The next generation cancer diagnostics market is projected to grow at a CAGR of 17.80%, with estimated market size of USD 11.1 billion in 2021 to USD 29.7 billion by 2028. As oncology illnesses become more common, there will be a greater need for next-generation cancer diagnostic technologies. These tests should help with early cancer identification and enable accurate prognosis, which should have a beneficial effect on the growth of this vertical over the predicted year. The creation and introduction of product offerings by various significant organizations is one important factor projected to open up profitable growth potential for this industry.
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Next Generation Cancer Diagnostics Market Dynamics
Drivers: Increasing cancer cases
In many nations, cancer outranks other illnesses, including coronary heart disease and stroke, as the main cause of mortality. Worldwide mortality has improved due to next-generation cancer diagnostic technologies that assist illness prevention and early disease detection. Furthermore, during the projected period, it is also anticipated that improvements in diagnostic laboratories and the introduction of integrated and automated lab systems will fuel demand for advanced workflow systems and boost revenue. Rapid point-of-care testing will also help the market grow.
Restraints: Lack of skilled professionals
The development of the global enhanced ambulatory patient grouping software market over the forecast period may be restrained by a shortage of competent professionals who cannot apply these diagnostic procedures. Additionally, despite the increased prevalence of patients, the high cost of these screening tests may restrain the growth of the global market for next-generation cancer diagnostics.
Key Market Players
The next generation cancer diagnostics market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Agilent Technologies, Inc., Abbott, BD, OPKO Health, Inc., F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Illumina, Inc, QIAGEN, BioGenex, Siemens Healthcare GmbH, bioMérieux SA, NeoGenomics Laboratories, Inc., Telerad Tech, BioNTech SE, Thermo Fisher Scientific Inc, Hologic Inc., Koninklijke Philips N.V., PerkinElmer Inc, Cepheid.
- In January 2022, Agendia, Inc., a leading provider of precision oncology for breast cancer, announced a multi-year collaboration to co-develop diagnostic (IVD) assays for oncology testing.
- In January 2022, Boehringer Ingelheim and Illumina Inc. joined together to speed the development of precision medicines and select therapies for patients with advanced cancer.
- In October 2021, Roche released the AVENIO tumor tissue CGP kit to enable access to personalized cancer research.
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