Pune, India, July 19, 2021 (GLOBE NEWSWIRE) -- The global next generation cancer diagnostics market is anticipated to reach USD 5,650.9 million in 2021 and is projected to grow at a CAGR of 19.8% during the forecast period. Increasing incidence of oncology disorders is expected to drive the demand for next generation cancer diagnostics tests. These tests facilitate initial diagnosis and allow efficient prognosis of several forms of cancer.
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The shift from traditional laboratory testing to rapid point-of-care testing will support market growth owing to predictable commercialization of the technologically innovative range of products comprising diagnostic instruments, kits, and reagents. With increasing development of companion diagnostics for their execution in delivering advanced and personalized genomic medicine, the market is expected to observe high-value avenues and opportunities for growth during the forecast period.
However, high capital investments, and increased price of diagnostic imaging systems affecting their rate of acceptance in developing markets are the key factors that can restraint the market during the forecast period.
Global Next Generation Cancer Diagnostics Market, by Technology
Based on technology, the next generation cancer diagnostics market is segmented into next generation sequencing, qPCR and multiplexing, Lab-on-a-Chip (LOAC) and reverse transcriptase-PCR (RT-PCR), protein microarrays, and DNA microarrays.
The next generation sequencing and qPCR and multiplexing segments hold the largest market in 2021 and are expected to remain the largest market during the forecast period. The next generation sequencing segment growth can be due to increasing in-vitro diagnostics tests by private diagnostics clinics and hospitals. Advantages like detection of gene deletion or duplication are also expected to boost segment growth. The qPCR and multiplexing segment growth can be because it is cost-effective compared with traditional testing methods.
Global Next Generation Cancer Diagnostics Market, by Application
Based on application, the next generation cancer diagnostics market is segmented into biomarker development, CTC analysis, proteomic analysis, epigenetic analysis, and genetic analysis.
The biomarker development segment is the fastest-growing segment in 2021 and is expected to remain the fastest growing segment in the forecast period. Biomarker tests have shown accuracy levels as high as 90% in investigational studies and offered improved sensitivity in tumor screening. This factor is expected to drive the segment growth during the forecast period.
Global Next Generation Cancer Diagnostics Market, by Cancer Type
Based on cancer type, the next generation cancer diagnostics market is segmented into lung cancer, breast cancer, colorectal cancer, cervical cancer, and others.
The lung cancer type segment holds the largest market in 2021 and is expected to remain the largest segment during the forecast period. Relatively higher number of patents and research projects filed in this segment will drive the lung cancer type segment during the forecast period. Additionally, lung cancer has the highest occurrence at a global level and it is expected to drive the market growth in the forecast period.
The breast cancer segment is expected to observe significant growth during the forecast period. The segment growth can be on account of increase in its occurrence rate that would augment the demand for diagnostic and screening technologies.
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Global Next Generation Cancer Diagnostics Market, by Function
Based on function, the next generation cancer diagnostics market is segmented into therapeutic monitoring, companion diagnostics, prognostics, cancer screening, and risk analysis.
The prognostics segment is expected to be the fastest growing segment in 2021 and is expected to remain the fastest growing segment during the forecast period. The prognostics segment growth can be attributed to the fact that the prognosis of cancer differs from patient to patient and plays a vital role in scheming cancer protocols and therapies for chemotherapy, gene therapy, and radiation-based treatment.
Global Next Generation Cancer Diagnostics Market, by Region
Based on region, the next generation cancer diagnostics market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America holds the largest market in 2021 and is projected to remain the largest market during the forecast period. The regional market growth can be attributed to high per capita healthcare spending, favorable healthcare policies.
Asia Pacific is anticipated to be the fastest-growing region in 2021 and is expected to remain fastest-growing region during the forecast period. The factors accounting for faster growth of Asia Pacific region include a largely untapped market base, which has showed technological development in healthcare research in the past decade. Significantly higher investments in healthcare research and economic enhancement of these regions are further anticipated to boost the market potential during the forecast period.
Some Recent Developments in the Global Next Generation Cancer Diagnostics Market:
- Novembe, 2020 - GE Healthcare collaborated with GenesisCare to develop patient outcomes for the two major health burdens worldwide, heart and cancer disease. GE Healthcare would offer MRI, CT, SPECT, PET/CT, digital mammography, and ultrasound equipment to GenesisCare’s 440+ cardiovascular and cancer disease treatment centers across Australia, US, Spain, and UK.
- January, 2020- Roche Diagnostics collaborated with Illumina to offer broad access to clinical oncology next-generation sequencing.
COVID-19 Impact on Global Next Generation Cancer Diagnostics Market
The QMI team is closely observing the impact of COVID-19 pandemic outbreak on next generation cancer diagnostics and the market was seen to be down in 2020. The barriers in sales and manufacturing segments are impacting the next generation cancer diagnostics market. The outbreak led to the closure of all manufacturing companies excluding for sanitizers, ventilators, and masks. Therefore, the diagnostic devices were manufactured less related to earlier years, during the pandemic outbreak.
The pandemic has significantly impacted the availability of hospital resources across the globe. This has been initially managed by dramatically decreasing outpatient and inpatient services for other diseases and executing infection control and prevention measures. The number of cancer diagnostic and screening methods declined precipitously, with countries across the globe being affected by the pandemic.
Some Major Findings of the Global Next Generation Cancer Diagnostics Market Include:
• Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
• An in-depth global next generation cancer diagnostics market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
• Profiles of major market players operating in the global next generation cancer diagnostics market, which 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
• Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
• Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market
• Impact of COVID-19 on the global next generation cancer diagnostics market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Next Generation Cancer Diagnostics Market, By Technology (Next Generation Sequencing, qPCR and Multiplexing, Lab-on-a-Chip (LOAC) and Reverse Transcriptase-PCR (RT-PCR), Protein Microarrays, DNA Microarrays), By Application (Biomarker Development, CTC Analysis, Proteomic Analysis, Epigenetic Analysis, Genetic Analysis), By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Cervical Cancer, Others), By Function (Therapeutic Monitoring, Companion Diagnostics, Prognostics, Cancer Screening, Risk Analysis), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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