In 2023, the Lung Cancer PCR Panel Market is expected to be worth US$ 513.9 million. The market is expected to reach US$ 1.1 billion by 2033, expanding at an 8.0% CAGR throughout the forecast period. Due to the rising incidence and prevalence of lung cancer worldwide, the market for lung cancer PCR panels is expanding. Lung cancer is one of the most frequent cancers and the major cause of cancer-related fatalities. The need for molecular diagnostics, such as PCR panels, has increased in order to help in early detection, accurate diagnosis, and personalized treatment options.
PCR panels for lung cancer are critical in directing targeted therapy and precision medicine. These panels assist identify patients who may benefit from targeted medicines or immunotherapies by identifying particular genetic abnormalities like as mutations in genes such as EGFR, ALK, ROS1, and others. The emergence of innovative targeted medicines has increased demand for molecular diagnostics such as PCR panels.
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The most prevalent kind of lung cancer is non-small cell lung cancer (NSCLC), which accounts for the vast majority of occurrences. PCR panels for lung cancer frequently focus on identifying NSCLC-specific mutations and genetic changes, since these markers might give useful information for prognosis and therapy decisions.
Several firms and diagnostic institutes are working together to produce and commercialize lung cancer PCR panels. These include both established and developing molecular diagnostics firms. Moreover, ongoing research and development activities aim to broaden the spectrum of genetic changes and mutations covered by PCR panels, increase detection technologies’ sensitivity and specificity, and optimize panel designs. The objective is to improve the clinical value of these panels and enable more accurate and complete lung cancer patient profiling.
Key Takeaways from the Lung Cancer PCR Panel Market:
- The lung cancer PCR panel industry in the United States is predicted to reach US$ 223.2 million by 2033, increasing at a 3.7% CAGR.
- The lung cancer PCR panel industry in the United Kingdom is estimated to reach a market size of US$ 29.2 million, expanding at a CAGR of 3.8% by 2033.
- During the forecast period, the lung cancer PCR panel industry in China is expected to reach a market value of US$ 36.5 million, securing a 6.4% CAGR.
- The lung cancer PCR panel industry in Japan is predicted to reach US$ 48.7 million by 2033, increasing at a 6.2% CAGR.
- South Korea’s lung cancer PCR panel industry is predicted to achieve a market share of US$ 6.5 million, rising at a 6.0% CAGR during the forecast period.
- With a CAGR of 8.4% from 2023 to 2033, the adenocarcinoma segment is expected to dominate the lung cancer PCR panel industry.
- With a CAGR of 7.3% from 2023 to 2033, the hospital is expected to dominate the lung cancer PCR panel industry.
How Does the Competition Look in the Lung Cancer PCR Panel Market?
The lung cancer PCR panel sector is a very competitive one, with large firms fighting for market share. Several significant participants in this industry comprise Amoy Diagnostics Co., Ltd., ATRiDA B.V., Diagnóstica Longwood, Paragon Genomics, Inc., EntroGen’s, Jiangsu Mole Bioscience Co., Ltd., Lepu Medical Technology (Beijing) Co.,Ltd. among other companies.
The major businesses are heavily spending in R&D efforts to create innovative and inventive goods with enhanced effectiveness, dependability, and affordability. They are also focusing on expanding their product line and strengthening their distribution methods in order to fulfil shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another’s strengths and expand their market influence.
Leading firms use consolidation and mergers to strengthen their market position and gain entry into new markets. The sector is expanding significantly in developing economies, particularly in India and China.
To boost their presence in these regions, major companies are expanding their distribution networks and building regional manufacturing sites. They are also concentrating on offering cost-effective solutions to customers in these markets in order to get a competitive advantage.
Segmentation Analysis of the Lung Cancer PCR Panel Market
By Application:
- Adenocarcinoma
- Squamous Cell Carcinoma (SCC)
- Large cell carcinoma
By End User:
- Hospitals
- Cancer Research Institutes
- Specialty Clinics
- Research & Educational Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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