Global next generation cancer diagnostics market is anticipated to reach USD 20.25 billion by 2022 growing at an estimated CAGR of 32.0% from 2015 to 2022, according to a new report by Grand View Research Incorporated. Rising incidence of oncology diseases is anticipated to drive the demand for next generation cancer diagnostic tests that are expected to enhance early diagnosis and efficient prognosis of various forms of cancers is a factor expected to positively influence sector growth over the forecast period.
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Cancer diagnostics industry is estimated to witness lucrative growth over the forecast period majorly due to rising number of technologically advanced products in the field of companion diagnostics, providing more precise testing results combined with therapeutic monitoring early diagnosis of cancer. Moreover, there is a significant shift observed from traditional laboratory testing to rapid point of care testing, which fuels growth in the market owing to expected commercialization of technologically advanced range of products including diagnostic kits, instruments, and reagents.
Furthermore, supportive government initiatives in order to increase the number of research projects with respect to oncology and preventative diagnosis is expected to be attributive for growth in this sector overthe coming years. Additionally, application of tumor diagnostics in epigenetic analysis and CTC enumeration for monitoring tumorigenesis is expected to support projected growth over the forecast period.
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Further key findings from the report suggest:
- RT-PCR & multiplexing accounted for the largest share of the market in 2014 with respect to technologies because of the presence of a wide product portfolio that caters to a number of applications in oncology R&D.
- Next generation sequencing solutions for use in cancer diagnostics are expected to witness lucrative growth in revenue over the forecast period owing to the considerable number of advantages the technology offers over its counterpart segment i.e. microarrays. Introduction of novel sequencing platforms and growth oriented initiatives taken by major market participants are other key factors expected to fuel segment growth.
- In January 2016, Illumina launched its MiniSeq system for the sequencing, which provides complete sequencing solution in order to obtain quicker results because of onboard data analysis for numerous assays and workflow with easy-to-use library-to-results. Such strategic initiatives taken by major market entities are also expected to drive this segment further over the forecast period.
- Development and expected commercialization of a number of companion diagnostics is a key factor attributive of anticipated substantial growth in demand and progress of the segment over the next seven years owing to rising sector penetration in this segment for use with therapeutics and novel pharmaceuticals as adjunct in monitoring tumor eradication.
- Dominant industry participants to produce non-small cell lung cancer diagnostic tests anticipate lung cancer to witness substantial growth in market demand because of product development operations carried out.
- Application of oncology diagnostics in biomarker discovery by transcription regulation is expected to drive industry with potential growth avenues as it subsequently proves helpful in drug designing and identification of novel targets for tumor eradication
- North America held the largest share with respect to revenue generation in 2014 due to simultaneous development of next generation sequencing, personalized medicine and companion diagnostics in the region. Furthermore, high R&D investment as well as availability of technologically advanced healthcare research framework, is expected to serve as a critical factor for the North American region to register considerable growth over the forecast period.
- Presence of significant developments by China and Japan for technological integration, and the development of healthcare infrastructure have poised the Asia Pacific oncology diagnostics market to witness lucrative opportunities of growth throughout the forecast period. Moreover, enhancements of clinical development frameworks in these economies to enable clinical research outsourcing as an effect of the availability of target population is a growth rendering driver in this region.
- Key players contributing significantly to the next generation cancer diagnostics market are Novartis AG, Cepheid, Roche Holdings AG, Perkin Elmer Inc., Sysmex Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc., Philips Electronics NV, Agilent Technologies Inc., Illumina Inc., Genomic Health Inc. Qiagen, Johnson & Johnson, Hologic Inc., Myriad Genetics Inc., Almac Group Limited, Opko Health Inc., and GE Healthcare,
- These entities are involved in collaborations with oncology research organizations and clinical research institutes in order to gain access in the oligopolistic market.
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