The global clinical oncology next
generation sequencing (NGS) market size is expected to reach USD 1.5 billion by
2025, 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.
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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.
Further
key findings from the report suggest:
• 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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