Global Lung Cancer Genomic Testing Market Size Revenue Is Forecast to Grow $3.015 Billion Mark by 2030, Growing at a CAGR of 9.1%

Washington, DC, April 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report 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” in its research database.

“According to the latest research study, the demand of global Lung Cancer Genomic Testing Market size & share in terms of revenue was valued at USD 1.381 billion in 2022 and it is expected to surpass around USD 3.015 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 9.1% during the forecast period 2023 to 2030.”

What is Lung Cancer Genomic Testing? How big is the Lung Cancer Genomic Testing Industry?

Report Overview:

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.

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Global Lung Cancer Genomic Testing Market: Growth Factors

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.

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Report Scope

Lung Cancer Genomic Testing Market: Segmentation Analysis

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

• In 2022, the global market witnessed the highest growth in polymerase chain reaction (PCR) technology
• The testing method is more cost-effective as compared to the rest of the methods and has proven to be accurate in terms of results
• The PCR-based method is highly sensitive to detecting changes in chromosomes or genes
• In 2022, more than 14000 people were diagnosed with lung cancer in Australia

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

• During the forecast period, research organizations may witness the highest growth in this segment
• The increasing interest of the research community in analyzing the complete potential of genome testing methods could be the driving factor
• The US government spends around USD 200 billion annually on cancer care

The global Lung Cancer Genomic Testing market is segmented as follows:

By Sample Type

• Liquid Biopsy
• Tissue Biopsy

By Technology

• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Fluorescence in Situ Hybridization

By Type

• Services
• Products

By End-User

• Hospitals/Clinics
• Research Organization
• Diagnostic Laboratories

Browse the full “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

Competitive Landscape

Some of the main competitors dominating the global Lung Cancer Genomic Testing market include - 

• CD Genomics
• Qiagen NV
• Laboratory Corporation of America Holdings
• NeoGenomics Laboratories
• Agilent Technologies Inc.
• Illumina Inc.
• Thermo Fischer Scientific Inc.
• Abbott Laboratories Inc.
• Quest Diagnostics Inc.
• OncoDNA
• Centogene N.V.
• Admera Health
• CeGaT GmbH
• OPKO Health Inc.
• F. Hoffmann-La Roche AG.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Lung Cancer Genomic Testing market is likely to expand at a CAGR of around 9.1% during the forecast period (2023-2030).            
• In terms of revenue, the Lung Cancer Genomic Testing market size was valued at around US$ 1.381 billion in 2022 and is projected to reach US$ 3.015 billion by 2030.
• Based on sample type segmentation, the liquid biopsy was predicted to show maximum market share in the year 2022.
• Based on type segmentation, services were the leading type in 2022.
• On the basis of region, North America was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Lung Cancer Genomic Testing industry?
• What are the main driving factors propelling the Lung Cancer Genomic Testing Market forward?
• What are the leading companies in the Lung Cancer Genomic Testing Industry?
• What segments does the Lung Cancer Genomic Testing Market cover?
• How can I receive a free copy of the Lung Cancer Genomic Testing Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Sample Type, By Technology, By Type, By End-User, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

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.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In May 2022, the Global Fund and Roche entered a partnership aiming at developing diagnosis-related infrastructure to support low and middle-income groups suffering from the medical condition
• In June 2022, Tempus, a leading player in the artificial intelligence segment announced a collaboration with Eli Lilly and Company. The move will be directed toward providing higher access to genome testing amongst patients suffering from advanced stages of non-small cell lung cancer (NSCLC)

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FREQUENTLY ASKED QUESTIONS

• What is lung cancer genomic testing?
• Which key factors will influence lung cancer genomic testing market growth over 2023-2030?
• What will be the value of the lung cancer genomic testing market during 2023-2030?
• What will be the CAGR value of the lung cancer genomic testing market during 2023-2030?
• Which region will contribute notably towards the lung cancer genomic testing market value?
• Which are the major players leveraging the lung cancer genomic testing market growth?

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