Lung Cancer Market Analysis

Lung Cancer Market Analysis

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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.