Next Generation Cancer Diagnostics Market (Technology - GPCR and Multiplexing, Benchtop Sequencers, Lab-on-a-chip, Next Generation Sequencing, Protein Microarrays, DNA Microarrays, and Other; Application - Biomarker Development, Proteomic Analysis, CTC Analysis, Genetic Analysis, and Epigenetic Analysis; Cancer Type - Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others; Function - Cancer Screening, Therapeutic Monitoring, Prognosis Diagnostics, Risk Analysis, and Companion Diagnostics): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on next generation cancer diagnostics market provides an in-depth analysis of segments and sub-segments in the global as well as regional next generation cancer diagnostics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional next generation cancer diagnostics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global next generation cancer diagnostics market. According to the report, the global next generation cancer diagnostics market is projected to grow at a healthy CAGR over the forecast period of 2020-2026.

Market Insight

Next generation cancer diagnostics technology provides potential in the discovery of progressive actionable targets for cancer. This technique is more sensitive and delivers effective diagnostic solutions in cancer as related to Sanger sequencing. In the next generation sequencing, manifold anomalies comprising different genomic scales can be examined simultaneously. The technology is vigorously used in numerous applications, containing proteomic analysis, cancer screening, and biomarker development, among others. Furthermore, the rising prevalence of cancer disorders across the world is offering a lucrative growth opportunity for the market. As per the National Cancer Institute, in 2018, around 2 million cases of cancer were diagnosed in the United States, among which, nearly 609,640 mortality cases were projected in the country owing to cancer.

Additionally, the current concern over the spread of novel coronavirus is also anticipated to have a negative impact on the next generation cancer diagnostics market for the short term. The novel coronavirus (COVID-19) continues to spread globally at an alarming rate. The exceptional burden of COVID-19 outbreak on health systems globally has important implications for cancer care. The patients with cancer appear to be more susceptible to worse outcomes from the infection, containing a greater need for ventilator support and raised mortality rates. Furthermore, diagnosis may be delayed as screening programs and diagnostic services have been reduced or suspended in numerous countries, and patients, cautious of exposing themselves to the risk of infection, have been more unwilling to present to healthcare services. Also, certain aspects of on-going care have been deprioritized to allow health systems to respond to the COVID-19 epidemic, which has resulted in patients’ receiving suboptimal or delayed care.

The increasing number of research projects on oncology because of the increasing prevalence of oncological disorders across the world is one of the major factors pouring the growth of the market. Government measures taken by developed and developing nations to upsurge the number of research projects in accordance with oncology and preventative diagnosis are projected to boost the next generation cancer diagnostics market over the forecast years. Furthermore, the increasing demand for personalized medicine coupled with the growing deployment of tumour diagnostics in CTC analysis is further driving the market growth. Additionally, government initiatives in the improvement of advanced techniques for cancer diagnostics are positively impacting market growth. The mounting development of advanced next generation cancer diagnostic technologies is anticipated to cater to the growing number of cancer patients across the world. On the other hand, the inadequate reimbursement policies for innovative technologies and the strict regulatory procedures and guidelines followed by the government are other factors hindering the global next generation cancer diagnostics market.

Among the geographies, North America region is expected to hold the largest share in the global next generation cancer diagnostics market owing to the availability of a technologically advanced health care research framework. Further, factors such as healthy R&D investments, personalized medicine, development of next-generation sequencing, and favorable government initiatives such as the “80% by 2018” movement for colon cancer detection have accelerated the growth of the next generation cancer diagnostics market in the North American region. Furthermore, the Asia Pacific region is anticipated to showcase the fastest growth in next generation cancer diagnostics market during the forecast period. The economic development in the region, significantly large untapped market base and development of health care infrastructure are the factors driving the growth of the market.

Segment Covered

The report on the global next generation cancer diagnostics market covers segments such as technology, application, cancer type, and function. On the basis of technology, the sub-markets include GPCR and multiplexing, benchtop sequencers, lab-on-a-chip, next generation sequencing, protein microarrays, DNA microarrays, and other. On the basis of application, the sub-markets include biomarker development, proteomic analysis, CTC analysis, genetic analysis, and epigenetic analysis. On the basis of cancer type, the sub-markets include lung cancer, colorectal cancer, breast cancer, prostate cancer, and others. On the basis of function, the sub-markets include cancer screening, therapeutic monitoring, prognosis diagnostics, risk analysis, and companion diagnostics.

Companies Profiled:

The report provides profiles of the companies in the market such as Cepheid, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Qiagen, Novartis AG, Abbott Laboratories, Thermo Fisher Scientific, Inc., Opko Health, Inc., Myriad Genetics, Inc., and Agilent Technologies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of next generation cancer diagnostics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.