Know More About “Next Generation Cancer Diagnostics Market� Growth Worldwide…..|Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on May 8th, 2023

The global next generation cancer diagnostics market is anticipated to reach USD 11.04 billion by 2024, according to a new report by Grand View Research, Inc. Key drivers for this vertical include rising advancement in genomics and proteomics-based research coupled with increasing prevalence of oncology disorders.

Rise in number of oncological research projects to elucidate tumorigenesis and the underlying mechanisms, consequently raising the demand for serial sampling, diagnosis, and therapeutic manipulation, is a growth rendering driver of this market.

Rising incidence of oncology diseases is anticipated to drive the demand for next-generation cancer diagnostic tests. These tests are expected to facilitate early diagnosis and enable efficient prognosis of various forms of cancer, which in turn, is expected to positively influence the progress of this vertical over the forecast period.

Development and introduction of product offerings by a number of large entities is a significant factor expected to provide lucrative growth avenues to this market. With accelerating the development of companion diagnostics for their implementation in delivering personalized and advanced genomic medicine, the market is characterized by potentially high-value avenues and opportunities for growth over the forecast period.

Active participation of global organizations, such as the National Cancer Institute, Cancer Research Institute, National Foundation for Cancer Research, and Cancer Research UK, are supportive of the projected sector progress. 

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Further advancement of diagnostic laboratories and adoption of integrated and automated lab systems are also expected to fuel the demand for advanced workflow systems and boost revenue generation over the forecast period.

Moreover, the shift from traditional laboratory testing to rapid point-of-care testing will support market expansion owing to expected commercialization of the technologically advanced range of products including diagnostic kits, instruments, and reagents.

Further Key Findings from the Study Suggest:

• The qPCR & multiplexing segment captured the largest market share in 2015 owing to the presence of a wide product portfolio serving numerous applications in oncology R&D
• Next generation sequencing services and solutions for oncology applications are anticipated to be the fastest growing segment
• Oncology diagnostics in biomarker discovery is expected witness growth as it subsequently facilitates drug designing and identification of novel targets against tumors
• On the basis of cancer type, this vertical is segmented into lung, breast, colorectal, cervical, and other forms of cancer
• Research projects to establish the therapeutic index of anticancer cytotoxic drugs are one of the key factors responsible for expected growth
• North America dominated the market with respect to revenue generation in 2014 due to concerted efforts directed toward the development of next generation sequencing technology and companion diagnostics in personalized medicine
• Some of the key players contributing significantly to the next generation cancer diagnostics market are Novartis AG; Cepheid; Hoffman La Roche Ltd.; PerkinElmer, Inc.; Sysmex Corporation; Abbott; Thermo Fisher Scientific, Inc.; Koninklijke Philips N.V.; Agilent Technologies; Illumina, Inc.; Genomic Health, Inc.; Qiagen; Janssen Global Services, LLC; Hologic, Inc.; Myriad Genetics, Inc.; Almac Group; Opko Health, Inc.; and GE Healthcare.

The usual cancer diagnosis protocols comprise a set of diagnostic tests inclusive of physical examination, laboratory tests, imaging tests and biopsy. It is very certain that there is a diagnostic protocol at each step, each prognosis made, every therapeutic decision taken by the oncologist, so as to avoid adverse steps that might complicate the condition. This clearly derives the fact that the diagnosis is imperative than the therapeutic regime itself throughout the lifecycle of a cancer. Prevalence of Cancer is alarming across the globe and therefore there are emerging advancements in technologies to assist its therapeutic regimes.

Diagnosis of cancer is pivotal, not only to initiate a therapeutic regime but also to monitor the progression of cancer so as to modulate the therapeutic regime as necessary. Early diagnosis of cancer is crucial to have the best chance for successful treatment to avoid situations like lower chance of survival, treatment intricacies and higher medical expenses due to progression of cancer. Therefore, early cancer diagnosis is also an important public health strategy. Cancer diagnostics inclusive of detection of cancer biomarkers comprises the most burgeon part of clinical diagnostics so as to help predict prognosis, respond to therapy and finally to monitor patients after primary therapy. This is the central premise for the growth of Next Generation Cancer Diagnostics market and will persistently drive the market as researchers either devise novel methods for cancer diagnosis or refine their older strategies as they continue to understand the science behind cancer.

Key market contributors present in the next generation cancer diagnostics market include Cepheid; Koninklijke Philips N.V.; F. Hoffmann-La Roche Ltd; Qiagen; Novartis AG; Abbott; Thermo Fisher Scientific, Inc.; Opko Health, Inc.; Myriad Genetics, Inc.; Agilent Technologies; GE Healthcare; PerkinElmer, Inc.; Genomic Health, Inc.; Illumina, Inc.; Hologic, Inc.; Almac Group; Janssen Global Services, LLC; and Sysmex Corporation.

Market participants are involved in undertaking geographic expansion strategies by providing clinical testing facilities in untapped regions. Additionally, participants are involved in gaining reimbursement coverage to increase patient accessibility to precision medicine. For instance, in October 2015, Medicare in the U.S. initiated the reimbursement process for Oncotype Dx, a prostate cancer test.