Lung Cancer Diagnostics Market Outlook to Exceed US$34.8 Bn by 2034, Driven by Rising Incidence and Technological Breakthroughs – Latest Report by Transparency Market Research Inc.

Global Lung Cancer Diagnostics Market Set for Robust Growth at a CAGR of 7.9% Amid Increasing Incidence and Advancements in Non-invasive Testing

The global lung cancer diagnostics market, valued at approximately US$15.1 billion in 2023, is projected to grow at a CAGR of 7.9% from 2024 to 2034, surpassing US$34.8 billion by the end of the forecast period.

As lung cancer remains the leading cause of cancer-related deaths worldwide—with over 1.7 million fatalities each year—early and accurate diagnosis is critical. The surge in lung cancer incidence, especially in developing countries, coupled with heightened awareness regarding early detection, is fueling market expansion. Moreover, technological advancements, such as non-invasive diagnostic methods and the discovery of novel biomarkers, are creating lucrative opportunities for market players despite challenges posed by high testing costs and the availability of alternative diagnostic solutions.

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Analysts’ Viewpoint: Advancing Early Detection and Precision Treatment

The increasing incidence of lung cancer, driven by factors such as tobacco use, air pollution, and radon exposure, has intensified the demand for advanced diagnostics. In 2023, more than 2 million new cases were reported globally. In the U.S. alone, approximately 654,620 individuals were diagnosed with lung cancer—of which nearly 20% were non-smokers. The urgent need for early detection has spurred investment in innovative diagnostic technologies, including liquid biopsies and advanced imaging systems.

Recent breakthroughs such as DELFI Diagnostics’ FirstLook Lung blood test and Biofidelity’s ASPYRE-Lung RUO reagent have significantly improved diagnostic accuracy, reduced invasiveness, and cut down the time required to deliver results. However, the high cost of advanced diagnostic tests and the emergence of more accessible alternative methods remain as key restraints.

Market Introduction

Lung cancer, affecting the cells lining the air passages, is primarily classified into non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). Early detection is pivotal to increasing survival rates and improving treatment outcomes. Conventional diagnostic methods include chest X-rays, CT scans, PET scans, biopsies, and blood tests, while recent technological advancements have introduced non-invasive and liquid biopsy techniques. These innovations not only enhance diagnostic accuracy but also facilitate timely interventions with treatments ranging from surgery and radiation therapy to targeted therapies.

Key Market Drivers

• Rise in Incidence of Lung Cancer
  Persistent tobacco use, environmental pollutants, and increased exposure to radon have led to a significant rise in lung cancer cases worldwide. According to the World Cancer Research Fund International, over 2 million new cases were reported in 2022, making lung cancer the most common cancer globally.
• Technological Advancements in Diagnostics
  Innovations in imaging, molecular diagnostics, and liquid biopsy techniques are revolutionizing lung cancer detection. Non-invasive methods, improved biomarker discovery, and AI-powered diagnostic tools are enhancing early detection, thus driving market growth.

Regional Outlook

North America is expected to maintain the largest share of the lung cancer diagnostics market from 2024 to 2034. Advanced technologies such as robotic-assisted bronchoscopy and AI-integrated digital pathology are improving diagnostic precision and efficiency. For example, in July 2021, the USA Health Mitchell Cancer Institute adopted the Auris Health Monarch robotic system, enabling physicians to access hard-to-reach lung nodules with greater accuracy. Government initiatives and public awareness campaigns in the U.S. and Canada further bolster market expansion in the region.

Analysis of Key Players

The global lung cancer diagnostics market is highly fragmented, with leading players engaging in strategic partnerships and continuous R&D to enhance their diagnostic portfolios. Key participants include:

• Abbott
• Bio-Rad Laboratories, Inc.
• Siemens Healthcare
• GE Healthcare
• Amoy Diagnostics Co.
• Boditech Med, Inc.
• Danaher
• F Hoffmann-La Roche
• INOVIQ
• MedGenome
• Quest Diagnostics Incorporated
• DiaSorin S.p.A.
• Oncocyte Corporation
• QIAGEN
• Thermo Fisher Scientific, Inc.
• NanoString Technologies
• Biodesix

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Key Developments

• September 2024: Roche expanded its digital pathology open environment by integrating over 20 advanced AI algorithms from eight new collaborators via its navify Digital Pathology enterprise software. This strategic move aims to enhance pathology insights and drive precision medicine.
• July 2021: The USA Health Mitchell Cancer Institute began offering advanced lung cancer diagnostics using the Auris Health Monarch robotic system, significantly improving the accuracy of biopsies for hard-to-reach lung nodules.
• November 2022: Bio-Rad Laboratories, Inc. and NuProbe USA entered a licensing agreement to develop multiplexed digital PCR assays, aiming to boost mutation detection sensitivity for enhanced disease monitoring and therapy selection.

Market Segmentation

By Diagnostic Test Type:

• Biopsy: Needle biopsy, transbronchial biopsy, thoracoscopic biopsy, liquid biopsy, circulating tumor cells (CTCs), circulating tumor DNA (ctDNA), cell-free RNA (cfRNA), exosomes, proteomic analysis, and others.
• Imaging Tests: Magnetic Resonance Imaging (MRI), Computed Tomography (CT) scan, Positron Emission Tomography (PET), chest ultrasound, chest X-ray, and other imaging modalities.
• Molecular Testing: Sputum cytology, pulmonary function tests, and other relevant assays.

By Product Type:

• Instruments
• Consumables

By Cancer Type:

• Non-small cell lung cancer (NSCLC)
• Small cell lung cancer (SCLC)

By End-user:

• Hospitals
• Clinics
• Diagnostic & Imaging Centers
• Cancer Research Institutes

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Frequently Asked Questions

• How big was the global lung cancer diagnostics market in 2023?
  It was valued at US$15.1 billion in 2023.
• What is the forecast market value by 2034?
  The market is projected to exceed US$34.8 billion by the end of 2034.
• What is the anticipated CAGR during the forecast period?
  The market is expected to grow at a CAGR of 7.9% from 2024 to 2034.
• What are the key factors driving the market?
  Key drivers include the rising incidence of lung cancer, advancements in diagnostic technologies, and increased public awareness regarding early detection.
• Which region is expected to account for the largest market share?
  North America is expected to dominate the market throughout the forecast period.
• Who are the prominent lung cancer diagnostics providers?
  Leading providers include Abbott, Bio-Rad Laboratories, Inc., Siemens Healthcare, GE Healthcare, Amoy Diagnostics Co., Boditech Med, Inc., Danaher, F Hoffmann-La Roche, INOVIQ, MedGenome, Quest Diagnostics Incorporated, DiaSorin S.p.A., Oncocyte Corporation, QIAGEN, Thermo Fisher Scientific, Inc., NanoString Technologies, and Biodesix.

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