Dublin, Oct. 04, 2021 (GLOBE NEWSWIRE) -- The "Global Clinical Oncology Next Generation Sequencing Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical oncology next generation sequencing market size is expected to reach USD 892.61 million by 2028 registering a CAGR of 14.70%
Technological advancements in next-generation sequencing coupled with high adoption of companion diagnostics and personalized medicine drive the global market growth.
In addition, a rise in the utility of next generation sequencing (NGS) for liquid biopsy is expected to increase revenue generation in the market. NGS is employed to sequence circulating tumor DNA (ctDNA) for the analysis of liquid biopsy samples. This leads to efficient molecular profiling of tumors, which, in turn, facilitates real-time, non-invasive monitoring of tumors.
Moreover, a rise in market competitiveness, growth in oncology diagnostics spending, and increasing research activities to develop solutions that can potentially be used for clinical oncology drive market progression. For instance, in January 2021, Spectrum Solutions, LLC collaborated with the UCLA School of Dentistry on saliva-based NGS liquid biopsy research, which would be used for early diagnosis of Non-Small Cell Lung Cancer (NSCLC).
North America dominated the global market in 2020 owing to multiple initiatives taken by various government bodies in the region to screen and prevent cancer, such as Cancer Prevention and Control Research Network, a flagship program by the CDC. Asia Pacific is projected to be the fastest-growing regional market over the forecast period owing to continuous reforms in the pharmaceutical and life sciences industries in the region.
Key players in this market have undertaken strategic alliances to strengthen their market position. For example, in March 2020, Thermo Fisher Scientific signed an agreement with Janssen Biotech, Inc. for the development of CDx for tumor management. Under the agreement, Janssen Research & Development, LLC would validate multiple biomarkers to be used with Thermo Fisher's Oncomine Dx target test for identification of patients with NSCLC
Clinical Oncology NGS Market Report Highlights
Targeted sequencing & resequencing accounted for the largest market share in 2020 owing to the high adoption of targeted gene panels for oncology diagnostics
Moreover, the discovery of novel cancer biomarkers further boosts the development of targeted sequencing oncology panels
Whole-Genome Sequencing (WGS) is projected to register the fastest growth rate from 2021 to 2028 as the technology offers a complete genomic survey of the tumor genome
This helps in the generation of a detailed map of indels, copy number changes, Single Nucleotide Variations (SNV), and complex structural rearrangements with a single assay
Companion diagnostics is projected to be the fastest-growing application segment from 2021 to 2028 owing to the high adoption and benefits offered by the technology
Therefore, major market participants focus on innovative R&D in companion diagnostics to gain approval for novel tests
For instance, in August 2020, the FDA approved Guardant360 CDx assay; an NGS-based liquid biopsy CDx to identify Epidermal Growth Factor Receptor (EGFR) gene mutations in metastatic NSCLC
Market driver analysis
Decrease in costs for genetic sequencing
Advancements in the field of personalized medicine
Rise in competition amongst prominent market entities
Growing healthcare expenditure triggering development of effective PM diagnostic & therapeutic procedure for cancer
Rise in prevalence of cancer
Growing adoption of NGS over single gene testing
Market restraint analysis
Lack of computational efficiency for data management
Non-value based NGS reimbursement policy
Business environment analysis tools
Impact of COVID-19 on Market Growth
Next-Generation Sequencing Reimbursement Environment
Regulatory and Political Environment
F. Hoffmann-La Roche Ltd
Thermo Fisher Scientific Inc.
Myriad Genetics, Inc.
Beijing Genomics Institute (BGI)
Perkin Elmer, Inc.
Pacific Bioscience, Inc.
Foundation Medicine Inc.
Oxford Nanopore Technologies Ltd.
Paradigm Diagnostics, Inc
Caris Life Sciences
urofins Scientific S.E.
For more information about this report visit https://www.researchandmarkets.com/r/x4ngn7
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