According to the American Cancer Society, 1.7 million additional cancer cases and 0.6 million cancer deaths occurred in the United States in 2019. Lung, prostate, bladder, and female breast cancer are the four most common cancers worldwide, accounting for 43% of all new cancer cases. As a result, demand for clinical oncology next-generation sequencing is predicted to rise as cancer incidence rates rise globally. Clinical oncology next-generation sequencing companies are increasingly investing in workflow automation to improve accuracy and lower sample-to-sample variability.
Data Bridge Market Research analyses that the clinical oncology next generation sequencing market which was USD 592.56 million in 2021, would rocket up to USD 1825.30 million by 2029, and is expected to undergo a CAGR of 15.1% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Clinical Oncology Next Generation Sequencing Market Dynamics
Drivers
· Increase in cancer cases
The clinical oncology next-generation sequencing market is projected to be significantly impacted by personalized medicine and oncology improvements. Rising cancer prevalence, high acceptance of sequencing-based diagnostics platforms among practicing oncologists, decrease in the cost of genetic sequencing, and increased government R&D funding are some of the reasons expected to boost market growth. On the other hand, high adoption of this technique over single-gene testing and higher adoption of clinical oncology next-generation sequencing technology and platforms in academia projects will fuel a slew of new opportunities, propelling the clinical oncology next generation sequencing market forward from 2022 to 2029.
· New technological Innovatives
According to the World Health Organization's (WHO) International Agency for Research on Cancer (IARC), cancer was the top cause of death worldwide in 2020, with over 10 million fatalities. In addition, 19.3 million additional cases were reported globally. New creative technologies, such as next generation sequencing, are being used to address this worldwide burden and lower mortality rates. As a result, the clinical oncology next generation market is growing at a faster rate.
· Reduction in the cost of NGS platforms
The factor aiding the market's growth is the reduction in the cost of NGS platforms. Clinical oncology next-generation sequencing approaches provide a high percentage of reads as well as low cost per read. Leading players are introducing low-cost sequencing approaches. Similarly, the worldwide clinical oncology next generation sequencing market will expand over the forecast period as more people use next generation sequencing for liquid biopsy.
Opportunities
Rapidly increasing cancer cases have become a major issue all over the world. The sickness not only kills people but also has a negative influence on countries' economies. As a result, the government and a variety of other healthcare organisations are taking steps to combat cancer's global burden. Research institutes are receiving large sums of money in order to find viable treatments and drugs. New studies are being launched to comprehensively examine the human genome.
Global Clinical Oncology Next Generation Sequencing Market Scope
The clinical oncology next generation sequencing market is segmented on the basis of technology, workflow, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
· Whole Genome Sequencing
· Whole Exome Sequencing
· Targeted Sequencing and Resequencing Centrifuges
Workflow
· Pre-Sequencing
· Sequencing
· Data Analysis
Application
· Screening
· Sporadic Cancer
· Inherited Cancer
· Companion Diagnostics
· Other Diagnostics
End-user
· Hospitals
· Clinics
· Laboratories
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Clinical Oncology Next Generation Sequencing Market Regional Analysis/Insights
The clinical oncology next generation sequencing market is analysed and market size insights and trends are provided by country, technology, workflow, application and end-user as referenced above.
The countries covered in the clinical oncology next generation sequencing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the clinical oncology next generation sequencing market due to the initiatives the governments have taken up for these technologies in the countries of this region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the increasing automation in this region's pre-sequencing protocols.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Clinical Oncology Next Generation Sequencing Market Share Analysis
The clinical oncology next generation sequencing 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 clinical oncology next generation sequencing market.
Some of the major players operating in the clinical oncology next generation sequencing market are:
· Illumina, Inc. (U.S.)
· Thermo Fisher Scientific Inc. (U.S.)
· F. Hoffmann-La Roche Ltd. (Switzerland)
· Agilent Technologies Inc. (U.S.)
· Myriad Genetics Inc. (U.S.)
· BGI (China)
· Perkin Elmer Inc. (U.S.)
· Foundation Medicine Inc. (U.S.)
· PacBio (U.S.)
· Oxford Nanopore Technologies plc. (U.K.)
· Paradigm Diagnostics Inc. (U.S.)
· Caris Life Sciences (Japan)
· Partek, Incorporated (U.S.)
· Eurofins Scientific (Luxembourg)
· Qiagen (Germany)
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