Clinical Oncology Next Generation Sequencing Market Size Worth $1.5 Billion by 2025: Grand View Research, Inc.
The global clinical oncology next generation sequencing (NGS) market size is expected to reach USD 1.5 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 13.2% over the forecast period. Rise in demand for personalized medicine, coupled with growth in next generation sequencing technology, is anticipated to accelerate the growth of NGS technology in clinical diagnostics.
Owing to the fact that next generation sequencing offers several advantages such as sensitivity, accuracy, and speed, this technology is anticipated to drive the oncology clinical diagnostics market. Furthermore, next generation sequencing aids in the assessment of multiple genes in a single assay, thereby eliminating the need to order several tests for determination of underlying mutation.
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North America held the dominant share in the global the market for clinical oncology NGS in 2018 owing to increased focus of government bodies on cancer treatment, rise in healthcare expenditure, and presence of adequate infrastructure in the healthcare industry. Asia Pacific is expected to be the fastest-growing regional market throughout the forecast period majorly due to continuous reforms in the healthcare and pharmaceutical industries in the region. Presence of untapped markets in emerging economies in the region will also benefit regional growth.
Key suggestions from the report:
- By technology, targeted sequencing and resequencing held the largest share in 2018 owing to frequent usage in cancer diagnostics. On the other hand, whole-genome sequencing (WGS) is expected to grow at a lucrative rate owing to wide-scale applications and rising demand for the technique
- Based on application, companion diagnostics is anticipated to witness the fastest growth as a consequence of presence of a substantial number of pharmaceutical and diagnostic developers collaborating to commercialize the products. These participants are focused on extensive R&D in companion diagnostics to obtaining regulatory approval for novel assays combined with pharmaceuticals
- On the basis of end use, the clinics segment will expand at a significant growth rate thanks to increase in feasibility for the use of next generation sequencing technology
- North America occupied the largest share owing to increased focus of government bodies on cancer treatment, rise in healthcare expenditure, and presence of adequate healthcare infrastructure
- Asia Pacific is expected to grow at the fastest rate due to continuous reforms in the healthcare and pharmaceutical sectors, accompanied by improvement in reimbursement policies
- Illumina, Inc.; Thermo Fisher Scientific; F. Hoffmann-La Roche Ltd; Agilent Technologies; Myriad Genetics; Beijing Genomics Institute (BGI); Perkin Elmer; Foundation Medicine; Pacific Bioscience; Oxford Nanopore Technologies Ltd; Paradigm Diagnostics; Caris Life Sciences; Partek, Inc.; Eurofins Scientific S.E; and Qiagen N.V. are some of the key participants operating in this market. These participants are engaged in new product development and strategic alliances for enhancing their competitive footprint in the market.
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Grand View Research has segmented the global clinical oncology NGS market on the basis of technology, workflow, application, end use, and region:
Clinical Oncology NGS Technology Outlook (Revenue, USD Million, 2014 – 2025)
- Whole Genome Sequencing
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
Clinical Oncology NGS Workflow Outlook (Revenue, USD Million, 2014 – 2025)
- NGS Pre-Sequencing
- NGS Sequencing
- NGS Data Analysis
Clinical Oncology NGS Application Outlook (Revenue, USD Million, 2014 – 2025)
- Screening
- Sporadic Cancer
- Inherited Cancer
- Companion Diagnostics
- Others
Clinical Oncology NGS End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Hospitals
- Clinics
- Laboratories
Clinical Oncology NGS Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- Japan
- China
- Latin America
- Brazil
- Middle East and Africa (MEA)
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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