06-Apr-2023 | Zion Market Research
The global lung cancer genomic testing market size was worth around USD 1.381 Billion in 2022 and is predicted to grow to around USD 3.015 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.1% between 2023 and 2030.
The global lung cancer genomic testing industry refers to the various tests involved in genome testing of tumors that cause lung cancer. It revolves around the analysis of the Deoxyribonucleic acid (DNA) of these mutated cells which is further used in the identification of the cause behind the mutation that leads to tumor growth in patients. The global volume is dependent on different types of genomic testing methods including polymerase chain reaction (PCR), next-generation sequencing (NGS) along with various other accompanying diagnostic tools that can aid the selection of patients that are more likely to show a positive reaction to selected therapies. Various factors are expected to help the global industry register surging numbers with the awareness about the benefits of the testing process rising rapidly. However, there are going to be certain roadblocks that may not be favorable during the forecast period.
The global lung cancer genomic testing market is projected to grow owing to increasing advancements and developments in genomic testing technology allowing the production of accurate and faster results which helps the medical community deliver better treatment. Furthermore, the increasing investments in research and development of new genomic techniques especially that of next-generation sequencing (NGS) along with other supportive architecture is projected to help increase the global sales volume. With the ongoing increment in investments, it has become possible to improve the accuracy and availability of the testing methods, which leads to greater confidence and subsequent adoption.
In addition to this, the increasing interest in the healthcare sector in delivering and using personalized treatment has also witnessed favorable responses from the patient’s end. Personalized treatment refers to the customization or tailoring of medical plans that revolve around the genetic profile of every patient. It is starkly different from generic treatment, which may not be as effective as customized versions since it targets the exact cause of disease depending on the immunity response of the patient. The global market may also expect higher revenue owing to the various initiatives undertaken by governments worldwide to encourage the adoption of genomic testing systems. There has been a steady growth in the recognition of the importance of testing measures, especially for cancer treatment.
However, the lung cancer genomic testing industry lacks significant support in terms of appropriate medical reimbursement. This is visible in some of the countries that either lack the necessary medical infrastructure or financial assistance which means that the patients have to bear the burden of high expenses associated with genome testing procedures. Furthermore, a certain degree of healthcare professionals lacks the knowledge base required to successfully execute and interpret the advanced method for treatment which acts as a barrier against growth.
The growth in targeted therapy options may provide multiple expansion opportunities while heterogeneous and complex tumors may challenge market growth.
The global lung cancer genomic testing market is segmented based on sample type, technology, type, end-user, and region
Based on sample type, the global market is divided into liquid biopsy and tissue biopsy.
Based on technology, the global market divisions are next-generation sequencing (NGS), polymerase chain reaction (PCR), and fluorescence in situ hybridization
Based on type, the lung cancer genomic testing industry is segmented into services and products.
Based on end-user, the global market segments are hospitals/clinics, research organizations, and diagnostic laboratories
North America is anticipated to lead the global lung cancer genomic testing market owing to the already existing advanced medical and research infrastructure of the US. Furthermore, the region is witnessing a surge in interest and subsequent investments in exploring the regional industry as various private and government players are entering the segment. The increasing demand for personalized care further encouraged by the monetary strength of the patient group could be a major regional growth propelling factor. The growing developments in DNA sequencing in the Asia-Pacific market could help the region generate high revenue. Countries like China, India, Japan, and others are making significant contributions toward the field of life sciences and biology.
This review is based on a report by Zion Market Research, titled “Lung Cancer Genomic Testing Market By Sample Type (Liquid Biopsy and Tissue Biopsy), By Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), and Fluorescence in Situ Hybridization), By Type (Services and Products), By End-User (Hospitals/Clinics, Research Organization, and Diagnostic Laboratories), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/lung-cancer-genomic-testing-market
The global lung cancer genomic testing market is led by players like:
By Sample Type
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