The global Next Generation Cancer Diagnostics market size is expected to be worth around US$ 21.04 billion by 2030, according to a new report by Vision Research Reports.
The global Next Generation Cancer Diagnostics market size was valued at US$ 14.38 billion in 2020 and is anticipated to grow at a Revenue CAGR during forecast period 2021 to 2030.
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.
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.
Key technologies analyzed in this study are DNA microarrays, protein microarrays, qPCR, and lab-on-a-chip (LOAC) device with Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) technology. The advantages, comprising detection of gene duplications or deletions, melting curve analysis for identification of mutations, and qPCR technology for tumor profiling in clinical laboratories, are supportive of the sizable share captured by the qPCR and multiplexing segment.
PCR-based methods, relative to traditional testing procedures are also found to be more cost-effective, which is a key driver rendering growth to this segment.
DNA and protein microarrays are anticipated to witness a reduction in their usage rate as a result of a positive shift in the preference rate for NGS-based technology. Technological advances in NGS systems and the development of supportive library preparation protocols and data interpretation tools have contributed to the rising popularity of this technology amongst research entities. Market sentiments analysis as published by certain major market entities has also mentioned that DNA microarrays are expected to lose a major part of their market share to NGS-based diagnostics over the coming decade.
Owing to the fact that biomarker tests have exhibited accuracy levels as high as 90% in investigational studies and provided enhanced sensitivity in tumor screening, it is expected that in the coming years, this segment will experience significant growth in its demand throughout the forecast period.
Rise in a number of research projects for the development of innovative tools and solutions that facilitate early detection of tumor-causing mutations is anticipated to influence substantial growth of genetic analysis for oncology diagnostics over the forecast period.
Depending on the site of tumor development, the cancer types are majorly categorized as the following: breast, cervical, colorectal, lung, and other cancer forms. The other cancer types segment constitutes leukemia, bladder, brain, skin, uterine, Non-Hodgkin lymphoma, esophageal, liver, ovarian, prostate, and thyroid.
In terms of revenue generation, lung tumor was pegged as the second-largest cancer type following other forms in 2015 because of a comparatively higher number of research projects and patent applications filed in this segment. Furthermore, lung cancer has the highest prevalence at a global level and therefore warrants a larger section of the market to cater to the huge patient base. However, breast oncology disorders are expected to witness considerable growth over the forecast period owing to a rise in its incidence rate that would augment the demand for diagnostic and screening technologies.
As per the function, next-generation cancer diagnostics space is broadly classified into risk analysis, tumor screening, prognostic based diagnosis, therapeutic monitoring, & companion diagnostics.
The prognostic diagnostics segment is projected to register substantial growth over the forecast period due to the fact that the prognosis of cancer varies from patient to patient and plays a crucial role in designing cancer therapies and protocols for chemotherapy, radiation-based treatment, and gene therapy.
North America dominated the next-generation oncology diagnostics industry with a revenue share of over 40%. The launch of favorable government initiatives such as the “80% by 2018” movement for colon cancer detection is expected to boost the market over the forecast period. In this movement, over 170 organizations including government health departments, medical professional societies, cancer coalitions, and health departments are working to achieve the shared goal of reaching 80% screening for oncology disorders by 2018 and have committed toward the eradication of oncology diseases.
Asia Pacific is expected to be one of the fastest-growing regions of this sector and is projected to grow at a lucrative rate. Factors accounting for faster growth include a largely untapped market base, which has exhibited technological advancement in healthcare research over the latter half of the past decade. Considerably higher investments in healthcare research and economic enhancement of these regions are further expected to enhance the market potential over the forecast period.
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.
qPCR & Multiplexing
Lab-on- a- chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR)
Cancer Type Outlook
Middle East & Africa
The Next Generation Cancer Diagnostics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Next Generation Cancer Diagnostics market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Next Generation Cancer Diagnostics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Next Generation Cancer Diagnostics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Next Generation Cancer Diagnostics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Next Generation Cancer Diagnostics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Next Generation Cancer Diagnostics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Next Generation Cancer Diagnostics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Next Generation Cancer Diagnostics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Next Generation Cancer Diagnostics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Next Generation Cancer Diagnostics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Next Generation Cancer Diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Next Generation Cancer Diagnostics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Next Generation Cancer Diagnostics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Next Generation Cancer Diagnostics market. These factors have benefited the growth of the global market for Next Generation Cancer Diagnostics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Next Generation Cancer Diagnostics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Next Generation Cancer Diagnostics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.