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(September 13, 2017)
Global next generation cancer diagnostics market size was worth USD 4,964.05 million in 2016 which is anticipated to grow at a CAGR of more than 9.7% over the forecast period. Rise in mortality rate due to the increasing occurrence of the cancer, second most predominant disease accounting for approximately 8.8 million deaths in 2015 is anticipated to escalate the market for these tests.
Advancements in tests enable early diagnosis and assist efficient detection of different types of tumors which in turn is expected to promote growth over the projected period. The introduction of new products by large bodies, merger, and acquisitions, and joint agreements such as the development of RNA-Seq Kit version by Agilent Technologies Inc. and Agendia Inc. are the factors accountable for the estimated CAGR.
An escalation in the development of companion diagnostics in order to deliver advanced and personalized genomic medicine is also responsible for progress in the coming years.
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Furthermore, the technological advancements driving the innovation in point-of-care testing devices is anticipated to aid in commercialization of advanced products thereby supporting revenue generation.
Incorporation of technological advancements such as melting curve examination for identification of mutations, qPCR tools for profiling of tumor in clinical test centers, and gene deletions are accountable for the largest share apprehended by multiplexing and qPCR segment.
With the development of next-generation sequencing technology, the use of traditional methods such as protein and DNA microarrays is expected to decrease through the years. Other factors such as data interpretation tools, growth of supportive library preparation procedures, and technological advancements are accountable for the lucrative adoption of next generation oncology tests among researchers.
Cancer Type Insights
Major categorization for the types of cancer includes cervical, breast, lung, colorectal, and other tumor forms. The other types constitute leukemia, prostate, bladder, brain, skin, uterine, esophageal, Non-Hodgkin lymphoma, ovarian, liver, and thyroid.
In 2015, as per World Health Organization lung cancer was accountable for approximately 1.7 million deaths. Moreover, breast cancer incidence is also estimated to grow thereby escalating the demand for screening and diagnostic technologies.
Growth in the number of research schemes to develop novel products and services which enable primary detection of tumor-causing mutations is expected to affect the advancement in genetic analysis over the forecast period. Biomarker tests offer greater sensitivity in screening and also demonstrate 90% accuracy levels in investigational studies which is attributive to induce progress in the coming years.
Risk analysis, prognostic based diagnosis, tumor screening, therapeutic monitoring, & theranostics are the different functions of next generation oncology diagnostic tests.
The prognostic diagnostics segment is anticipated to witness the fastest growth in the coming years as a consequence of higher adoption of prognosis which plays important role in designing oncology therapies and protocols for chemotherapy, radiation-based treatment, and gene therapy.
The next generation cancer diagnostics market is dominated by North America with approximately 40% market share. Favorable government initiatives such as launch of 80% by 2018 program for detection of colon cancer is anticipated to propel progress in the coming years.
In this program, almost 170 groups including medical professional societies, health departments, government health departments, and cancer coalitions are functioning to accomplish the mutual goal of attaining 80% screening for oncology diseases by 2018 and are working forward to eliminate the oncology disorders.
Asia Pacific is anticipated to be the fastest developing region. Factors such as economic augmentation, higher investments, and greater untapped market are accountable for the fastest growth of resign in diagnosis sector.
Major entities functioning in the market include Novartis AG, Myriad Genetics Inc., Illumina Inc., Almac Group, Sysmex Corporation, F. Hoffmann-La Roche Ltd, Agilent Technologies, Genomic Health, Almac Group, Koninklijke Philips N.V, and Cepheid.
Market players by offering clinical analysis amenities are implementing geographic expansion strategies. Furthermore, reimbursement coverage plays an important factor to increase the patient convenience to the precision drug. For example, in October 2015, U.S., Medicare started the reimbursement procedure for a prostate tumor type known as Oncotype DX.
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Technology Outlook (Revenue, USD Million, 2013 - 2024)
Next Generation Sequencing qPCR & Multiplexing
Application Outlook (Revenue, USD Million, 2013 - 2024)
Cancer Type Outlook (Revenue, USD Million, 2013 - 2024)
Function Outlook (Revenue, USD Million, 2013 - 2024)
Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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