Jersey City, NJ, Dec. 05, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Clinical Oncology Next Generation Sequencing Market - (By Application Type (Screening, Companion Diagnostics, and Other Diagnostics), By End User (Hospitals, Clinics, and Laboratories), By Technology Type (Whole Genome Sequencing, Whole Exome Sequencing, and Targeted Sequencing & Resequencing), By Workflow Type (NGS Pre-Sequencing, NGS Sequencing, and NGS Data Analysis)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Clinical Oncology Next Generation Sequencing Market is expected to raise with a CAGR of 15.86% during the forecast period of 2023-2031.
Next-generation sequencing is a DNA or RNA technology that allows several reactions to occur simultaneously. This is one of the most significant uses of next-generation sequencing in oncology. NGS has altered cancer genetics in recent years by giving researchers increased access to genomic and transcriptome data. Oncology screening for therapeutic applications employs next-generation tumour and germline DNA sequencing.
The global clinical oncology next-generation sequencing market is driven by factors including the increasing popularity of personalized medicine in clinical oncology, the decreasing cost of genetic medicine, the rising prevalence of cancer, the increasing need for early cancer diagnosis and treatment, and the ongoing advancements in cancer research. Innovative technologies such as next-generation sequencing are being deployed to alleviate this global burden and reduce mortality rates. As a result, the clinical oncology next-generation market is expanding more rapidly.
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Recent Developments:
- 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:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 15.86 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application Type, By End User, By Technology Type, By Workflow Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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List of Prominent Players in the Global Clinical Oncology Next-Generation Sequencing Market:
- Illumina Inc.
- Thermo Fisher Scientific
- F. 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
- Creative-Biolabs
- Others
Market Dynamics:
Drivers:
Personalized medicine and cancer advancements are expected to substantially impact the clinical oncology next-generation sequencing market. Rising cancer prevalence, high acceptability of sequencing-based diagnostics platforms among practising oncologists, lower genetic sequencing costs, and higher government R&D funding are some of the factors projected to drive market expansion. On the other hand, the widespread use of this technique over single-gene testing, as well as the increased use of clinical oncology next-generation sequencing technology and platforms in academic projects, will create a slew of new opportunities, pushing the clinical oncology next-generation sequencing market forward.
Challenges:
The high cost of technology is a major limitation on the growth of the clinical oncology next-generation sequencing market over the predicted period. High costs associated with sequencing platform installation, low outsourced service efficiency, and restricted availability of sequencing platforms in specific geographic markets are all projected to restrain the overall growth of the clinical oncology next-generation sequencing market. Moreover, the key constraining factors for the market evaluated are a lack of computational efficiency for data administration and an inadequate reimbursement policy.
Regional Trends:
The North American Global Clinical Oncology Next Generation Sequencing Market is expected to register a major market share in revenue and it is projected to grow at a high CAGR in the near future. The increasing frequency of chronic diseases is expected to boost the country's market. Cancer has a high incidence and fatality rate, which boosts the need for clinical oncology NGS platforms, enhancing the market under consideration. Furthermore, the region's high concentration of important players, growing Food and Drug Administration approvals, strategic alliances, and substantial expenditure in research & development activities are projected to enhance the market. In addition, Asia-Pacific is predicted to increase substantially during the projection period as pre-sequencing techniques in this region become more automated.
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Segmentation of Global Clinical Oncology Next Generation Sequencing Market-
By Technology Type-
- Whole Genome Sequencing
- Whole Exome Sequencing
- Targeted Sequencing & Re-sequencing
By End-User-
- Hospitals
- Clinics
- Laboratories
By Application-
- Screening
- Companion Diagnostics
- Other Diagnostics
By Workflow Type-
- NGS Pre-Sequencing
- NGS Sequencing
- NGS Data Analysis
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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