Next Generation Cancer Diagnostics Market Insights Dynamics and Demand Till 2025
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<strong>Next</strong> <strong>Generation</strong> <strong>Cancer</strong> <strong>Diagnostics</strong> <strong>Market</strong> <strong>Insights</strong> | <strong>Dynamics</strong><br />
<strong>and</strong> Dem<strong>and</strong> <strong>Till</strong> <strong>2025</strong><br />
“Global <strong>Next</strong> <strong>Generation</strong> <strong>Cancer</strong> <strong>Diagnostics</strong> <strong>Market</strong> report includes in-depth<br />
analysis of industry by recent technologies, trends, opportunities, challenges,<br />
key players <strong>and</strong> business strategies considering types, segment <strong>and</strong> future<br />
outlook.”<br />
Global <strong>Next</strong> <strong>Generation</strong> <strong>Cancer</strong> <strong>Diagnostics</strong> <strong>Market</strong> size was worth USD 4,964.05 million in 2016<br />
which is anticipated to grow at a CAGR of more than 9.7% over the forecast period. Rise in<br />
mortality rate due to the increasing occurrence of the cancer, second most predominant disease<br />
accounting for approximately 8.8 million deaths in 2015 is anticipated to escalate the market<br />
for these tests.<br />
Advancements in tests enable early diagnosis <strong>and</strong> assist efficient detection of different types of<br />
tumors which in turn is expected to promote growth over the projected period. The introduction<br />
of new products by large bodies, merger, <strong>and</strong> acquisitions, <strong>and</strong> joint agreements such as the<br />
development of RNA-Seq Kit version by Agilent Technologies Inc. <strong>and</strong> Agendia Inc. are the<br />
factors accountable for the estimated CAGR. An escalation in the development of companion<br />
diagnostics in order to deliver advanced <strong>and</strong> personalized genomic medicine is also responsible<br />
for progress in the coming years. Furthermore, the technological advancements driving the<br />
innovation in point-of-care testing devices is anticipated to aid in commercialization of advanced<br />
products thereby supporting revenue generation.<br />
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Technology <strong>Insights</strong><br />
Incorporation of technological advancements such as melting curve examination for<br />
identification of mutations, qPCR tools for profiling of tumor in clinical test centers, <strong>and</strong> gene<br />
deletions are accountable for the largest share apprehended by multiplexing <strong>and</strong> qPCR segment.<br />
With the development of next-generation sequencing technology, the use of traditional<br />
methods such as protein <strong>and</strong> DNA microarrays is expected to decrease through the years. Other<br />
factors such as data interpretation tools, growth of supportive library preparation procedures,<br />
<strong>and</strong> technological advancements are accountable for the lucrative adoption of next generation<br />
oncology tests among researchers.<br />
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<strong>Cancer</strong> Type <strong>Insights</strong><br />
Major categorization for the types of cancer includes cervical, breast, lung, colorectal, <strong>and</strong> other<br />
tumor forms. The other types constitute leukemia, prostate, bladder, brain, skin, uterine,<br />
esophageal, Non-Hodgkin lymphoma, ovarian, liver, <strong>and</strong> thyroid.<br />
In 2015, as per World Health Organization lung cancer was accountable for approximately 1.7<br />
million deaths. Moreover, breast cancer incidence is also estimated to grow thereby escalating<br />
the dem<strong>and</strong> for screening <strong>and</strong> diagnostic technologies.<br />
Application <strong>Insights</strong><br />
Growth in the number of research schemes to develop novel products <strong>and</strong> services which enable<br />
primary detection of tumor-causing mutations is expected to affect the advancement in genetic<br />
analysis over the forecast period. Biomarker tests offer greater sensitivity in screening <strong>and</strong> also<br />
demonstrate 90% accuracy levels in investigational studies which is attributive to induce<br />
progress in the coming years.
Function <strong>Insights</strong><br />
Risk analysis, prognostic based diagnosis, tumor screening, therapeutic monitoring, &<br />
theranostics are the different functions of next generation oncology diagnostic tests.<br />
The prognostic diagnostics segment is anticipated to witness the fastest growth in the coming<br />
years as a consequence of higher adoption of prognosis which plays important role in designing<br />
oncology therapies <strong>and</strong> protocols for chemotherapy, radiation-based treatment, <strong>and</strong> gene<br />
therapy.<br />
Regional <strong>Insights</strong><br />
The next generation cancer diagnostics market is dominated by North America with<br />
approximately 40% market share. Favorable government initiatives such as launch of “80% by<br />
2018” program for detection of colon cancer is anticipated to propel progress in the coming<br />
years.<br />
In this program, almost 170 groups including medical professional societies, health<br />
departments, government health departments, <strong>and</strong> cancer coalitions are functioning to<br />
accomplish the mutual goal of attaining 80% screening for oncology diseases by 2018 <strong>and</strong> are<br />
working forward to eliminate the oncology disorders.<br />
Asia Pacific is anticipated to be the fastest developing region. Factors such as economic<br />
augmentation, higher investments, <strong>and</strong> greater untapped market are accountable for the<br />
fastest growth of resign in diagnosis sector.<br />
Competitive <strong>Insights</strong><br />
Major entities functioning in the market include Novartis AG, Myriad Genetics Inc., Illumina Inc.,<br />
Almac Group, Sysmex Corporation, F. Hoffmann-La Roche Ltd, Agilent Technologies, Genomic<br />
Health, Almac Group, Koninklijke Philips N.V, <strong>and</strong> Cepheid.
<strong>Market</strong> players by offering clinical analysis amenities are implementing geographic expansion<br />
strategies. Furthermore, reimbursement coverage plays an important factor to increase the<br />
patient convenience to the precision drug. For example, in October 2015, U.S., Medicare started<br />
the reimbursement procedure for a prostate tumor type known as Oncotype DX.<br />
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