Clinical Oncology Next Generation Sequencing Market Size is predicted to reach record a 15.86% CAGR during the forecast period for 2023-2031.
Next-generation sequencing (NGS) in clinical oncology refers to the use of advanced genomic sequencing technology to analyze cancer-related genes in patients. NGS enables the rapid and thorough study of a patient's tumour DNA, RNA, or epigenetic alterations, providing crucial information for cancer diagnosis, prognosis, and therapy planning. The primary drivers driving clinical oncology next-generation Sequencing (NGS) market growth include increasing technological advancements, rivalry among competitors, rising healthcare spending, and an increase in cancer prevalence. Furthermore, increasing R&D activities to invent solutions is likely to propel market development in the coming years.
However, the global clinical oncology next-generation sequencing (NGS) industry has been crucially affected by the COVID-19 pandemic, affecting several elements, including research, diagnosis, treatments, and market dynamics. Many cancer-related research activities and clinical trials were either halted or delayed as a result of lockdowns and limitations, affecting the creation of genomic data for NGS analysis.
Some Major Key Players In The Clinical Oncology Next Generation Sequencing Market:
- Illumina Inc.
- Thermo Fisher Scientific
- Hoffmann-La Roche Ltd.
- Agilent Technologies
- Myriad Genetics
- Perkin Elmer
- Caris Life Sciences
- Partek, Inc.
- Eurofins Scientific
- Qiagen N.V.
- Foundation Medicine
- Pacific Bioscience
- Oxford Nanopore Technologies Ltd.
- Paradigm Diagnostics
- Beijing Genomics Institute (BGI)
- Takara Bio, Inc
The Global Clinical Oncology Next Generation Sequencing Market is segmented on the basis of technology type, end-user, application, and workflow type. The technology type segment is divided as Whole Exome Sequencing, Whole Genome Sequencing, Targeted Sequencing and re-sequencing. The end-user segment includes Hospitals, Clinics, and Laboratories. By application, the market is segmented into Screening, Companion Diagnostics, and other Diagnostics. The workflow segment includes NGS Pre-Sequencing, NGS Sequencing, and NGS Data Analysis.
Based On Technology, The Targeted Sequencing And Re-Sequencing Segment Is A Major Contributor To The Global Clinical Oncology Next-Generation Sequencing Market.
The targeted sequencing and re-sequencing category is expected to hold a major share of the global clinical oncology next-generation sequencing market in 2022. This is due to the numerous advantages connected with this technique, such as reduced time, cost, and quantity of data analyzed during tumour sample sequencing. Furthermore, because tailored panels are effective at detecting malignant tumours, their clinical utility grows. Therapeutic studies have shown that tailored panels have a high therapeutic value, making them a preferred choice for approximately 64% of cancer patients. According to a study published in the journal JCO Precision Oncology in September 2020, NGS panels are therapeutically useful in 64% of cancer cases.
The Screening Segment Witnessed Growth At A Rapid Rate.
The screening segment is projected to grow at a rapid rate in the global clinical oncology next-generation sequencing market owing to the widespread use of NGS in cancer screening programs around the world. NGS-based testing is now widely regarded as the most effective method for finding genetic changes targeted for clinical benefit in cancer patients. This method allows clinicians to analyze several gene changes at the same time.
In The Region, The North American Clinical Oncology Next Generation Sequencing Market Holds A Significant Revenue Share.
The North American Clinical Oncology Next Generation Sequencing Market is expected to record the maximum market share in terms of revenue in the near future owing to the efforts implemented by regulatory agencies to enhance cancer screening diagnosis in the U.S., rising R&D investment and the presence of a significant market in the region. Moreover, due to regulatory initiatives to increase cancer screening diagnosis in the United States, increased R&D expenditure, and the presence of important competitors in the area. The region's key players are working on technical developments in order to improve their market position and give the best solutions. Because of lower sequencing costs, favourable government policies, increased R&D investments, and competitive pricing by important companies, the Asia Pacific area is likely to grow at a rapid rate. The cost of sequencing has dropped dramatically in China.
- In July 2023, Illumina Inc. and Pillar Biosciences Inc. have formed a strategic relationship to offer Pillar's range of oncology tests worldwide as part of Illumina's collection of oncology solutions. The agreement will lead to an unparalleled provision of supplementary next-generation sequencing solutions that will improve the efficiency, precision, and cost-effectiveness of oncology testing through advanced sequencing techniques, thereby enhancing patient access to personalized cancer treatment options.
- In May 2023, Thermo Fisher Scientific and Pfizer joined forces to enhance the availability of advanced genetic testing for breast and lung cancer patients in more than 30 countries across Africa, the Middle East, Latin America, and Asia. These regions previously faced limitations or lack of access to state-of-the-art genomic testing.
Clinical Oncology Next Generation Sequencing Market Report Scope
Growth Rate CAGR
CAGR of 15.86 % from 2023 to 2031
Representation of revenue in US$ Million and CAGR from 2023 to 2031
2019 to 2022
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
By Application Type, By End User, By Technology Type, By Workflow Type
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, F. Hoffmann-La Roche Ltd., Myriad Genetics, Perkin Elmer, Caris Life Sciences, Partek, Inc., Eurofins Scientific, and Qiagen N.V., Foundation Medicine, Pacific Bioscience, Oxford Nanopore Technologies Ltd., Paradigm Diagnostics, Beijing Genomics Institute (BGI), Takara Bio, Inc, Creative-Biolabs, and Others
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