USD 9.90 billion
Global Next Generation Cancer Diagnostics Market Size, Share, Growth Analysis, By Application(Biomarker Development, CTC Analysis), By Cancer Type(Lung, Breast) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2226 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
67 |
Figures:
77
Global Next Generation Cancer Diagnostics Market Insights
Global Next Generation Cancer Diagnostics Market size was valued at USD 9.90 billion in 2022 and is poised to grow from USD 11.66 billion in 2023 to USD 43.25 billion by 2031, at a CAGR of 17.8% during the forecast period (2024-2031).
The market is moving towards the replacement of traditional method laboratory testing by rapid point-of-care testing, which is on account of commercialization of technologically advanced products like diagnostic devices, kits and reagents. This shift led to the significant rise of the market rate. With the emergence of companion diagnostics, high-value opportunities are projected to grow as companion diagnostics become more imminent even within delivering advanced and personalized genomic medicine. The rising global prevalence of diverse types of cancers only proves this by reinforcing the need for such supportive diagnostic tools. For instance, In 2020, Over 544,00 cases of non-Hodgkin Lymphoma, over 83,0 Of Hodgkin lymphoma reported globally are; diabetic Leukemia that saw over patient and have Multiple myeloma guarantees a report of about 176,. WHO declared that the second-largest factor of mortality – cancer, is about providing 9.6 million deaths globally per year.
The mammoth value is also attributed to the increasing occurrence of cancer, which strengthens demand for advanced diagnostic tools as well as newer cancer biomarker development. If advanced diagnostics are the factors that promoted early cancer detection, such a detection usually results in better treatment solutions. The development of next-generation cancer diagnostics has improved the accuracy and cost-effectiveness of detecting any cases. In its turn, studying ensues every day in order to come up with new minimally invasive techniques about cancer diagnosis which underlines the importance of early detection that leads to positive patient outcomes. The segment tends to reflect upon the ongoing approach that has been adopted by many, in addressing the challenges faced when it comes to healthcare posed on the globe with more than 137,000 cases reported each year such as cancer mortality rates noted above 44%.
US Next Generation Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Lung
Fastest Growth
Lung
Growth Rate
17.8% CAGR
Global Next Generation Cancer Diagnostics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Next Generation Cancer Diagnostics Market Size By Cancer Type 2022-2030 ($ Bn)
Global Next Generation Cancer Diagnostics Market Size By Cancer Type 2022-2030 (%)
To get more reports on the above market click here to Buy The Report
Global Next Generation Cancer Diagnostics Market Segmental Analysis
Global Next Generation Cancer Diagnostics Market is segmented on the basis of application, cancer type, function and region. By application, the market is segmented into biomarker development, ctc analysis, proteomic analysis, epigenetic analysis, genetic analysis. By cancer type, the market is segmented into lung, breast, colorectal, cervical, others. By function, the market is segmented into therapeutic monitoring, companion diagnostics, prognostic, cancer screening, risk analysis. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Next Generation Cancer Diagnostics Market Analysis by Cancer Type
In 2021, the lung cancer type category currently holds the greatest market share and is anticipated to keep onto that position during the projection period. Lung cancer type will be driven by a relatively larger number of research projects and patents submitted in this category over the course of the projected year. In addition, lung cancer has the highest incidence rate worldwide and is anticipated to propel market expansion throughout the projected decade.
During the projection period, the breast cancer segment is anticipated to experience considerable increase. The increase in its incidence rate, which would raise the demand for diagnostic and screening technologies, may be the cause of the segment's growth.
Next Generation Cancer Diagnostics Market Analysis by Function
This involves monitoring the effectiveness of cancer treatment and making adjustments as needed. Next-generation cancer diagnostics can help in monitoring the response of tumors to treatment, enabling doctors to make timely adjustments to treatment plans.
In 2021, the prognostics section is anticipated to develop at the quickest rate, and it is anticipated to hold onto that position throughout the forecast period. The prognosis of cancer varies from patient to patient and is a key factor in formulating cancer protocols and therapies for chemotherapy, gene therapy, and radiation-based treatment, which explains the prognostics sector's growth.
Global Next Generation Cancer Diagnostics Market Size By Cancer Type 2022(%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Next Generation Cancer Diagnostics Market Regional Insights
The largest market is expected to be in North America in 2021 and for the duration of the forecast. High per capita healthcare spending and supportive healthcare policies are responsible for the regional market expansion.
Asia Pacific is predicted to have the fastest growth rate in 2021 and will continue to do so throughout the projection period. The Asia Pacific region has experienced faster growth due to a number of variables, including a sizable untapped consumer base and recent technical advancements in healthcare research. During the projected period, it is also anticipated that significantly larger investments in healthcare research and the economic development of these regions will increase market potential.
Global Next Generation Cancer Diagnostics Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Next Generation Cancer Diagnostics Market Dynamics
Next Generation Cancer Diagnostics Market Drivers
Rising Demand for Personalized Medicines to Bolster Market Growth
- The rising demand for personalized medicines is another factor driving the growth of the next generation cancer diagnostics market. Personalized medicine involves tailoring treatments to individual patients based on their genetic profile and other characteristics. Next generation cancer diagnostics tools can help identify patients who are most likely to benefit from personalized treatments.
Growing Awareness about Early Cancer Detection
- Growing awareness about early cancer detection is also contributing to market growth. Many cancers are more treatable when detected early, and as a result, there is a growing emphasis on early cancer detection and screening programs. Next generation cancer diagnostics tools can play a crucial role in these programs by enabling the early detection of cancer and improving patient outcomes.
Next Generation Cancer Diagnostics Market Restraints
Reimbursement Issues to Hinder Market Growth
- These challenges are related to the lack of clear reimbursement policies and the slow pace of their development. This lack of clarity can impact the adoption and use of these new technologies, making it difficult for healthcare providers and patients to justify the costs associated with these tests. The reimbursement policies for next-generation cancer diagnostics vary widely across different countries, regions, and healthcare systems. In many cases, these policies are still being developed, and there is a lack of consensus on how to reimburse for these new technologies.
Request Free Customization of this report to help us to meet your business objectives.
Global Next Generation Cancer Diagnostics Market Competitive Landscape
These companies are involved in the development, manufacturing, and commercialization of a range of next-generation cancer diagnostic technologies and tests, including liquid biopsies, NGS, and imaging techniques. The market is characterized by intense competition, with companies competing on the basis of product features, quality, pricing, and customer service.
Top Player’s Company Profiles in Next Generation Cancer Diagnostics Market
- Danaher Corporation
- Exact Sciences Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Grail, Inc.
- Guardant Health, Inc.
- Hologic, Inc.
- Illumina, Inc.
- Merck & Co., Inc.
- Myriad Genetics, Inc.
- NanoString Technologies, Inc.
- Natera, Inc.
- NeoGenomics, Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Siemens Healthineers AG
- Sysmex Corporation
- Thermo Fisher Scientific, Inc.
- Veracyte, Inc.
Global Next Generation Cancer Diagnostics Market Recent Developments
-
In June 2023, Devyser launched two prodcuts, LynchFAP and BRCA PALB2 to give precise and effective analysis of genes related elevated risk of cancer. These kits assure their performance for breast cancer, ovarian cancer and Lynch syndrome.
-
In May 2023, Thermo Fisher Scientific and Pfizer announced that they have entered a strategic collaboration to expand local access to next generation sequencing based testing for the people who are suffering from breast and lung cancer across Latin America, Middle East, Asia and Africa. This access to NGS testing can promote quicker study of genes associated with diseases.
-
In April 2023, ChromaCode announced a collaboration with Protean BioDiagnostics, a cancer diagnostic facility, to introduce a non-small cell lung cancer test through an early access program. The test uses ChromaCode's high-definition PCR multiplexing technology and has a turnaround time of less than 24 hours to identify all National Comprehensive Cancer Network-recommended variations in a single assay. The test takes 15 nanograms of input DNA and 5 nanograms of input RNA, and it has shown 99 percent concordance with next-generation sequencing.
Global Next Generation Cancer Diagnostics Key Market Trends
- Liquid biopsy tests have emerged as a promising alternative to traditional tissue biopsy tests for cancer diagnosis and treatment monitoring. These tests involve the analysis of a patient's blood, urine, or other bodily fluids to detect cancer cells and other biomarkers. Liquid biopsy tests are less invasive and less expensive than traditional biopsy tests, and they can provide more frequent and accurate results. As a result, there has been a growing adoption of liquid biopsy tests in the market, with several companies investing in the development of these tests.
Global Next Generation Cancer Diagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global next generation cancer diagnostics market was experiencing significant growth and was expected to continue to grow in the coming years. Key factors driving this growth included the increasing prevalence of cancer worldwide, the growing demand for personalized cancer care, and the development of new and innovative diagnostic technologies. The market was also characterized by intense competition, with a large number of established and emerging players operating in the space. These companies were investing heavily in R&D to develop new and innovative diagnostic tools and tests, as well as in marketing and sales efforts to promote their products and capture market share. The global next generation cancer diagnostics market was expected to continue to grow in the coming years, driven by a combination of factors including increasing cancer prevalence, growing demand for personalized cancer care, and the development of new and innovative diagnostic technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.90 billion |
| Market size value in 2031 | USD 43.25 billion |
| Growth Rate | 17.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Next Generation Cancer Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Next Generation Cancer Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Next Generation Cancer Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Next Generation Cancer Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Next Generation Cancer Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Next Generation Cancer Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Next Generation Cancer Diagnostics Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
