(I-BusinessNews.Com, April 29, 2021 ) Lung Cancer Screening Software Market size is estimated to reach $45.3 million by 2026, growing at a CAGR of 19.5% during the forecast period 2021-2026. Lung cancer screening is a process of detecting lung cancer with the usage of different technologies and software solutions. Lung cancer screening software helps in the management of patient’s participation in lung screening programs and also provides an efficient way for healthcare professionals to collect, curate, and transfer data to patients. This software also enables to identify cancer patients at risk and automates the flow of data with integrated electronic health records. Increase in the awareness about screening programs, growing number of studies and clinical trials for evaluating the effectiveness of cancer screening software, rise in the demand for screening with chest radiography and low dose computed tomography, and increase in the demand for cloud-based solutions are the factors that are set to drive the growth of the Lung Cancer Screening Software Market for the period 2021-2026.
Lung Cancer Screening Software Market Segment Analysis-By Mode of Delivery
The Lung Cancer Screening Software Market based on the Mode of Delivery can be further segmented into Cloud based Solutions, On-premise Solutions, and Web based Solutions. The Cloud based Solutions segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 20.3% over the period 2021-2026. This growth is owing to the increasing need for less infrastructure across the world. Cloud-based solutions offer greater security through leveraging industry-leading security standards, large encrypted server environments, and also provides greater access control within the cloud for minimizing information leaks, which is driving the growth of the Lung Cancer Screening Software Market. The Web based solutions segment held the second largest share in 2020 owing to the factors such as lower development costs, easy data sharing and collaboration, and easy installation and maintenance.
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Lung Cancer Screening Software Market Segment Analysis – By Application
The Lung Cancer Screening Software Market based on the Application can be further segmented into Non-small Cell Lung Cancer and Small Cell Lung Cancer. The Non-small Cell Lung Cancer segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 19.8% over the period 2021-2026. This growth is owing to the growing incidence of non-small cell lung cancer (SCLC) in the developed nations and rise in the demand for screening with chest radiography in the treatment of non-small cell lung cancer. The increase in the demand for innovative technologies in the treatment of non-small cell lung cancer is driving the growth of the Lung Cancer Screening Software Market. The Small Cell Lung Cancer segment held the second largest share in 2020 owing to the factors such as increase in longstanding tobacco smoking among the young population and growing exposure to secondhand smoke.
Lung Cancer Screening Software Market Segment Analysis – By Geography
North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the number of screening programs, growing adoption of software solutions for patient management, rise in the demand for screening with chest radiography, and the presence of large number of screening centers. The increase in the number of studies and clinical trials for evaluating the effectiveness of cancer screening software is driving the growth of the Lung Cancer Screening Software Market. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the increase in the awareness about screening programs, growing focus on improving healthcare infrastructure, and rise in the demand for screening with low dose computed tomography.
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Lung Cancer Screening Software Market Drivers
Rise in the Demand for Cloud based Solutions
Cloud based Solutions allow oncology centers to leverage a network of remotely accessible servers where they can store large volumes of data in a secure environment. Cloud-based solutions have made it easier for oncologists to collaboratively share a patient’s medical records. Health care organizations are increasingly adopting cloud-based solutions as a means of storing and protecting patients, which is driving the growth of the Lung Cancer Screening Software Market.
Increase in the Awareness about the Effectiveness of Lung Cancer Screening Programs
There is a rapid increase in the awareness about lung cancer screening programs owing to the effectiveness in the treatment of lung cancer. A number of clinical trials and demonstration projects are also being conducted across the globe to evaluate the effectiveness of lung cancer screening with chest radiography and low dose computed tomography, which is driving the growth of the market. Favorable government initiatives for successful implementation of screening programs are further propelling the growth of the market.
Lung Cancer Screening Software Market Challenges
Lack of Skilled Medical Personnel
The Lung cancer screening software helps in the management of patient’s participation in lung screening programs and also provides an efficient way for healthcare professionals to collect and transfer data to clinicians and patients. However, the lack of technically skilled professionals for cancer diagnosis is one of the major factors that is estimated to reduce the growth of the market.
Lung Cancer Screening Software Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Lung Cancer Screening Software Market. Key companies of this market are Koninklijke Philips, Siemens Healthineers AG, MRS Systems Inc, Magview, PenRad Technologies Inc, Eon Health, Nuance Communications, ProVation Medical Inc, HealthMyne, Optellum Ltd among others.
Acquisitions/Product Launches:
In November 2020, Eon Health has launched Centralized Management, the only market available patient management service to fully manage every aspect of a lung cancer screening and incidental pulmonary nodule program to reduce time-consuming tasks utilizing automated technology and allow care teams to focus solely on patient care and revenue-boosting efforts.
In September 2020, Koninklijke Philips has launched Azurion Lung Edition imaging system software, which is a 3D-imaging and navigation software for treating lung cancer and to support image-guided lung procedures.
In July 2020, Optellum Ltd has partnered with the University of Oxford in the Artificial Intelligence Program to deliver clinical decision support software for physicians in selecting optimal and treatment procedures for lung cancer.
Key Takeaways
Geographically, the North America Lung Cancer Screening Software Market is accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the demand for screening with chest radiography.
The increase in the demand for innovative technologies in the treatment of non-small cell lung cancer is driving the growth of the Non-small Cell Lung Cancer segment.
Lack of skilled medical personnel is one of the major factors that is said to reduce the growth of the Lung Cancer Screening Software Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Lung Cancer Screening Software Market report.
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