Lung Cancer Genomic Testing Medicine Market to Grow at a CAGR of 10.1% during Forecast Period
Lung cancer genomic testing medicine market is growing at a high CAGR because of rising number of cancer patients, which has led to the advent of novel tests.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global lung cancer genomic testing medicine market is projected to grow at a CAGR of 10.1% from 2022-2028 (forecast period), earning revenues of around USD 4.27 billion by the end of 2028. The global lung cancer genomic testing medicine market is booming because of rise in the number of patients undergoing cancer treatment has stimulated the development and release of cutting-edge methods of lung cancer genomic testing, driving the global market for these services at a rapid clip. The study of lung cancer has also grown, with researchers focusing on pharmacogenomics and developing companion diagnostics.
An increase in cancer diagnoses around the world is likely to be boost the market
Market researchers predict that increased rates of breast and lung cancer will be the key driver of genomic cancer testing's meteoric rise during the forecast period. The proliferation of cancer-awareness campaigns by NGOs is a key factor propelling the development of the genomic cancer testing market. Today, leading producers are devoting a lot of resources to developing cutting-edge cancer genetic testing technologies. Research and development of lung cancer diagnostic and screening tests are receiving more funding, which is a positive sign for the market's future.
The expansion of the market is hindered by a deficiency in awareness
Attributed to its expensive price, screening is out of reach for the vast majority of people, particularly those who belong to socioeconomic categories with the lowest incomes. It is also projected that there would be a drop in the number of screening tests carried out in developing and undeveloped nations as a result of a lack of radiologists. This is owing to the fact that there are not enough radiologists. The application of technology for lung screening is impeded by the obstacles described above, and it is anticipated that this will continue to be the case for the foreseeable future.
The growth of healthcare systems is necessary to increase the number of available market opportunities
As a result of the shift in the focus of healthcare systems toward precision diagnoses and precision medicinal therapies, the introduction of lung most cancer genomic testing will be obligatory in the not-too-distant future. It may make it easier to arrive at organizational decisions regarding treatment, which, in turn, may improve the overall quality of the results obtained from medical care. As a result of the growing number of recommendations made by international oncology associations regarding the application of genetic testing for the investigation of lung malignancies, many new prospects have become available on markets all over the world. These new prospects can be found in the form of new business opportunities.
Global Lung Cancer Genomic Testing Medicine Market - By End-User
On the basis of end-user, global lung cancer genomic testing medicine market is divided into research organization, hospitals/clinics, diagnostic laboratories and others. It is anticipated that research organizations segment will grow at a faster rate during the forecast period. This is because there are a significant number of clinical research and academic organizations that use lung cancer genomic testing for the development of drugs, the development of companion diagnostics, and the enrolment of patients in clinical trials.
Global Lung Cancer Genomic Testing Medicine Market – By Region
On the basis of region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market for genomic diagnostics of lung cancer will certainly be the most lucrative in North America. A large part of the credit for this goes to the numerous study, product, and service businesses that can be found in the US. The growth of the market is aided in other ways as well, including by the funding of research, the sponsorship of advancements in research, and the collaboration between prestigious institutions. The industry is also anticipated to expand in the Asia-Pacific region. Increased spending on life science research, technological advancements in DNA sequencing, and the emergence of new competitors are all contributing factors.
Impact of COVID-19 on Global Lung Cancer Genomic Testing Medicine Market
The key factor that is primarily responsible for the expansion of the global market for lung cancer genomic testing is the utility of genetic testing in diagnostic laboratories, hospitals, and clinics. At the very beginning of the COVID-19 pandemic, a number of countries went into complete or partial lockdown, and all elective surgical procedures and treatments that were being carried out in healthcare facilities were ceased. Due to the fact that genetic testing for lung cancer is regarded to be a voluntary treatment, the COVID-19 pandemic did not have any impact on the testing. As a direct consequence of this, the pandemic did not have any impact on the genomic testing for lung cancer.
QIAGEN, Agilent Technologies Inc., Thermo Fisher Scientific Inc., Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, CENTOGENE N.V., BGI, CeGaT GmbH, Illumina Inc., F. Hoffmann-La Roche Ltd, and other prominent players are some of the key players operating in the global lung cancer genomic testing medicine market. The companies who dominate the market continue to maintain their position of by investing significant resources in research and development, integrating cutting-edge technology into their products, and introducing improved offerings to their consumer base.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global lung cancer genomic testing medicine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global lung cancer genomic testing medicine market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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