Clinical Oncology Next Generation Sequencing Global Market Report 2023
Major players in the clinical oncology next-generation sequencing market are Thermo Fisher Scientific (Qiagen), Oxford Nanopore Technologies, QIAGEN, Myriad Genetics, Illumina, F. Hoffmann-La Roche, Perkin Elmer, Agilent Technologies, Pacific Bioscience, and Caris Life Sciences.
New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Oncology Next Generation Sequencing Global Market Report 2023" - https://www.reportlinker.com/p06280920/?utm_source=GNW
The global clinical oncology next generation sequencing market is expected to grow from $0.36 billion in 2021 to $0.39 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The clinical oncology next-generation sequencing market is expected to grow to $0.68 billion in 2026 at a CAGR of 14.7%.
The clinical oncology next-generation sequencing market consits of sales of genetic sequencing equipment with advanced features and technologies such as ion semiconductors sequencing, pyro-sequencing, synthesis sequencing (SBS), real-time sequencing (SMRT), ligation sequencing, and other techniques that are used in oncology research for determining the nucleotide sequence leading to clinical oncology.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Next generation sequencing (NGS) is a process used to determine the sequence of nucleotides in a section of DNA and is used in oncology research. NGS is used to identify rare cancer mutations and familial cancer mutation carriers and to provide molecular rationale for appropriate targeted therapy.
North America was the largest region in the clinical oncology next-generation sequencing market in 2022.Asia Pacific was the second largest region in the clinical oncology next-generation sequencing market.
The regions covered in the clinical oncology next-generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main technologies in clinical oncology next-generation sequencing are ion semiconductor sequencing, pyro-sequencing, synthesis sequencing, real-time sequencing, ligation sequencing, reversible dye termination sequencing, and nanopore sequencing.Ion semiconductor sequencing is a technique of DNA sequencing found on the observation of hydrogen ions that are released throughout the polymerization of DNA.
The clinical oncology next-generation sequencing is used in various applications such as screening, companion diagnostics, and other diagnostics that are used by various end-users such as hospital laboratories, clinical research organizations, and diagnostic laboratories.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the clinical oncology next-generation sequencing market during the forecast period. According to the American Cancer Society, there were 1.9 million new cases and 0.6 million cancer deaths in 2021 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the clinical oncology next-generation sequencing market.
High costs associated with the clinical oncology next-generation sequencing are a major issue faced by patients across the globe.The pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In low-income countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy.
According to an article published in 2020 by Genetics in Medicine, the genome sequencing costs per cancer case is around £6,841, and costs per rare disease are around £7,050, and this cost is due to consumables that are the most expensive components in the sequencing process, and the equipment cost for rare cancer disease is higher when compared with normal cancer equipment, thus restraining the growth of the market.
Companies in the clinical oncology next-generation sequencing are increasingly investing in automation of workflow to increase precision and reduce the sample to sample variability.For instance, Agilent automation solutions have developed an automation system that allows increasing the number of reactions that can perform in parallel, reducing the amount of sample processing time, and increasing the number of samples which can be processed while reducing the variability amount from sample to sample.
Companies such as Sophia Genetics are also investing in data-driven medicine that looks into automating DNA sequencing to better diagnose and treat patients.
In April 2021, Agilent Technologies, a US-based life sciences technology company, acquired Resolution Bioscience for an undisclosed amount.The acquisition would expand Agilent,s capabilities in the fields of next-generation sequencing for cancer diagnostics.
Resolution Bioscience is a US-based developer of next-generation sequencing (NGS)-based precision oncology solutions.
The countries covered in the clinical oncology next-generation sequencing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The clinical oncology next-generation sequencing market research report is one of a series of new reports that provides clinical oncology next-generation sequencing market statistics, including clinical oncology next-generation sequencing industry global market size, regional shares, competitors with a clinical oncology next-generation sequencing market share, detailed clinical oncology next-generation sequencing market segments, market trends and opportunities, and any further data you may need to thrive in the clinical oncology next-generation sequencing industry. This clinical oncology next-generation sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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