Lung Cancer Genomic Testing Market to be dominated by North American region through 2027
The rise in emphasis on
early detection and treatment of cancer and the growing geriatric population
worldwide are driving the demand for the global lung cancer genomic testing
market in the forecast period, 2023-2027.
According to TechSci Research report, “Lung Cancer Genomic Testing Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global lung cancer genomic testing market is
anticipated to grow at a steady rate in the forecast period, 2023-2027. Lung
cancer genomic testing is a novel field of genetics, and during genomic
testing, all of the patient's genes are tested. Mutation of alteration of genes
is considered the key cancer-causing factor, and in genomic testing, mutation
of the gene is tested and studied. Genomic testing helps to understand the
metastasis of cancer and the type of mutation. The rise in efforts by the key players
to develop novel and advanced methods for lung cancer genomic testing and the
government support for the early detection of the cancer are the primary
drivers for the global lung cancer genomic testing market.
However, low awareness
among people about genomic testing in developing economies may restrain the
global lung cancer genomic testing market growth in the forecast period.
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The global lung cancer
genomic testing market is segmented into component, technology, panel type, sample type, end user, regional
distribution, and competitive landscape.
Based on component, the
market is divided into products v/s services. Services are expected to hold the
dominant market share over the forecast period, 2023-2027. The easy
availability and accessibility of laboratory-developed tests and their low cost
drive the segment demand.
Based on technology, the
market is divided into next generation sequencing, polymerase chain reactions,
fluorescence in situ hybridization (FISH)/in situ hybridization (ISH), and others.
Polymerase chain reactions are expected to account for a significant market
share in the forecast period. Polymerase chain reactions comprise denaturation,
amplification, and replication in which segments of deoxyribonucleic acid (DNA)
are multiplied continuously and can be used to detect the changes in genes or
chromosomes. It is a highly accurate, reliable, and sensitive method and is
considered a cost-effective method.
Based on the panel type, the
market is divided into single panel v/s multi-gene panel. Multi-gene panel is
expected to hold the largest market share over the next five years. Healthcare
professionals make use of lung tissue biopsy as it is a standard procedure for
lung cancer diagnosis. The high lung cancer prevalence and the growing
importance of genomic testing are expected to fuel the segment demand in the
coming years.
Based on sample type, the
market is divided into tissue biopsy v/s liquid biopsy. Liquid biopsy is
expected to witness the fastest incremental growth over the forecast period.
They work by measuring the cell-free DNA in a sample of fluid from the body.
Liquid biopsy can be used as a screening tool for early detection and is
considered vital in precision treatment. They require a much smaller sample and
have a quick turnaround than the tissue biopsy. Liquid biopsy is a minimally
invasive technique and involves minimal pain during the sample collection from
the patients.
Based on end user, the market
is divided into academic & research institutions, hospitals & clinics,
diagnostic laboratories, and others. Academic & research institutions are
expected to capture the highest market share over the forecast period. They are
investing significant time, resources, and money in the research and
development activities to find cancer cures and the possible treatment course
to increase the success rate of the treatment provided to cancer patients.
Major operating companies
operating in global lung cancer genomic testing market are:
- 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
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“North America dominates the market and
is expected to maintain its dominance through the forecast period, 2023-2027.
High awareness among people in the United States and Canada about lung cancer
genomic testing and the rising adoption of technologically advanced solutions
by healthcare centers. Also, the presence of key players such as Agilent
Technologies, Inc., Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc.,
Abbott Laboratories, Inc., and the hefty healthcare spending by the private and
public players in the region are expected to propel the global lung cancer
genomic testing market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Lung Cancer Genomic
Testing Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027 Segmented By Component (Products v/s Services), By
Technology (Next Generation Sequencing, Polymerase Chain Reactions,
Fluorescence In Situ Hybridization (FISH)/In Situ Hybridization (ISH), Others),
By Panel Type (Single Panel v/s Multi-Gene Panel), By Sample Type (Tissue
Biopsy v/s Liquid Biopsy), By End User (Academic & Research Institutions,
Hospitals & Clinics, Diagnostic Laboratories, Others), and By Region”, has evaluated the future growth
potential of global lung cancer genomic testing and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global lung cancer genomic testing market.
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