Global "Next
generation cancer diagnostics Market" 2024 Industry research report covers the industry overview with
Marketplace Size, Share, Development, futuristic cost, earnings, demand and
distribution data. Its vast repository offers an analytical summary of the
marketplace that can help to the new and existing player to take a significant
decision.
In this report, we
thoroughly examine and analyse the Global market for Next generation cancer
diagnostics so that market participants can improve their business strategy and
ensure long-term success. This report provides players with useful information
and suggests result-based ideas to give them a competitive advantage in the
global Next generation cancer diagnostics industry. It will show how other
players compete in the global Next generation cancer diagnostics Market and
explain the strategies you use to differentiate yourself from other
participants.
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Industry Insights
Global next generation
cancer diagnostics market size was worth USD 4,964.05 million in 2016 which is
anticipated to grow at a CAGR of more than 9.7% over the forecast period. Rise
in mortality rate due to the increasing occurrence of the cancer, second most
predominant disease accounting for approximately 8.8 million deaths in 2015 is
anticipated to escalate the market for these tests.
Advancements in tests
enable early diagnosis and assist efficient detection of different types of
tumors which in turn is expected to promote growth over the projected period.
The introduction of new products by large bodies, merger, and acquisitions, and
joint agreements such as the development of RNA-Seq Kit version by Agilent
Technologies Inc. and Agendia Inc. are the factors accountable for the
estimated CAGR.
An escalation in the development
of companion diagnostics in order to deliver advanced and personalized genomic
medicine is also responsible for progress in the coming years.
Furthermore, the
technological advancements driving the innovation in point-of-care testing
devices is anticipated to aid in commercialization of advanced products thereby
supporting revenue generation.
Technology Insights
Incorporation of
technological advancements such as melting curve examination for identification
of mutations, qPCR tools for profiling of tumor in clinical test centers, and
gene deletions are accountable for the largest share apprehended by
multiplexing and qPCR segment.
With the development of
next-generation sequencing technology, the use of traditional methods such as
protein and DNA microarrays is expected to decrease through the years. Other
factors such as data interpretation tools, growth of supportive library
preparation procedures, and technological advancements are accountable for the
lucrative adoption of next generation oncology tests among researchers.
Application Insights
Growth in the number of
research schemes to develop novel products and services which enable primary
detection of tumor-causing mutations is expected to affect the advancement in
genetic analysis over the forecast period. Biomarker tests offer greater
sensitivity in screening and also demonstrate 90% accuracy levels in
investigational studies which is attributive to induce progress in the coming
years.
Function Insights
Risk analysis, prognostic
based diagnosis, tumor screening, therapeutic monitoring, & theranostics
are the different functions of next generation oncology diagnostic tests.
The prognostic diagnostics
segment is anticipated to witness the fastest growth in the coming years as a
consequence of higher adoption of prognosis which plays important role in
designing oncology therapies and protocols for chemotherapy, radiation-based
treatment, and gene therapy.
Regional Insights
The next generation cancer
diagnostics market is dominated by North America with approximately 40% market
share. Favorable government initiatives such as launch of “80% by 2018” program
for detection of colon cancer is anticipated to propel progress in the coming
years.
In this program, almost 170
groups including medical professional societies, health departments, government
health departments, and cancer coalitions are functioning to accomplish the
mutual goal of attaining 80% screening for oncology diseases by 2018 and are
working forward to eliminate the oncology disorders.
Asia Pacific is anticipated
to be the fastest developing region. Factors such as economic augmentation,
higher investments, and greater untapped market are accountable for the fastest
growth of resign in diagnosis sector.
Competitive Insights
Major entities functioning
in the market include Novartis AG, Myriad Genetics Inc., Illumina Inc., Almac
Group, Sysmex Corporation, F. Hoffmann-La Roche Ltd, Agilent Technologies,
Genomic Health, Almac Group, Koninklijke Philips N.V, and Cepheid.
Market players by offering
clinical analysis amenities are implementing geographic expansion strategies.
Furthermore, reimbursement coverage plays an important factor to increase the
patient convenience to the precision drug. For example, in October 2015, U.S.,
Medicare started the reimbursement procedure for a prostate tumor type known as
Oncotype DX.
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