SAN FRANCISCO, Dec. 9, 2019 /PRNewswire/ -- 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.
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.
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.
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.
Grand View Research has segmented the global clinical oncology next generation sequencing market on the basis of technology, workflow, application, end use, and region:
Filter Integrity Test Market– The global filter integrity test market size was estimated at USD 58.79 million in 2018 and is expected to register a CAGR of 4.31% over the forecast period.
Next Generation Sequencing Sample Preparation Market – The anticipated growth in revenue can be attributed to the development of products that enable the generation of high-quality libraries of sufficient quality as well as the yield for successful sequencing.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.