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Clinical Oncology Next-Generation Sequencing Market Soars to US $7.86 Billion in 2022: A Comprehensive Analysis

11-10-2023 07:51 AM CET | Health & Medicine

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD.

Clinical Oncology Next-Generation Sequencing Market

Clinical Oncology Next-Generation Sequencing Market

The Clinical Oncology Next-Generation Sequencing (NGS) market has emerged as a pivotal player in the healthcare sector, transforming the landscape of cancer diagnostics and treatment. In 2022, the market reached a valuation of US $7.86 billion, with a projected growth rate of 20.7% from 2022 to 2029, poised to reach nearly US $2.93 billion. This surge is driven by the increasing prevalence of cancer and technological advancements in next-generation sequencing, marking a significant shift in oncology research and patient care.

Know More About The Report: https://www.maximizemarketresearch.com/market-report/clinical-oncology-next-generation-sequencing-market/100383/

Unveiling the Power of Next-Generation Sequencing in Oncology

Next-generation sequencing, a revolutionary technique for sequencing DNA or RNA, plays a crucial role in oncology. By providing researchers access to genomic and transcriptomic data, NGS has significantly contributed to cancer genetics in recent years. The screening of tumor and germline DNA using NGS facilitates early diagnosis, a critical element in enabling targeted treatments.

Dynamics Driving Market Growth
Drivers:

Rising Cancer Prevalence: In 2019, the American Cancer Society reported 1.7 million additional cancer cases in the United States. This surge in cancer incidence globally is fueling the demand for clinical oncology next-generation sequencing.

Technological Advances: Companies like Sophia Genetics are investing in workflow automation, aiming to enhance accuracy and reduce variability in sample-to-sample processing.

Increased Oncology Research Investments: Cancer Research UK's significant investment in new oncology therapies in 2019, amounting to US $262.90 million, is further propelling market growth.

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Restraints:

High Establishment Costs: Factors such as the high costs associated with setting up sequencing platforms and poor outsourcing service efficiency pose challenges to industry development.

Regional Disparities: Insufficient availability of sequencing platforms in certain regional markets hinders overall industry growth.

Segment Analysis: Unraveling Market Complexity

Technology:

Targeted Sequencing & Resequencing: This segment, with a sales share of over 72% in 2020, has witnessed significant growth. The cost-effectiveness and improved therapeutic effectiveness of targeted cancer sequencing panels contribute to this growth.

Workflow:

Sequencing: Accounting for over 54% of total revenue, sequencing is a pivotal phase in the workflow. The development of sophisticated analytical tools and the efforts of key industry players contribute to the segment's growth.

Application:

Screening: Dominating with a revenue share of over 79%, NGS-based screening is considered the most effective means of identifying genetic changes for therapeutic advantage in cancer patients.

End User:

Laboratories: Laboratories, accounting for more than 65% of total sales, lead the industry, leveraging established workflows and protocols for NGS testing.
Regional Insights: Navigating Global Markets
North America led the clinical oncology NGS market in 2019, capturing over 49% market share. Government efforts to boost cancer screening diagnosis and the presence of numerous labs, research schools, and hospitals contribute to this dominance. Meanwhile, Asia Pacific is projected to experience the fastest growth, driven by ongoing developments in healthcare, pharmaceutical industries, and improved reimbursement policies.

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Key Developments Shaping the Industry

The Clinical Oncology NGS market is witnessing significant developments, including the launch of the Ion Torrent Genexus System by Thermo Fisher Scientific and strategic collaborations such as Illumina's partnerships with Merck, Myriad Genetics, Kura Oncology, and Bristol Myers Squibb.

Clinical Oncology Next-Generation Sequencing Market Key Players

• Illumina, Inc.
• QIAGEN
• Thermo Fisher Scientific, Inc.
• F. Hoffman-La Roche Technologies
• Agilent Technologies
• Myriad Genetics
• Foundation Medicine
• Pacific Bioscience
• Oxford Nanopore Technologies Ltd.
• Beijing Genomics Institute (BGI)
• Perkin Elmer, Inc.
• Paradigm Diagnostics
• Caris Life Sciences
• Partek, Inc.
• Eurofins Scientific S.E.
• Bio Rad Laboratories, Inc.
• Other Key Players

Table of content for the Clinical Oncology Next-Generation Sequencing Market includes:

Part 01: Executive Summary

Part 02: Scope of the Clinical Oncology Next-Generation Sequencing Market Report

Part 03: Global Clinical Oncology Next-Generation Sequencing Market Landscape

Part 04: Global Clinical Oncology Next-Generation Sequencing Market Sizing

Part 05: Global Clinical Oncology Next-Generation Sequencing Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

Contact Maximize Market Research:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

sales@maximizemarketresearch.com

+91 96071 95908, +91 9607365656

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