The report "Next Generation Cancer Diagnostics Market by Technology (NGS, LOAC, RT-PCR) Application (CTC, Biomarker), Cancer Type (Lung, Breast) – Global Forecast to 2028" The next generation cancer diagnostics market is projected to grow from USD 11.1 billion in 2021 and is projected to reach USD 29.7 billion by 2028; it is expected to grow at a CAGR of 17.80% from 2022 to 2028. The demand for next-generation cancer diagnostic tests is predicted to increase with the prevalence of oncology disorders.
These tests are anticipated to aid in the early detection of cancer and enable effective prognosis, which in turn is anticipated to positively impact the development of this vertical during the projected year. A key element anticipated to open up profitable growth opportunities for this market is the development and introduction of product offerings by numerous large companies. Potentially high-value growth avenues and opportunities characterize the market during the forecast period due to the growing development of companion diagnostics for their deployment in delivering personalized and advanced genomic therapy.
The NGS category in the next generation cancer diagnostics market is expected to be the fastest-growing segment during the forecast period
The NGS segment is projected to grow the fastest during the forecast period. The benefits include finding gene duplications or deletions and identifying mutations using melting curve analysis. It is expected that NGS-based technology will become more popular, which will limit the use of DNA and protein microarrays. The growing acceptance of this technique among research organizations has been facilitated by technological developments in NGS systems, the creation of supportive library preparation standards, and the development of data analysis tools.
Lung cancer category of the next generation cancer diagnostics market to record the highest CAGR from 2022 to 2028
Lung cancer is expected to account for the highest CAGR of the next generation cancer diagnostics market from 2022 to 2028 due to the segment's relatively higher number of research initiatives and patent filings. Additionally, lung cancer has the highest occurrence worldwide, necessitating a higher market share to serve the enormous patient population. However, because of increased incidence rates that will increase the demand for diagnostic and screening technologies, breast oncology problems are predicted to experience significant growth throughout the projected period.
Europe is anticipated to grow at a significant rate in next generation cancer diagnostics market share from 2022 to 2028
Europe is the fastest-growing region in the next generation cancer diagnostics market. The increasing incidence of cancer cases in Europe clearly demands early detection and diagnosis of cancer. Researchers are consistently working to discover novel cancer diagnosis methods with minimal invasion. There are approximately 375000 cases of cancers detected each year, with a mortality rate of over 44%. An expanding number of researchers, the presence of top-tier research organizations, and pharmaceutical industry giants are all contributing to the advancement of cancer diagnostics research in the U.K. In addition, the COVID-19 epidemic has significantly increased public awareness of early cancer diagnosis and treatment over the past few years. The market for next-generation cancer diagnostics in the UK is strongly driven by this trend.
Key Market Players
Key players in the next generation cancer diagnostics market include Agilent Technologies, Inc., Abbott, BD, OPKO Health, Inc., F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Illumina, Inc, QIAGEN, BioGenex, Siemens Healthcare GmbH, bioMérieux SA, NeoGenomics Laboratories, Inc., Telerad Tech, BioNTech SE, Thermo Fisher Scientific Inc, Hologic Inc., Koninklijke Philips N.V., PerkinElmer Inc, Cepheid.
These tests are anticipated to aid in the early detection of cancer and enable effective prognosis, which in turn is anticipated to positively impact the development of this vertical during the projected year. A key element anticipated to open up profitable growth opportunities for this market is the development and introduction of product offerings by numerous large companies. Potentially high-value growth avenues and opportunities characterize the market during the forecast period due to the growing development of companion diagnostics for their deployment in delivering personalized and advanced genomic therapy.
The NGS category in the next generation cancer diagnostics market is expected to be the fastest-growing segment during the forecast period
The NGS segment is projected to grow the fastest during the forecast period. The benefits include finding gene duplications or deletions and identifying mutations using melting curve analysis. It is expected that NGS-based technology will become more popular, which will limit the use of DNA and protein microarrays. The growing acceptance of this technique among research organizations has been facilitated by technological developments in NGS systems, the creation of supportive library preparation standards, and the development of data analysis tools.
Lung cancer category of the next generation cancer diagnostics market to record the highest CAGR from 2022 to 2028
Lung cancer is expected to account for the highest CAGR of the next generation cancer diagnostics market from 2022 to 2028 due to the segment's relatively higher number of research initiatives and patent filings. Additionally, lung cancer has the highest occurrence worldwide, necessitating a higher market share to serve the enormous patient population. However, because of increased incidence rates that will increase the demand for diagnostic and screening technologies, breast oncology problems are predicted to experience significant growth throughout the projected period.
Europe is anticipated to grow at a significant rate in next generation cancer diagnostics market share from 2022 to 2028
Europe is the fastest-growing region in the next generation cancer diagnostics market. The increasing incidence of cancer cases in Europe clearly demands early detection and diagnosis of cancer. Researchers are consistently working to discover novel cancer diagnosis methods with minimal invasion. There are approximately 375000 cases of cancers detected each year, with a mortality rate of over 44%. An expanding number of researchers, the presence of top-tier research organizations, and pharmaceutical industry giants are all contributing to the advancement of cancer diagnostics research in the U.K. In addition, the COVID-19 epidemic has significantly increased public awareness of early cancer diagnosis and treatment over the past few years. The market for next-generation cancer diagnostics in the UK is strongly driven by this trend.
Key Market Players
Key players in the next generation cancer diagnostics market include Agilent Technologies, Inc., Abbott, BD, OPKO Health, Inc., F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Illumina, Inc, QIAGEN, BioGenex, Siemens Healthcare GmbH, bioMérieux SA, NeoGenomics Laboratories, Inc., Telerad Tech, BioNTech SE, Thermo Fisher Scientific Inc, Hologic Inc., Koninklijke Philips N.V., PerkinElmer Inc, Cepheid.
