Dublin, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The "Next Generation Cancer Diagnostics Market Size, Share & Trends Analysis Report By Technology (LOAC & RT-PCR, Protein Microarrays), By Application, By Cancer Type, By Function, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global next generation cancer diagnostics market size is expected to reach a value of USD 29.31 billion by 2030, growing at a CAGR of 9.3% from 2023 to 2030
The growth of the market is attributed to the increased demand for diagnostics due to the rising incidence of oncology conditions aided by the rising development and introduction of novel product offerings. Next-generation technology offers high-value opportunities and growth prospects, specifically with the accelerated development of companion diagnostics for personalized and advanced genomic medicine.
The integration of epigenetic analysis into next-generation diagnostics has the potential to unlock novel biomarkers and therapeutic targets. By deciphering the epigenetic alterations specific to different types or subtypes, researchers and clinicians gain the ability to identify new pathways for personalized treatment approaches.
This has helped in providing new opportunities for developing innovative diagnostic tools, therapeutic interventions, and precision medicine strategies. For instance, in April 2023, the new double multi-omics solution by biomodal was launched commercially, showcasing the combined potential of genetic and epigenetic information obtained from a single low-volume sample.
This innovative solution provides diverse data modalities that can be leveraged for various applications, beginning with 10ng of cell-free DNA input. The active participation of global organizations such as the National Cancer Institute, Cancer Research Institute, National Foundation for Cancer Research, and Cancer Research UK supports the growth of the global market.
In addition, advancements in diagnostic laboratories and the adoption of integrated and automated lab systems provide extensive opportunities for advanced workflow systems, leading to increased revenue generation over the forecast period. Moreover, the transition from traditional laboratory testing to rapid point-of-care testing, facilitated by the anticipated commercialization of technologically advanced products, including diagnostic kits, instruments, and reagents, is further fueling the growth of the market.
In February 2023, the WHO released a Global Breast Cancer Initiative Framework, outlining a roadmap to save 2.5 million lives from cancer by 2040.
The launch of the new framework combines and coincides with the upcoming World Cancer Day campaign and recommends that countries implement the three pillars of health promotion for timely diagnosis, early detection, and suitable management to attain the targets set forth.
Next Generation Cancer Diagnostics Market Report Highlights
- Based on technology, the next-generation sequencing segment dominated the market in 2022 with a revenue share of 36.6% owing to continuous advancements in NGS technology, growing interest in genomic research, and expanding clinical applications of NGS
- In terms of application, the biomarker development segment dominated the market in 2022 with a revenue share of 40.68% due to the rising prevalence of cancer. In addition, high accuracy levels are demonstrated by biomarker tests, reaching up to 90% in investigational studies, and their ability to enhance sensitivity in tumor screening
- Based on cancer type, the others segment dominated the market in 2022 with a revenue share of 44.28%. The dominance of the segment is due to the rising advancements in next-generation technologies that have enabled more accurate and comprehensive detection and profiling of various types of biomarkers
- In 2022, North America dominated the market for next-generation in 2022 with a revenue share of 40.52%, owing to the larger patient pool in the region compared to other regions, aided by a strong focus on research and development and the presence of major players
- Key players are constantly focusing on product launches and geographical expansion to maintain their presence
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 236 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $14.84 Billion |
| Forecasted Market Value (USD) by 2030 | $29.31 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Market Dynamics
Market Drivers Analysis
- Exponentially decreasing cost of genetic sequencing
- Development of cluster chip technology and potential applications of CTC in cancer management
- Rising demand for preventive medicine & companion diagnostics
- Growing cancer incidence
Market Restraint Analysis
- Requirement of expensive laboratory set-up for implementation of novel tests
Business Analysis Tools
- Porter's Five Forces Analysis
- PESTLE Analysis
- Pipeline Analysis
Competitive Landscape
- Janssen Pharmaceuticals, Inc.
- Novartis Ag
- F. Hoffmann-La Roche Ltd
- Koninklijke Philips N.V.
- Abbott
- Ge Healthcare
- Thermo Fisher Scientific, Inc.
- Agilent Technologies, Inc. (Dako)
- Illumina, Inc.
- Qiagen
- Cepheid
- Opko Health, Inc.
- Hologic, Inc (Gen-Probe)
- Perkinelmer Inc.
- Sysmex
- Myriad Genetics, Inc.
- Almac Group
- Exosome Diagnostics, Inc.
- Genomic Health, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lcglr1
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