Lung Cancer Market Size

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.

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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.