05 September 2019
Visiongain has launched a new pharma report Clinical Oncology Next Generation Sequencing Market: By Component (Sequencing Platform, Sequencing Products, End-users and Reagents, Services), by Technology (Ion Semiconductor Sequencing, Pyro-Sequencing, Synthesis Sequencing (SBS), Real Time Sequencing (SMRT), Ligation Sequencing, Reversible Dye Termination Sequencing, Nano-Pore Sequencing, Others), by Application (Whole Tumor Genome Sequencing, Whole Tumor Exome Sequencing, Targeted Tumor Genome Profiling, Tumor Transcriptome Sequencing, Tumor-normal Comparisons, Others), by End-user (Hospital Laboratories, Clinical Research Organizations, Diagnostic Laboratories, Others).
Global Clinical Oncology Next Generation Sequencing (NGS) Market is anticipated to grow on account of growing cancer incidences, need of rich data informing possible targeted therapy and contribution of NGS in clinical research efforts to elucidate novel drug mechanism of action and therapy resistance. The global CTC market is anticipated to grow at a lucrative CAGR of 21.2% and anticipated to reach USD 26.38 Billion by 2029.
We live in an era of genomic medicine. The previous five years have resulted in many important cancer genetic accomplishments driven by quickly changing technologies and the plummeting cost of next-generation sequencing (NGS). The Cancer Genome Project's formal completion in 2014 resulted many to see the clinical application of genomic cancer information as the next logical step in cancer therapy. The word 'precision oncology' was coined from this vision to demonstrate the novelty of this individualized strategy.
Increasing implementation of genomics-focused pharmacology plays a major role in treating cancer. NGS is one of the greatest sophisticated genomic techniques used to explore genetic changes that drive cancer development. The global NGS market for clinical oncology is driven by advancement in genomic techniques and platforms for sequencing. The technique has emerged as an important method for acquiring a more precise and in-depth look into individual tumors’ molecular foundation. In addition, increasing the acceptance of sequencing-based diagnostic systems among oncologist practitioners would further fuel the development of the industry.
NGS provides benefits in precision, sensitivity, and speed compared to traditional techniques that is anticipated to contribute to growth of global NGS market. Since NGS can evaluate multiple genes in a single assay, need of multiple tests to identify causative mutation is eliminated. This multigene strategy reduces the response time, provides a more cost-effective alternative and reduces the danger of exhausting valuable clinical samples. Furthermore, NGS can provide high sensitivity and has the potential to alter oncology's future and advance scope of personalized medicine.
North America holds majority of market share followed by Europe and will continue to dominate in the future as a result of a number of research projects in the region, coupled with funding for research institutes from the government. The U.S. government's strategic oncology R&D projects are also anticipated to be a driving factor for the growth of NGS market in North America. The U.S. government and financing agencies have been provided grants and loans to narrow the gap between the growth and execution of genomic sequence analysis systems in oncology research. In addition, cancer-related expenditure is expected to increase considerably, affecting the implementation of NGS platforms for diagnostic monitoring and theranostic applications.
Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to growing presence of cancer patient pool in markets such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost clinical oncology NGS market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products in order to strengthen their position in the global clinical oncology NGS market. Companies are also expanding their R&D, distribution, and management facilities in order to expand their business and to hold a competitive edge in the market.
The comprehensive market report features companies such as Agilent Technologies, Bio-Rad Laboratories, Inc., Cancer Genetics Inc, Caris Life Sciences, Illumina, Inc., Myriad Genetics, Oxford Nanopore Technologies Ltd, Perkin Elmer, Inc., Qiagen NV, and Roche sequencing (454 Life Sciences) among other prominent players.
Also the research study offers market estimation and forecast for the period ranging 2019–2029 for global markets such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland, India, Japan, China, Australia, ASEAN, GCC, South Africa and North Africa.
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