Lung Cancer Screening Software Market Application,Trends, Demand, Size, Growth, Challenges and Competitive Outlook
The National Cancer Institute anticipates that about 228,150 new cases of lung cancer were recorded in the United States in 2019. According to the Lung Cancer Alliance, the 5-year survival rate for lung cancer has declined dramatically from stage 1 diagnosis (68%-92% survival) to stage 4 diagnosis (0%-10% survival). Around the world, a great number of clinical trials, studies, and demonstration projects are being done to assess the effectiveness of screening programs.
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Data Bridge Market Research analyzes that the Global Lung Cancer Screening Software Market, which valued USD 27,846.30 thousand in 2021 is expected to reach the value of USD 115,027.61 thousand by 2029, at a CAGR of 19.4% during the forecast period of 2022-2029. Increased lung cancer prevalence, increased public awareness about lung cancer, expanding government initiatives, and an increasing number of screening programs are some of the primary drivers driving the need for lung cancer screening software over the forecast period. Furthermore, improvements in artificial intelligence-based solutions, as well as strategic endeavors by leading market competitors, are opening up new prospects in the field of lung cancer screening software.
Rising number of patient screenings is expected to drive the market's growth rate
Many screening recommendations have been made, which aids program implementation. For example, the US Preventive Services Task Force (USPSTF) recommends annual LDCT in high-risk persons aged 55 to 80 years who smoke less than 30 packs per year and current or former smokers who quit within the last 15 years. This will positively affect the growth of the market and will bolster the growth in the upward direction.
The oncology centers segment will dominate the end user segment of the lung cancer screening software market
The oncology centers segment will emerge as the dominating segment end user segment. This is because of the growing number of hospitals in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
On the basis of distribution channel, the lung cancer screening software market is segmented into direct tenders, and third party distributor. In 2021, the direct tender segment dominated the lung cancer screening software market with 65.24% market share as most of the service providers purchase the devices from the manufacturers.
The direct tender segment will dominate the distribution channel segment of the lung cancer screening software market
The direct tender segment will emerge as the dominating segment under distribution channel with approximately 65.00% market share. This is because of the growing number of infrastructural development activities in the market, especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.
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