Lung Cancer Diagnostics Market- Dependency on Leading Market Players Promise Rising Growth, details Fact.MR study

Growth of the global lung cancer diagnostics market is mainly attributed to surging developments in the lung cancer-specific biomarkers. Diagnostic tools, such as these, will facilitate personalized treatment approach for lung malignancies. Numerous biomarkers are in the research pipeline. Epigenomics AG has launched a new test which is based on blood by utilizing DNA methylation biomarkers, and their developments are in process. Initial results of these tests have guaranteed early diagnosis of lung cancer. These incidences are most likely to increase demand for diagnosis of lung cancer across the globe.

Several awareness programs related to lung cancer and its symptoms are being taken by the private as well as government authorities for enhancing the diagnosis as well as screening rates of patients with high risks of lung malignancies. In the United Kingdom, November has been considered as lung cancer awareness month, and Roy Castle Lung Cancer Foundation has been supporting the initiative. These kinds of initiatives will fuel demand for diagnosis of lung cancer, which in turn will propel growth of the market.

Increasing Awareness Programs for Lung Cancer to Drive Growth of the Market
A number of awareness programs associated with lung cancer and its related symptoms have been initiated in order to enhance the diagnosis and screening rates of individuals with high risks of developing lung malignancies. For example – In the United Kingdom, November is considered to be the lung cancer awareness month, and is supported by Roy Castle Lung Cancer Foundation. Such initiatives help in raising awareness about early detection and diagnosis of lung cancer.

CA tests will continue to be the most lucrative tests for lung cancer diagnostics in the market. Revenue from CA tests will account for US$ 889.3 Mn by 2022-end. Angiogenesis inhibitor is expected to witness the fastest expansion among test type in the market, followed by HER 2 tests. Revenue from ALK tests for lung cancer diagnostics will continue to remain low in the market.

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Hospital-associated Labs to Remain the Most Lucrative End-Users of Lung Cancer Diagnostics
Hospital-associated labs will remain the most lucrative end-users of lung cancer diagnostics in the global market, with revenues estimated to reach nearly US$ 1,500 Mn by 2022-end. Cancer research institutes will continue to exhibit the fastest expansion in the global lung cancer diagnostics market, followed by independent diagnostic laboratories. In addition, independent diagnostic laboratories are expected to be the second largest end-users of lung cancer diagnostics throughout the forecast period.
On the basis of indication, although non-small cell lung cancer is expected to remain sought-after in the market, small cell-lung cancer is expected to exhibit the fastest expansion through 2022. Revenue from non-small cell lung cancer is expected to remain largest during the forecast period. In contrast, revenue from small cell lung cancer will continue to be low in the global lung cancer diagnostics market.

Competition Tracking
Novel product launches for lung cancer diagnostics is a key strategy adopted by leading players in the global market, in order to increase their product portfolio. Fact.MR’s report profiles key market players, which include Illumina, Inc., Abbott Laboratories, Thermo Fischer Scientific, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, NeoGenomics Laboratories, Inc., NanoString Technologies, Inc., Myriad Genetics, Inc., Roche Holding AG, and Danaher Corporation.