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.
This upcoming report on the lung cancer diagnostics market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research of the COVID-19 pandemic impact on lung cancer diagnostics market. The segmental study enables an individual to thoroughly understand the deep packet inspection market
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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.
- Roche Diagnostics recently launched a non-small-cell lung carcinoma diagnostic kit to enhance the quality of lung cancer screening
- Recently, new research was conducted on the development of an electric nose for lung cancer diagnosis. It identifies chemicals in a patient’s body through breath and predicts whether s/he will respond to immunotherapy or not
- A new technology developed by scientists at MIT’s Koch Institute enables lung cancer detection through a urine test
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.
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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The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note:Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.