How Will the Clinical Oncology Next Generation Sequencing Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How Will the Clinical Oncology Next Generation Sequencing Market Grow Over the Forecast Period Based on Its Expected CAGR?
The market size of clinical oncology next-generation sequencing has seen swift expansion in the past few years. The market will see an increase from $0.51 billion in 2024 to $0.58 billion in 2025, showing a compound annual growth rate (CAGR) of 14.8%. The growth observed in the historic period is a consequence of advancements in genomic research, discovery of cancer biomarkers, technological progress, and regulatory approvals.
In the coming years, a significant upsurge is anticipated for the clinical oncology next generation sequencing market, with expectations to attain $0.95 billion by 2029, expanding at a compound annual growth rate (CAGR) of 12.9%. This escalation over the predicted period can be linked to the rising incidence of cancer, precise medical methodologies, immuno-oncology, and liquid biopsies. Noteworthy tendencies during the projected period comprise comprehensive genomic profiling (cgp), advancements in immuno-oncology, the varying nature and diversity of tumors, along with the integration of AI and machine learning.
What Are the Primary Drivers Supporting the Growth of the Clinical Oncology Next Generation Sequencing Market?
The increase in global cancer incidence is expected to drive the expansion of the clinical oncology next-generation sequencing market during the projected timeline. For example, the National Cancer Institute, a US government agency, reported in May 2024 that approximately 18.1 million cancer survivors were residing in the United States. This figure is expected to grow to 22.5 million by 2032. It is predicted that by 2040, the annual number of new cancer cases will hit 29.9 million, and cancer-related fatalities are forecasted to rise to 15.3 million. As a result, the surge in global cancer occurrence rates is foreseen to stimulate demand and foster the development of the clinical oncology next-generation sequencing market.
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Who Are the Dominant Players Expanding Their Reach in the Clinical Oncology Next Generation Sequencing Market?
Major companies operating in the clinical oncology next generation sequencing market include Thermo Fisher Scientific, Oxford Nanopore Technologies Ltd., QIAGEN N.V., Myriad Genetics Inc., Illumina Inc., F. Hoffmann-La Roche Ltd., PerkinElmer Inc., Agilent Technologies Inc., Pacific Biosciences of California Inc., Caris Life Sciences, Paradigm Diagnostics, GATC Biotech AG, Macrogen Inc., DNASTAR Inc., Exosome Diagnostics Inc., Biomatters Ltd., Partek Inc., Foundation Medicine Inc., Becton Dickinson and Company (BD), Takara Bio Inc., Creative Biolabs, Mogene LC, Knome Inc., Genomatix Software GmbH, CLC bio, GnuBIO Inc., Bio-Rad Laboratories Inc., BGI Genomics Co. Ltd., Guardant Health Inc., Invitae Corporation, Natera Inc., NeoGenomics Laboratories Inc., Sysmex Corporation, Veracyte Inc., Zymo Research Corporation, ArcherDX Inc., Cepheid, Karius Inc., OncoDNA S.A., Personal Genome Diagnostics Inc., PierianDx Inc.
What Are the Top Trends Shaping the Evolution of the Clinical Oncology Next Generation Sequencing Market?
Leading corporations in the clinical oncology next-generation sequencing market are introducing innovative products such as the BenchMark ULTRA PLUS system to enhance their market profitability. The BenchMark ULTRA PLUS System provides immense value to clinical labs, especially those focused on cancer research and diagnosis, since it improves the precision and effectiveness of diagnostic tests, leading to superior patient care. As an example, the BenchMark ULTRA PLUS system, the most advanced platform for tissue staining, was launched in June 2022 by Roche, a Swiss-based pharmaceutical firm. The system expedites accurate test results, aiding clinicians in making timely decisions regarding a patient’s treatment course.
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What Are the Core Segments of the Clinical Oncology Next Generation Sequencing Market, and How Do They Contribute to Growth?
The clinical oncology next generation sequencing market covered in this report is segmented –
1) By Technology: Ion Semiconductor Sequencing, Pyro-Sequencing, Synthesis Sequencing, Real Time Sequencing, Ligation Sequencing, Reversible Dye Termination Sequencing, Nano-Pore Sequencing
2) By Application: Screening, Companion Diagnostics, Other Diagnostics
3) By End User: Hospital Laboratories, Clinical Research Organizations, Diagnostic Laboratories
Subsegments:
1) By Ion Semiconductor Sequencing: Ion Proton System, Ion PGM System, Ion S5 System, Other Ion Semiconductor Sequencing Technologies
2) By Pyro-Sequencing: 454 Pyrosequencing, Other Pyro-Sequencing Technologies
3) By Synthesis Sequencing: Illumina Sequencing Technology, SOLiD Sequencing Technology, Other Synthesis Sequencing Technologies
4) By Real-Time Sequencing: PacBio RS II System, Sequel System, Other Real-Time Sequencing Technologies
5) By Ligation Sequencing: Helicos Single Molecule Sequencing, Other Ligation Sequencing Technologies
6) By Reversible Dye Termination Sequencing: Illumina HiSeq, Illumina NextSeq, Other Reversible Dye Termination Sequencing Technologies
7) By Nano-Pore Sequencing: Oxford Nanopore Technologies (MinION, GridION, PromethION), Other Nano-Pore Sequencing Technologies
Which Regions Are Setting the Pace for Clinical Oncology Next Generation Sequencing Market Growth?
North America was the largest region in the clinical oncology next-generation sequencing market in 2023. Asia-Pacific was the second largest region in the clinical oncology next-generation sequencing market. The regions covered in the clinical oncology next generation sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Clinical Oncology Next Generation Sequencing Market Defined Across Different Regions?
Next generation sequencing (NGS) is a process used to determine the sequence of nucleotides in a section of DNA and is used in oncology research. NGS is used to identify rare cancer mutations and familial cancer mutation carriers and to provide molecular rationale for appropriate targeted therapy.
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