In July 2022, Roche collaborated with EarlySign to focus on using artificial intelligence tools in the early detection of lung cancer. EarlySign’s LungFlag technology uses machine learning to analyze demographic, medical, drug, and lab test data to screen patients for early-stage lung cancer. Using this technology, AI can help identify individuals who are at high risk of cancer. 

The lung cancer screening market is dominated by North America. High market penetration of technologically enhanced equipment, increasing patient awareness, and rising smoking rates in the region are all cited as contributing factors. Additionally, favorable reimbursement structures (particularly after the passage of the Affordable Care Act) and advanced healthcare systems are expected to increase the use of diagnostic tools in North America. Initiatives such as the American Lung Association's (ALA) quit smoking program and campaigns to raise awareness of the signs of lung cancer are expected to further drive expansion in the regional market. The presence of key players in this region is also driving the North America lung cancer screening market. 

In addition, the introduction of novel lung cancer diagnostic and screening tools is anticipated to significantly boost Asia Pacific lung cancer screening market growth. Growing cases of lung cancer are the major driver of this regional growth. However, inadequate healthcare infrastructure and the high cost of the diagnostic imaging system are the major challenges for the market growth in Asia Pacific region. 

Some of the prominent players operating in the global lung cancer screening market are, Qiagen N.V., Thermo Fisher Scientific Inc., Sanofi S.A., Agilent Technologies, Roche Diagnostics, and FUJIFILM Holdings Corporation, Medtronic plc, CANON MEDICAL SYSTEMS CORPORATION, Siemens Healthineers AG, and Koninklijke Philips N.V. among others.
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