The global lung cancer diagnostics and screening sector is steadily growing, and at its current trajectory, will be worth over 57 per cent more than it is currently before the end of the decade.
The Business Research Company, a multinational market analytics firm, highlighted this finding in a recent report. It has offices in Britain, India and the United States.
The market researcher anticipates 9.6 per cent compound annual growth and a US$3.7-billion-dollar valuation for the industry by 2029.
“The growth in the forecast period can be attributed to increasing incidence of lung cancer, growing emphasis on early detection, expansion of high-risk screening programs, shift towards personalized medicine, government initiatives and funding,” the firm specified.
Approximately 1.8 million people die from this terrible disease every year. Smoking is the primary cause, but radon gas inhalation, air pollution and exposure to chemicals are also significant contributing factors.
One of the worst things about this type of cancer is those who have developed the disease are often asymptomatic in its early stages. This leads to declining life expectancy once it gets detected later down the road after spreading throughout the lungs.
Read more: Breath Diagnostics now offering a compelling investment opportunity
Investments in new screening tools are helping propel the market
Thankfully, new tests are continually being developed to lessen the workload of radiologists running low-dose CT scan machines. Highly accurate blood biopsies are being utilized, and less invasive measures like urine tests, phlegm analysis systems and breath examination tools are attracting more attention in the healthcare sector.
“Major companies operating in the lung cancer diagnostic and screening market are developing technologies such as lung cancer tests to enhance early detection, improve diagnostic accuracy, and facilitate personalized treatment approaches for patients at high risk of developing the disease,” The Business Research Company said.
But, major companies operating in the lung cancer field like AstraZeneca plc (NASDAQ: AZN), Roche Holdings AG Basel ADR Common Stock (OTCMKTS: RHHBY) and Bristol-Myers Squibb Co (NYSE: BMY) (FRA: BRM) are not the only ones pioneering new screening options.
Smaller medical tech developers like Breath Diagnostics have also been making their mark on the industry. This company, founded by professors from the University of Louisville and a Michigan chest surgeon 10 years ago, has created a highly efficacious breath test for detecting the disease.
Breath Diagnostics is currently offering investors the opportunity to buy shares at US$3 apiece through a Regulation CF (crowdfunding) financing. The company’s OneBreath testing system and other emerging screening modalities could become serious revenue generators in the coming years.
“Major trends in the forecast period include emergence of novel screening modalities, advancements in biomarker testing, integration of artificial intelligence, rise in liquid biopsy adoption, focus on early stage detection, and expansion of low-dose CT screening programs,” the firm explained.
Read more: Breath Diagnostics gives the public the chance to join the fight against cancer
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