LIP is a diffuse interstitial lymphoid infiltrate of the lung. It resembles lymphoma histologically but behaves clinically like a chronic interstitial pneumonia. Evolution to frank lymphoproliferative malignancy is rare.
Here is what LIP looks like on CT - notice the bilateral thin-walled cysts and ground-glass opacity predominantly in the lower lobes:
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LAM: uniform thin-walled cysts throughout both lungs, young women, no GGO predominance
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LCH: bizarre-shaped thick-walled cysts + nodules, upper lobe, smoker
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LIP: thin-walled cysts + GGO, lower lobe, associated with immune disorder (especially Sjögren syndrome or HIV)
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Grainger & Allison's Diagnostic Radiology, Fig. 9.11; Murray & Nadel's Textbook of Respiratory Medicine