The lung cancer diagnostics market will witness 1.5X growth through 2022, according to a recent Fact.MR study. Prospects of the lung cancer diagnostics market continue to remain influenced by diverse factors ranging from developments in lung cancer-specific biomarkers to awareness programs taken by government and private authorities.
Exosomes have emerged as an effective diagnostic tool for lung cancer in the recent past, owing to their critical role in pathogenesis and potential clinical utility. The ability of exosomes to modulate the gene expression post-transcriptionally is another determinant for use of exosomes in lung cancer diagnostics.
Growth of the 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.
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.
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Key Takeaways from Fact.MR’s Report on the Global Lung Cancer Diagnostics Market
- North America will spearhead the lung cancer diagnostics market, with revenues expected to surpass US$ 1,000 Mn by 2022-end.
- Europe is also expected to remain a lucrative region for growth of the lung cancer diagnostics market, expanding at a high single-digit CAGR through 2022.
- CA tests remain preferred in the lung cancer diagnostics market. Revenue from CA tests is expected to reach US$ 889.3 Mn by the end of 2022.
- Angiogenesis inhibitor tests will record fastest revenue growth in the lung cancer diagnostics market, followed by HER 2 tests. However, revenue growth of ALK tests in lung cancer diagnostics is estimated to be low through 2022.
- 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 lung cancer diagnostics market.
- 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 2022. 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.
- 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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