Next-generation Cancer Diagnostics Market: Global Analysis, Opportunities and Forecast To 2024

The cancer diagnostics industry is projected to witness lucrative growth in the next few years due to the increasing number of technologically advanced products providing accurate test results in the field of diagnostics. Additionally, they also help with therapeutic monitoring and early diagnosis of cancer. Significant improvements observed in the shift from traditional laboratory testing to rapid point of care testing (POC) drive this market. Commercialization of products such as diagnostic kits, instruments, reagents, and consumables plays a role as well. The decreasing cost of genetic sequencing, rising incidence of cancer, increasing interest in the microfluidic hip technology, and the use of circulating tumor cells (CTCs) in cancer management have also aided the development of the next-generation cancer diagnostics market.

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Government measures taken by developed and developing countries to increase the number of research projects in accordance with oncology and preventative diagnosis are anticipated to propel the next-generation cancer diagnostics market over the next few years. The application of tumor diagnostics in the epigenetic analysis and CTC enumeration sectors to monitor tumorigenesis is predicted to make a difference as well. However, the market may be limited by the high laboratory infrastructure costs involved. Insufficient reimbursement policies for innovative technologies and the stringent regulatory procedures and guidelines followed by the government are other factors affecting the global next-generation cancer diagnostics market.

This market is segmented by technology into the following categories: qPCR & multiplexing, protein microarrays, next-generation sequencing (NSG), DNA microarrays, lab-on-a-chip, and reverse transcriptase-PCR (RT-PCR), of which microarrays and PCR are expected to dominate the market due to their rising usage in invitro diagnostics by hospitals and private diagnostics clinics.

Based on application, the next-generation cancer diagnostics market is classified into the following groups: genetic analysis, biomarker development, epigenetic analysis, and CTC analysis & proteomic analysis, of which biomarkers and CTC analysis are likely to drive the market as these techniques are widely used in drug discovery and development.

The market, in terms of cancer type, is divided into the cervical, breast, colorectal, lung, and other varieties. Its function-based divisions are cancer screening, companion diagnostics, therapeutic monitoring, prognostics, and risk analysis, of which diagnostics and therapeutic monitoring are projected to be the leading segments.

Geographically the next-generation cancer diagnostics market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market due to favorable government initiatives (such as the “80% by 2018” movement for colon cancer detection), healthy R&D investments, personalized medicine, development of next-generation sequencing, and availability of a technologically advanced health care research framework. The market in Asia Pacific is projected to register a prominent growth rate owing to the development of health care infrastructure, significantly large untapped market base, and economic development in the region.

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Prominent players in the next-generation cancer diagnostics market include Thermo Fisher Scientific, Inc; Opko Health, Inc; Myriad Genetics, Inc.; Agilent Technologies; GE Healthcare Cepheid; Koninklijke Philips N.V; F. Hoffmann-La Roche Ltd; Qiagen; Novartis AG; Abbott; PerkinElmer, Inc.; Genomic Health, Inc.; Illumina, Inc; and Sysmex Corporation.

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