Global Lung Cancer Genomic Testing Market Grows Steadily at a CAGR of 9%

Introduction

A relatively new area of genetics called genomic cancer testing is used to diagnose different types of cancer.   Analysis of gene alterations or mutations occurs during genomic cancer testing. Genomic cancer testing can help determine a patient's cancer risk or tumor behavior. Breast and lung cancer detection using genomic cancer testing is in high demand. To determine the type of cancer, a biopsy sample is examined to check for any genetic mutations or changes in your genes.

Market Dynamics

Increase Number of Cancer Patients Worldwide Drives the Global Market

In the coming years, the rising incidence of breast and lung cancer is anticipated to be the primary growth driver for the cancer genomic testing market. The increase in non-governmental organization (NGO) cancer awareness campaigns is another factor contributing to the growth of the cancer genomic testing market. As a result of the dominant emphasis placed by significant manufacturers on developing innovative cancer genomic testing methods. Increasing emphasis on research and development of lung cancer diagnostic and screening tests is another critical factor driving the market growth.

Rapid Evolution of Healthcare Delivery Systems Creates Tremendous Opportunities

The evolution of healthcare systems toward precision diagnostics and precision medicines will necessitate the adoption of lung cancer genomic testing, facilitating treatment decision-making and enhancing the overall quality of healthcare outcomes. Due to the increasing number of recommendations made by international oncology societies regarding the use of genomic testing for the analysis of lung cancers, it is anticipated that the global market for lung cancer genomic testing will offer substantial growth opportunities.

Regional Analysis

North America will likely dominate the global lung cancer genomic testing market, generating the most revenue. This is due to the United States' abundance of research and product and service companies. Additionally, funding for research, funding advances in research, and collaboration between esteemed institutions contribute to market expansion. The Asia-Pacific region is expected to dominate the market. This is due to developments in DNA sequencing technology, an increase in life science research, and the entry of new market participants.

Key Highlights

• The global lung cancer genomic testing market was valued at USD 1.38 billion in 2021. It is expected to reach USD 3.01 billion by 2030, growing at a CAGR of 9% during the forecast period (2022–2030).
• Based on type, the global lung cancer genomic testing market is segmented into products and services. The services segment of the global lung cancer genomic testing market is anticipated to dominate.
• Based on technology, the global lung cancer genomic testing market is bifurcated into Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), and Fluorescence in Situ Hybridization. The global lung cancer genomic testing market is anticipated to be dominated by polymerase chain reaction (PCR).
• Based on sampling type, the global lung cancer genomic testing market is segmented into Tissue biopsy and Liquid biopsy. The market is anticipated to be dominated by tissue biopsy.
• Based on panel, the global lung cancer genomic testing market is divided into Multi-Gene and Single-Gene panels. Multi-gene panels are expected to dominate the global lung cancer genomic testing market.
• Based on end-user, the global lung cancer genomic testing market is segmented into Research organizations, Hospitals/Clinics, and Diagnostic Laboratories. The global lung cancer genomic testing market is predicted to be dominated by research organizations.
• North America will likely dominate the global lung cancer genomic testing market, generating the most revenue.

Competitive Players

1. QIAGEN N.V.
2. Agilent Technologies, Inc.
3. Thermo Fisher Scientific, Inc.
4. Quest Diagnostics Incorporated
5. Laboratory Corporation of America Holdings
6. CENTOGENE N.V.
7. BGI
8. CeGaT GmbH
9. Illumina, Inc.
10. Hoffmann-La Roche Ltd.
11. Abbott Laboratories
12. CD Genomics
13. NeoGenomics Laboratories
14. Admera Health
15. OncoDNA
16. OPKO Health, Inc.
17. Invitae Corporation
18. Veracyte, Inc.

Recent Developments

• February 2024- The Centers for Medicare & Medicaid Services have approved coverage for GatewaySeq, a genetic test developed by researchers at Washington University School of Medicine in St. Louis. This test can identify cancer mutations in solid tumors.
• May 2024- Invitae, a prominent medical genetics firm, has revealed its plans to present eight papers at the upcoming 2024 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, scheduled to take place from May 31 to June 4, 2024. The reported clinical data highlights the significance of genetic testing in patients with diverse types of cancers, such as breast, gastric, prostate, and lung, in order to enhance the accuracy of management and therapy decisions.

Segmentation

1. By Type
   1. Products
   2. Services
2. By Technology
   1. Polymerase Chain Reaction (PCR)
   2. Next-Generation Sequencing (NGS)
   3. Fluorescence in Situ Hybridization
3. By Sample Type
   1. Tissue biopsy
   2. Liquid biopsy
4. By Panel Type
   1. Multi-Gene panels
   2. Single-Gene panels
5. By End-User
   1. Research organizations
   2. Hospitals/Clinics
   3. Diagnostic Laboratories