Global Next Generation Cancer Diagnostics Market

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

Next Generation Cancer Diagnostics Market News

  • 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.

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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).

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. 'Abbott Laboratories', 'Agilent Technologies, Inc.', 'Bio-Rad Laboratories, Inc.', '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.'

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.

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.

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.

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Global Next Generation Cancer Diagnostics Market

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