Next-Generation Cancer Diagnostics Market To Reach USD 47.2 Billion By 2033, Driven By Technological Advancements And Personalized Medicine Trends

(MENAFN- GlobeNewsWire - Nasdaq) Market Poised for Significant Growth with a 10.6% CAGR from 2024 to 2033, According to Dimension Market Research

New York, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Next Generation Cancer Diagnostics Market size is expected to reach USD 19.1 billion by 2024. It is further anticipated to reach a market value of USD 47.2 billion by 2033, at a CAGR of 10.6% from 2024 to 2033.

The Global Next Generation Cancer Diagnostics Market employs advanced technologies such as next-generation sequencing, liquid biopsy, and molecular imaging. It focuses on precision medicine, utilizing specific biomarkers and genetic mutations for tailored treatment strategies for cancer patients. The market integrates therapeutic monitoring, companion diagnostics, and artificial intelligence for enhanced accuracy and automation for cancer diagnosis.

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Important Insights

• Projections suggest a substantial surge, within the next-generation cancer diagnostics market as it is expected to show noteworthy growth by reaching USD 47.2 billion by 2033 at a CAGR of 10.6%.
• Next-generation sequencing (NGS) is projected to dominate cancer diagnostics with a 39.5% market share in 2024 in technology, primarily driven by highly comprehensive profiling, & liquid biopsy applications.
• Therapeutic monitoring is anticipated to hold the highest market share in next-generation cancer diagnostics in functionality, playing a crucial role in optimizing treatment.
• Biomarker development is anticipated to command 42.2% of the market share in 2024, driven by personalized medicine trends and applications. Biomarkers play a vital role in cancer diagnostics, emphasizing early detection.
• North America , is projected to hold 41.7% of the 2024 market share, and leads in next-gen cancer diagnostics due to robust R&D, FDA standards, funding, and healthcare integration, fostering early cancer detection.

Latest Trends

• Technological Advancements: Liquid biopsies and AI are quite important examples of innovation in the nascent cancer diagnostics market. Such improving technologies are expounding the prevailing diagnostic and preventive measures, thus contributing to market growth over the given period.
• Rising Cancer Cases: The general incidences of cancer are also on the rise internationally, hence the need to improve on the diagnostic equipment in place. This growing need is considered to be the main driving force behind the global cancer diagnostics market.

Next Generation Cancer Diagnostics Market: Competitive Landscape

• Key players like Illumina, Thermo Fisher Scientific, Roche Diagnostics, Qiagen, and Bio-Rad Laboratories dominate the global next-generation cancer diagnosis market. These major companies are deeply engaged in continuous technological advancements in cancer diagnosis treatments, strategic collaborations, and global expansion, emphasizing personalized medicine and innovative diagnostic tools.
• Major market players in this market focus on mergers, and acquisitions, enabling larger companies to access innovative technologies and strengthen their market positions.
• The market landscape is shaped by factors such as healthcare infrastructure, reimbursement policies, awareness of early cancer detection, and economic considerations like healthcare spending. The trend towards personalized medicine is evident, with a focus on developing diagnostic tools for tailored treatment approaches.

Some of the prominent market players:

• GE HealthCare
• Koninklijke Philips N.V.
• Novartis AG
• F. Hoffmann-La Roche Ltd
• Illumina Inc.
• QIAGEN
• Agilent Technologies Inc. (Dako)
• Abbott
• Thermo Fisher Scientific Inc.
• Janssen Pharmaceuticals Inc.
• Other Key Players

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Next-Generation Cancer Diagnostics Market Scope

Report Highlights	Details
Market Size (2024)	USD 19.1 Bn
Forecast Value (2033)	USD 47.2 Bn
CAGR (2024-2033)	10.6%
Leading Region in terms of Revenue Share	North America
Percentage of Revenue Share by Leading Region	41.7%
Historical Data	2018 - 2023
Forecast Data	2024 – 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Technology, By Cancer Type, By Function, By Application
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

In 2024, North America, especially the United States, is projected to command 41.7% of the global next-generation cancer diagnostics market. The region's dominance stems from its robust research and development infrastructure, substantial investments from biotech and pharma firms, advanced healthcare systems, and a stringent FDA-led regulatory framework. Access to diverse funding sources supports innovation, while global leadership in biotechnology shapes the international cancer diagnostics landscape. Although North America leads, Europe and Asia-Pacific exhibit growth due to improved healthcare infrastructure and global collaborations.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Market Analysis

In the context of technology used in cancer diagnosis next-generation sequencing (NGS) is forcasted to command 39.5% of the market share in 2024, primarily due to its high throughput and parallel sequencing capabilities. NGS facilitates comprehensive genomic profiling, detecting rare mutations, fusion genes, and structural variations crucial for understanding cancer biology and guiding targeted therapies. Its non-invasive application in liquid biopsies enhances monitoring and treatment response.

Next Generation Cancer Diagnostics Market Segmentation

By Technology

• Next-generation Sequencing
• qPCR & Multiplexing
• Lab-on-a-chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR)
• Protein Microarrays
• DNA Microarrays

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Cervical Cancer
• Others

By Function

• Therapeutic Monitoring
• Companion Diagnostics
• Prognostics
• Cancer Screening
• Risk Analysis

By Application

• Biomarker Development
• CTC Analysis
• Proteomic Analysis
• Epigenetic Analysis
• Genetic Analysis

Growth Drivers

• Government Initiatives and Funding support campaigns like the Global Breast Cancer Initiative Framework along with funding from the government for cancer diagnosis as well as prevention is playing a key role in the growth of the market.
• Personalization of health care and pharmacotherapy is becoming increasingly popular due to various reasons like the new changes in personalized genetic, which are used according to people's genomes, are formed as demands for accurate diagnostics, which in turn, stimulates the market development in the upcoming period.

Restraints

• Some of the disadvantages of advanced diagnostics include high costs. Firstly, the costs of the tools such as imaging and analytical equipment are relatively high compared to the common laboratory equipment and reagents; this would be a hindrance to market growth.
• Burdensome regulations and long approval cycles for the development and launch of new diagnostic products result in the stunting of next-generation cancer diagnostics.

Growth Opportunities

• Emerging Markets: Emerging markets offer significant growth opportunities due to improving healthcare facilities and increased healthcare consumption, bolstering the global cancer diagnostics market.
• Development of New Biomarkers and Assays: Research on new cancer biomarkers and related assays is enhancing early cancer detection, boosting the market share of next-generation cancer diagnostics.

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Recent Developments in the Next-Generation Cancer Diagnostics Market

• January 2023: QIAGEN has formed an exclusive alliance with Helix to advance Next-Generation Sequencing (NGS) companion diagnostics for hereditary diseases. The collaboration leverages Helix's Laboratory Platform and QIAGEN's biopharma connections and regulatory expertise.
• January 2023: Launched in Brussels by the Commission, the European Cancer Imaging Initiative, part of the Beating Cancer Plan, aims to create a secure digital infrastructure connecting cancer imaging data across the European Union.
• May 2023: Thermo Fisher Scientific and Pfizer have partnered to enhance local access to next-generation sequencing (NGS) testing for breast and lung cancer in Latin America, the Middle East, Asia, and Africa.
• April 2023: ChromaCode has partnered with Protean BioDiagnostics to launch a non-small cell lung cancer test using high-definition PCR multiplexing technology, offering a rapid turnaround time and high concordance with next-generation sequencing.
• In June 2023: Devyser launched LynchFAP and BRCA PALB2 products, ensuring precise analysis of genes linked to elevated cancer risk, specifically targeting breast cancer, ovarian cancer, and Lynch syndrome.

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About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don't always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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