The global lung cancer screening market size was USD 2.61 billion in 2020. The market is projected to grow from USD 2.80 billion in 2021 to USD 4.85 billion in 2028 at a CAGR of 8.1% in the 2021-2028 period.
According to our analysts, lung cancer is one of the principal categories of cancers. It is activated by the unrepressed growth of cells in the lungs. The occurrence of this type of cancer is precisely connected with the ingestion of tobacco. In majority of lung cancer conditions, tobacco consumption is the prime reason for its occurance.
The market is flourishing owing to the rising smoking populace, technological progressions in cancer screening, and surging government backing for the early detection of this type of cancer. This is expected to stimulate the lung cancer screening market growth during the forecast period.
Key Industry Development:
May 2020: Fujifilm broadcasted that the Artificial Intelligence (AI)-based lung nodule discovery technology of the company has been granted the sanction for its usage in Japan.
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Drivers and Restraints
Technological Developments in Lung Cancer Screening to Sustain Market Growth
Significant players in the clinical equipment industry are involved in the expansion of advanced products. The lung cancer screening and diagnosis segment is experiencing important technological advancements to satisfy the unfulfilled requirements of patients and consumers. Chief players are functioning in the market alongside the research-based start-ups that are in quest of finance for research and medical analysis of screenings solutions. The rising occurrence of cancer cases are accountable for encouraging market players to improve resourceful and cost-effective analytical and screening devices.
For example, in September 2020, researchers from the University of Otago directed a research study on the identification of lung cancer by the usage of low dose computerized tomography (LDCT). The study, which made use of methodical demonstration to evaluate the profits of low cast LDCT screening that was circulated in BMJ Open clinical journal.
On the basis of cancer type, the market is divided into Non-Small Cell Lung Cancer (NSCLC) and small cell lung cancer. The NSCLC segment produced the maximum revenue across the globe, directed by the surging consciousness about lung cancer screening in established as well as emerging countries pooled with the rising cases of NSCLC across the world.
By application, the market is segregated into low-dose spiral CT scans and chest X-rays. On the basis of end-user, the market is further classified into hospitals & clinics and diagnostic centers. In terms of geography, the market is branched into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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We have executed a unique research approach that includes statistics triangulation based on the celebrated bottom-up and top-down approaches. Our researchers have lead thorough principal research to validate the estimated size of the lung cancer screening industry. The data operated to portray the shares for multiple segments at the national, regional, and global levels is extracted from all-inclusive interviews with numerous investors. Our analysts have also achieved information from professional records, industry journals, SEC filings, and many other comparable resources.
Strong Distribution Network and Robust Portfolio Assist Key Players to Top Global Market
The global market is merged with key players, comprising General Electric Company, Koninklijke Philips N.V., Siemens Medical Solutions, and Canon Medical Systems Corporation. These companies hold a substantial share in the market. The supremacy of these corporations is ascribed to the strong distribution network, robust product collection of screening devices, unions and acquisitions, and launches of new products in the market.
List of Key Players Covered in this Market Report
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Siemens Healthineers AG (Munich, Germany)
- Canon Medical Systems Corporation (Tochigi, Japan)
- GE Healthcare (Chicago, U.S.)
- FUJIFILM Holdings Corporation (Tokyo, Japan)
- Medtronic (Dublin, Ireland)
- Nuance Communications, Inc. (Burlington, U.S.)
- Eon (Denver, U.S.)
- PenRad Technologies, Inc. (Minnesota, U.S.)
- Volpara Solutions Limited. (Wellington, New Zealand)
- Other Prominent Players
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Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Sleep Apnea, By Key Country/ Regions, 2020
- Technological Advancements in Sleep Apnea Devices
- Key Industry Developments – Mergers, Acquisition, and Partnerships
- Impact of COVID-19 on the Market
- Global Sleep Apnea Devices Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Therapeutic Devices
- Diagnostic Devices
- Market Analysis, Insights and Forecast – By End User
- Sleep Laboratories & Clinics
- Homecare & Other Settings
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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