The global lung cancer genomic testing market is still at an early stage and is anticipated to witness a steady CAGR in the forecast period, 2023-2027. Factors such as growing awareness and adoption of lung cancer genomic testing and the high prevalence of lung cancer worldwide are the primary drivers for the global lung cancer genomic testing market. The other factors include the high-end investments by the private and public players to facilitate research and development activities to cure lung cancer and the favorable government policies and campaigns to create awareness about different cancer types among consumers. Also, the rapid shift of the healthcare system towards precision medicine and diagnostics technology is expected to boost the adoption of lung cancer genomic testing by healthcare facilities to help them make informed decisions.
Increased Awareness about Lung Cancer Genomic Testing Drives the Market Growth
The growing popularity of personalized medicine in the healthcare industry is expected to transform the way diseases such as lung cancer are being treated in healthcare facilities. Personalized medicine involves the study of cells obtained from biopsy and observing if there are any genetic mutations that can be linked with the cancer suffering patient. As certain chemotherapy drugs are either more or less effective than the others with specific mutations, genomic testing or molecular analysis can be used to determine which therapies can benefit an individual suffering from cancer. Genetic information obtained through genomic testing is useful to predict the chances if there are chances of cancer returning to the human body and make other important decisions about surgery or radiation therapy. Samples obtained from people with lung cancer are checked by studying the genetic mutations known to be vital in the development of the disease. Treatment can be personalized, which can prove to be useful for patients and increase the effectiveness of treatment. Therefore, increased awareness about personalized medicine and the benefits obtained from genomic testing is expected to accelerate the global lung cancer genomic testing market growth over the forecast period.
High Prevalence of Lung Cancer Boosts the Market Growth
The rising prevalence of cancer, increase in per capita income of consumers, and the large number of patients undergoing screening and treatment are increasing the demand for lung cancer genomic testing services worldwide. Lung cancer, including both small cell and non-small cell, is one of the most common kinds of cancer. According to The American Cancer Society, the estimates for lung cancer in the United States in 2022 are about 236,740 new cases of lung cancer and about 130,180 deaths from lung cancer. They generally occur in the old age population and in the people who smoke on a daily basis. Also, according to World Health Organization, cancer is the leading cause of death and accounted for nearly 10 million deaths in 2020, with which lung cancer death cases were 1.80 million across the globe. Therefore, there is a massive demand for technologies that can lower cancer incidence and mortality rate, and the reliability and benefits of genomic testing are expected to propel global lung cancer genomic testing market growth over the next five years.
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Market Segmentation
Market Players
Qiagen NV, Agilent Technologies, Inc., Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, Centogene N.V., CeGaT GmbH, Illumina, Inc., F. Hoffmann-La Roche AG, Abbott Laboratories, Inc., CD Genomics, NeoGenomics Laboratories, OPKO Health, Inc., OncoDNA, Admera Health are the major market players operating in the global lung cancer genomic testing market.
| Attribute | Details |
| Base Year | 2021 |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Component · Technology · Panel Type · Sample Type · End User |
| Regional scope | North America; Asia Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; Australia; South Korea; Germany; France; United Kingdom; Spain; Italy; Denmark; Netherlands; Brazil; Argentina; Columbia; South Africa; UAE; Saudi Arabia; Turkey |
| Key companies profiled | Qiagen NV, Agilent Technologies, Inc., Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, Centogene N.V., CeGaT GmbH, Illumina, Inc., F. Hoffmann-La Roche AG, Abbott Laboratories, Inc., CD Genomics, NeoGenomics Laboratories, OPKO Health, Inc., OncoDNA, Admera Health |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
