Next Generation Cancer Diagnostics Market Dynamics
Drivers: Increasing cancer cases
In many nations, cancer outranks other illnesses, including coronary heart disease and stroke, as the main cause of mortality. Worldwide mortality has improved due to next-generation cancer diagnostic technologies that assist illness prevention and early disease detection. Furthermore, during the projected period, it is also anticipated that improvements in diagnostic laboratories and the introduction of integrated and automated lab systems will fuel demand for advanced workflow systems and boost revenue. Rapid point-of-care testing will also help the market grow. It is anticipated to enable the commercialization of various technologically cutting-edge items like diagnostic kits, devices, and reagents.
Restraints: Lack of skilled professionals
The development of the global enhanced ambulatory patient grouping software market over the forecast period may be restrained by a shortage of competent professionals who cannot apply these diagnostic procedures. Additionally, despite the increased prevalence of patients, the high cost of these screening tests may restrain the growth of the global market for next-generation cancer diagnostics.
Opportunities: Increase in the geriatric population
Throughout the forecast period, a lack of qualified specialists who can use these diagnostic techniques may hinder the growth of the global enhanced ambulatory patient grouping software market. The high cost of these screening tests may further limit the expansion of the global market for next-generation cancer diagnostics, notwithstanding the rise in the number of patients. Additionally, features such as the qPCR technology for tumor profiling in clinical laboratories, detection of gene duplications or deletions, and melting curve analysis for mutation identification are driving the market's expansion.
The biomarker category is estimated to be the largest growth in the steam engine market during the forecast period
The biomarker category dominated the market. It is anticipated that this market will witness considerable growth in demand over the next several years because biomarker testing has shown accuracy levels upto 90% in investigational studies and has given enhanced sensitivity in tumor screening. Over the projection period, it is projected that an increase in research initiatives to create novel tools and solutions that assist the early detection of tumor-causing mutations will significantly impact the growth of genetic analysis for oncology diagnostics.
Lung cancer is estimated to be the largest growing market category during the forecast period
The lung cancer segment is projected to grow the fastest during the forecast period because the segment has a comparatively higher number of research projects and patent applications. The highest incidence of lung cancer globally also calls for a larger market share to adequately serve the vast patient population. Breast oncology issues are expected to increase significantly throughout the projected period. Nevertheless, as a result of higher incidence rates will boost the need for diagnostic and screening tools.
The North American segment is estimated to be the largest growing market during the forecast period
North America is the largest next generation cancer diagnostics market and is projected to grow at the fastest rate during the forecast period. Cancer is the second-leading cause of mortality in Canada and the USA, behind heart disease. As a result of numerous actions taken in response to the region's rising cancer incidence rate, tactics for early detection, screening, and detection have been strengthened through numerous projects. High-end healthcare facilities, laboratory infrastructure, robust government regulations, and aggressive support for early cancer detection, diagnosis, and treatment are all the US healthcare system features. Among the major actions done by the American government in the fight against cancer are the declaration of March 2021 as National Cancer Control Month and the restart of the Cancer Moonshot in February 2022.
Key Market Players
The next generation cancer diagnostics market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are 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.
- In January 2022, Agendia, Inc., a leading provider of precision oncology for breast cancer, announced a multi-year collaboration to co-develop diagnostic (IVD) assays for oncology testing.
- In January 2022, Boehringer Ingelheim and Illumina Inc. joined together to speed the development of precision medicines and select therapies for patients with advanced cancer.
- In October 2021, Roche released the AVENIO tumor tissue CGP kit to enable access to personalized cancer research.
Global Next Generation Cancer Diagnostics Market – By Technology
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa