The lung cancer genomic testing medicine market was valued at $1,262.0 million in 2020 and is expected to reach $3,279.8 million by 2031, growing at a CAGR of 8.97% during the forecast period 2021-2031. The growth in the global lung cancer genomic testing market is expected to be driven by increasing awareness and adoption of the lung cancer genomic testing market, recent launches of novel lung cancer genomic testing, and the expanding research in the field of lung cancer with an emphasis on pharmacogenomics and development of companion diagnostics.
Recent Developments in Global Lung Cancer Genomic Testing Market
• In December 2021, FDA approved Thermo Fisher Scientific’s NGS-based companion diagnostic for EGFR Exon20 insertion mutant non-small cell lung cancer tumor tissue Oncomine Dx Target Test, now approved for 12 NSCLC targeted therapies globally.
• In September 2021, FDA approved Thermo Fisher Scientific’s tissue-based NGS companion diagnostic for Takeda’s targeted therapy for NSCLC patients with EGFR Exon20 insertion mutations- Oncomine Dx Target Test now approved as CDx for five targeted NSCLC therapies in the U.S.