Global
next generation cancer diagnostics market is anticipated to reach USD 20.25
billion by 2022 growing at an estimated CAGR of 32.0% from 2015 to 2022, according
to a new report by Radiant Insights Incorporated. Rising incidence of oncology
diseases is anticipated to drive the demand for next generation cancer
diagnostic tests that are expected to enhance early diagnosis and efficient
prognosis of various forms of cancers is a factor expected to positively
influence sector growth over the forecast period.
Cancer
diagnostics industry is estimated to witness lucrative growth over the forecast
period majorly due to rising number of technologically advanced products in the
field of companion diagnostics, providing more precise testing results combined
with therapeutic monitoring early diagnosis of cancer.
Moreover,
there is a significant shift observed from traditional laboratory testing to
rapid point of care testing, which fuels growth in the market owing to expected
commercialization of technologically advanced range of products including
diagnostic kits, instruments, and reagents.
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Furthermore,
supportive government initiatives in order to increase the number of research
projects with respect to oncology and preventative diagnosis is expected to be
attributive for growth in this sector overthe coming years. Additionally,
application of tumor diagnostics in epigenetic analysis and CTC enumeration for
monitoring tumorigenesis is expected to support projected growth over the
forecast period.
Further
key findings from the report suggest:
RT-PCR
& multiplexing accounted for the largest share of the market in 2014 with
respect to technologies because of the presence of a wide product portfolio
that caters to a number of applications in oncology R&D.
Next
generation sequencing solutions for use in cancer diagnostics are expected to
witness lucrative growth in revenue over the forecast period owing to the
considerable number of advantages the technology offers over its counterpart
segment i.e. microarrays. Introduction of novel sequencing platforms and growth
oriented initiatives taken by major market participants are other key factors
expected to fuel segment growth.
In
January 2016, Illumina launched its MiniSeq system for the sequencing, which
provides complete sequencing solution in order to obtain quicker results
because of onboard data analysis for numerous assays and workflow with
easy-to-use library-to-results. Such strategic initiatives taken by major
market entities are also expected to drive this segment further over the
forecast period.
Development
and expected commercialization of a number of companion diagnostics is a key
factor attributive of anticipated substantial growth in demand and progress of
the segment over the next seven years owing to rising sector penetration in
this segment for use with therapeutics and novel pharmaceuticals as adjunct in
monitoring tumor eradication.
Dominant
industry participants to produce non-small cell lung cancer diagnostic tests
anticipate lung cancer to witness substantial growth in market demand because
of product development operations carried out.
Application
of oncology diagnostics in biomarker discovery by transcription regulation is
expected to drive industry with potential growth avenues as it subsequently
proves helpful in drug designing and identification of novel targets for tumor
eradication
North
America held the largest share with respect to revenue generation in 2014 due
to simultaneous development of next generation sequencing, personalized
medicine and companion diagnostics in the region. Furthermore, high R&D
investment as well as availability of technologically advanced healthcare
research framework, is expected to serve as a critical factor for the North
American region to register considerable growth over the forecast period.
Presence
of significant developments by China and Japan for technological integration,
and the development of healthcare infrastructure have poised the Asia Pacific
oncology diagnostics market to witness lucrative opportunities of growth
throughout the forecast period. Moreover, enhancements of clinical development
frameworks in these economies to enable clinical research outsourcing as an
effect of the availability of target population is a growth rendering driver in
this region.
Key
players contributing significantly to the next generation cancer diagnostics
market are Novartis AG, Cepheid, Roche Holdings AG, Perkin Elmer Inc., Sysmex
Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc., Philips
Electronics NV, Agilent Technologies Inc., Illumina Inc., Genomic Health Inc.
Qiagen, Johnson & Johnson, Hologic Inc., Myriad Genetics Inc., Almac Group
Limited, Opko Health Inc., and GE Healthcare,
These
entities are involved in collaborations with oncology research organizations
and clinical research institutes in order to gain access in the oligopolistic
market.
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