Lung Cancer Genomic Testing Medicine Market to Grow with a CAGR of 5.25% through 2029

Rising incidence of lung cancer and increased healthcare spending are factors driving the Global Lung Cancer Genomic Testing Medicine Market in the forecast period 2025-2029.

According to TechSci Research report, “Lung Cancer Genomic Testing Medicine Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Lung Cancer Genomic Testing Medicine Market stood at USD 1.80 billion in 2023 and is anticipated to grow with a CAGR of 5.25% in the forecast period, 2025-2029. Lung cancer is one of the most prevalent and deadly forms of cancer worldwide, claiming millions of lives each year. To combat this formidable adversary, advancements in medical technology and personalized medicine have led to the emergence of genomic testing for lung cancer patients. This revolutionary approach, which tailors treatment plans to the unique genetic makeup of each patient, has given rise to the Global Lung Cancer Genomic Testing Medicine Market.     

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The rapid advancements in genomic science have unlocked a deeper understanding of the genetic mutations and alterations responsible for the development of lung cancer. These breakthroughs have paved the way for the development of targeted therapies that can address the specific genetic anomalies in a patient's tumor. Genomic testing is essential for identifying these mutations and guiding treatment decisions.

Personalized medicine has transformed the landscape of cancer treatment. Genomic testing allows healthcare providers to customize treatment plans by identifying the specific genetic mutations in a patient's tumor. This approach not only improves treatment outcomes but also minimizes the side effects associated with traditional chemotherapy, enhancing the overall quality of life for patients. The development of next-generation sequencing (NGS) and other advanced genomic testing technologies has made it easier, faster, and more cost-effective to analyze the genetic profile of lung cancer patients. These technological advancements have reduced the turnaround time for test results, making it more accessible to a broader patient population.

The Global Lung Cancer Genomic Testing Medicine Market is segmented into technology, sample type, panel type, end-user, region and company.

Based on end-user, the research organization segment has emerged as the predominant market leader. Research organizations have the resources and expertise to conduct in-depth studies on lung cancer genetics. They invest in cutting-edge technologies and collaborate with pharmaceutical companies to develop innovative testing methods and therapies that can directly benefit patients. Research organizations are instrumental in conducting clinical trials and collecting valuable patient data. These trials provide insights into the efficacy of new treatments and genomic testing techniques, ensuring that the medicine market evolves with the latest scientific discoveries.

Based on region, North America segment is expected to grow during the forecast period. North America has a well-established regulatory framework that encourages the development and adoption of genomic testing in healthcare. Regulatory bodies like the U.S. Food and Drug Administration (FDA) and Health Canada have been proactive in approving and regulating genomic tests, ensuring the safety and effectiveness of these advanced diagnostics.

Major companies operating in Global Lung Cancer Genomic Testing Medicine Market are:

• QIAGEN NV
• Agilent Technologies Inc.
• Thermo Fisher Scientific Inc.
• Quest Diagnostics Incorporated
• Laboratory Corporation of America Holdings
• CENTOGENE N.V.
• BGI Genomics Co. Ltd.
• CeGaT GmbH
• Illumina Inc.
• F. Hoffmann-La Roche Ltd
  
  

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 “The Global Lung Cancer Genomic Testing Medicine Market is on an upward trajectory, driven by a combination of factors, including the increasing incidence of lung cancer, advancements in genomic science, the personalization of treatment, technological progress, regulatory support, growing awareness, and increased healthcare spending. As this market continues to expand, lung cancer patients can expect better outcomes, reduced side effects, and improved overall quality of life.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Lung Cancer Genomic Testing Medicine Market By Technology (Polymerase Chain Reaction, Next-Generation Sequencing, Fluorescence In-Situ Hybridization, and Others), By Sample Type (Tissue Biopsy and Liquid Biopsy), By Panel Type (Multi-Gene Panel and Single-Gene Panel), By End-User (Research Organization, Hospitals & Clinics, Diagnostic Laboratories, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Global Lung Cancer Genomic Testing Medicine Market 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 Medicine Market.

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