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
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