Lung Cancer Market - By Diagnostics & Therapy (Diagnostics, Therapy), By Indication, (Non-small cell lung cancer, Small cell lung cancer), By End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics) & Forecast, 2023-2032

Lung Cancer Market Size

Lung Cancer Market size was valued at over USD 29.5 billion in 2022 and is projected to exhibit significant growth at more than 11% CAGR through 2032 owing to the growing number of initiatives undertaken by public & private organizations to raise awareness about the disease.
 

Major investments by key players in R&D for technological advancement of innovative medical devices for the early detection and treatment of lung cancer are expected to fuel lung cancer market expansion. Additionally, numerous innovations in cancer detection and treatment are projected to drive market development. For instance, in June 2022, Royal Philips, a health technology company, collaborated with Biodesix, Inc., a data-driven diagnostic solutions provider to incorporate the outcomes of Biodesix's Nodify Lung® lung nodule risk assessment testing into the Lung Cancer Orchestrator patient management system by Philips.
 

Lack of well-skilled and trained oncologists and radiologists to impede market development

Automation and technological improvements in cancer testing have improved the need for competent medical experts for lung cancer operations. Hence, the lack of qualified oncologists and radiologists is hampering market statistics for lung cancer treatments. For instance, the Association of American Medical Colleges (AAMC) forecasts that by 2033, there will be a shortfall of 17,000 to 42,000 radiologists and pathologists in the U.S. However, increasing government efforts to promote oncology as a career is foreseen to positively influence the market value.
 

Lung Cancer Market Analysis

The diagnostics segment of the lung cancer market was valued at over USD 14 billion in 2022. The rising prevalence of cancer, along with the growing focus of major players on finding innovative solutions for early diagnosis and treatment of lung cancer, is likely to accelerate industry landscape.

By indication, the lung cancer market is segmented into non-small cell lung cancer and small cell lung cancer. The small cell lung cancer segment is estimated to expand at more than 10.5% CAGR through 2032 on account of the increasing usage of smoke-related goods, including tobacco and e-cigarettes, among others. The National Youth Tobacco Survey estimates that in 2022, around 2.5 million teenagers smoked e-cigarettes. Additionally, the increasing use of bronchoscopy and transthoracic needle aspiration (TTNA) for diagnosis is anticipated to fuel market outlook.
 

As per end-use, the lung cancer market is classified into hospitals, diagnostic imaging centers, diagnostic laboratories, academia, specialty clinics, and others. The diagnostic imaging centers segment is expected to reach a valuation of over USD 5.5 billion by 2032. The widespread use of imaging techniques as an essential element for the diagnosis of cancer, coupled with the availability of technologically improved diagnostic equipment at diagnostic imaging facilities, is projected to drive segment expansion.
 

According to the report, the Europe lung cancer market is expected to surpass USD 17 billion by 2032. Widespread adoption of technologically advanced cancer diagnostic techniques and treatment, the presence of various industry players, and favorable government initiatives, are expected to fuel the regional business revenue. To cite an instance, Europe initiated the Beating Cancer Plan in February 2021, committing the European Commission to make a proposal by 2022 to revise the Council Recommendation on cancer screening to ensure that it reflects the most recent available scientific information, particularly listing lung cancer as one of the illnesses to be examined.
 

Lung Cancer Market Share

• F. Hoffmann-La Roche
• Thermo Fischer Scientific
• Janssen Pharmaceuticals
• Sanofi
• Pfizer, Inc.
• Qiagen
• Quest Diagnostics

 are some of the prominent enterprises in the lung cancer industry. The market is set to witness technological developments and product line extensions by industry participants to stay ahead in the competitive landscape. In December 2022, insight solutions provider QIAGEN N.V. broadened its product portfolio and client base by releasing a Tissue Companion Diagnostic. The FDA-approved assay is devised to Identify the KRAS G12C mutation in NSCLC Tumors, aiding the detection of non-small cell lung cancer (NSCLC).
 

Impact of COVID-19 pandemic

The COVID-19 outbreak had a negative influence on every element of oncology care and research since screening and cancer care services were considered to be relatively low-priority services in many countries globally. Moreover, cancer patients were at a higher risk of contracting the coronavirus infection, which raised more health concerns. The supply chain for pharmaceutical products and ingredients was significantly disrupted due to restrictions on the movement of people and goods enacted by public and commercial agencies. However, the declining cases have been helping the industry regain its pre-COVID momentum.
 

The lung cancer market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Diagnostics & Therapy

• Diagnostics
  • Bronchoscopy
  • TTNA
  • Imaging
  • Tumor Biomarker Test
  • In Situ Hybridization
  • Others
• Therapy
  • Non-invasive
    • Immunotherapy
    • Targeted therapy
    • Others
  • Minimally invasive
    • Radiofrequency ablation
    • Microwave ablation
    • Thermal/cryoablation
    • Others

By Indication

• Non-small cell lung cancer
• Small cell lung cancer

By End-use

• Hospitals
• Diagnostic laboratories
• Diagnostic imaging centers
• Academia
• Specialty clinics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE