Press Release

Next Generation Cancer Diagnostics Market to Grow with a CAGR of 8.45% through 2028

Rising incidence of cancer is expected to drive the Global Next Generation Cancer Diagnostics Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Next Generation Cancer Diagnostics Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Next Generation Cancer Diagnostics Market stood at USD 12.36 billion in 2022 and is anticipated to grow with a CAGR of 8.45% in the forecast period, 2024-2028. One of the primary drivers propelling the growth of NGCD is the remarkable advancements in genomic technologies. Next-generation sequencing (NGS) platforms, in particular, have played a pivotal role in deciphering the intricate genetic landscape of various cancers. The ability to sequence the entire cancer genome rapidly and cost-effectively has opened new avenues for understanding the genetic mutations and alterations driving cancer initiation and progression. This information is crucial for developing targeted therapies and personalized treatment plans, thereby boosting the demand for NGCD.

The global burden of cancer continues to rise, necessitating more effective and efficient diagnostic tools. With an aging population, lifestyle changes, and environmental factors contributing to the increase in cancer incidence, there is a growing need for accurate and early detection methods. NGCD, with its ability to detect cancer at the molecular level, offers a promising solution. Early detection is often synonymous with better prognosis and treatment outcomes, driving the adoption of NGCD in routine clinical practice. Liquid biopsy has emerged as a game-changing non-invasive diagnostic tool within the NGCD landscape. This technique involves analyzing circulating tumor DNA (ctDNA) and other biomarkers present in blood or other bodily fluids. Liquid biopsies offer a minimally invasive alternative to traditional tissue biopsies, allowing for real-time monitoring of cancer dynamics and treatment response. The convenience and accessibility of liquid biopsy contribute significantly to its adoption, especially in situations where obtaining tissue samples is challenging.

 

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The Global Next Generation Cancer Diagnostics Market is segmented into Display Technology, Display Color, Application, Regional Distribution, And Company. Based on the Technology, Next-generation Sequencing (NGS) emerged as the dominant segment in the global market for Global Next Generation Cancer Diagnostics in 2022. NGS plays a crucial role in liquid biopsy techniques, where circulating tumor DNA (ctDNA) is analyzed from blood samples. This non-invasive approach for cancer detection and monitoring has gained prominence, further driving the demand for NGS technologies. NGS allows the simultaneous analysis of multiple genes and genomic regions, providing a comprehensive view of the genetic landscape of cancer. This capability is crucial for identifying genetic mutations, alterations, and biomarkers associated with various cancer types, aiding in personalized and targeted treatment strategies. NGS platforms can process a large number of samples in parallel, offering high throughput and rapid results. This is particularly advantageous in a clinical setting where timely diagnosis is critical for effective treatment planning.Over time, advancements in NGS technologies have led to a reduction in sequencing costs, making it more economically feasible for routine clinical applications. The decreasing cost has contributed to the widespread adoption of NGS in cancer diagnostics.

Based on the Application, Genetic Analysis emerged as the dominant segment in the global market for Global Next Generation Cancer Diagnostics Market in 2022. Genetic Analysis is instrumental in assessing hereditary cancer risk by identifying germline mutations that may predispose individuals to certain types of cancer. This information is vital for implementing preventive measures, such as increased surveillance or prophylactic interventions, in individuals with a higher risk of hereditary cancers. Genetic Analysis plays a pivotal role in identifying and characterizing genetic mutations associated with various types of cancer. This information is crucial for understanding the molecular basis of the disease, predicting disease risk, and guiding personalized treatment strategies. The focus on personalized medicine in cancer care has propelled the demand for Genetic Analysis. By assessing an individual's genetic makeup, healthcare professionals can tailor treatment plans to target specific genetic abnormalities, increasing the efficacy of therapeutic interventions. The advent of NGS technologies has revolutionized Genetic Analysis, enabling the rapid and cost-effective sequencing of entire genomes or specific genomic regions. NGS facilitates the analysis of multiple genes simultaneously, providing a comprehensive view of the genetic landscape in cancer patients.

North America emerged as the dominant player in the Global Next Generation Cancer Diagnostics Market  in 2022, holding the largest market share. The presence of leading research institutions, academic centers, and pharmaceutical companies in North America fosters a culture of continuous research and development. This environment contributes to the innovation and refinement of next-generation diagnostic technologies, further solidifying the region's position in the global NGCD market. The growing emphasis on precision medicine, which tailors medical treatment to the individual characteristics of each patient, has been a driving force in North America. NGCD plays a pivotal role in precision medicine by providing detailed genetic and molecular information for personalized cancer treatment strategies. North America has been at the forefront of early adoption when it comes to incorporating technological innovations in healthcare. The region's healthcare system has been quick to embrace and integrate Next Generation Cancer Diagnostics technologies into clinical practice, allowing for more accurate and timely cancer diagnoses.

 

Major companies operating in Global Next Generation Cancer Diagnostics Market are:

  • GE HealthCare
  • Janssen Pharmaceuticals, Inc.
  • Illumina, Inc.
  • Novartis AG
  • F. Hoffmann-La Roche Ltd
  • Koninklijke Philips N.V.
  • QIAGEN
  • Agilent Technologies, Inc. (Dako)
  • Abbott Laboratories Inc.
  • Thermo Fisher Scientific Inc

 

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 “The global Next Generation Cancer Diagnostics market is anticipated to experience significant growth in the coming years. Next-generation sequencing, liquid biopsy, and advanced imaging technologies are anticipated to play pivotal roles in reshaping cancer diagnostics, offering unprecedented insights into the genomic and molecular aspects of tumors. As healthcare systems worldwide recognize the potential of NGCD in enabling early detection, precise characterization, and personalized treatment strategies, the demand for these innovative diagnostic tools is expected to surge. The ongoing research and development initiatives, coupled with collaborative efforts across industry and academia, further propel the optimism surrounding the NGCD market, indicating a transformative era in the global fight against cancer.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Next Generation Cancer Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Technology (Next-generation Sequencing, qPCR & Multiplexing, Lab-on- a- chip (LOAC) & 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) Region and Competition”, has evaluated the future growth potential of Global Clinical Microbiology Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Clinical Microbiology Market.


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