Covina, Aug. 30, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global next generation cancer diagnostics market size and share value is projected to grow from USD 5650.9 Million in 2020 and is forecasted to reach USD 28,746.19 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 19.8% during the forecast period (2020 - 2030).
Next Generation Cancer Diagnostics Market Report Overview
Next Generation Cancer Diagnostics represents a significant leap forward in the detection, diagnosis, and monitoring of cancer. Unlike traditional diagnostic methods, which often rely on imaging and histopathology, these advanced diagnostics utilize cutting-edge technologies such as genomic sequencing, liquid biopsy, proteomics, and advanced imaging techniques.
The development of Next Generation Cancer Diagnostics is driven by the increasing understanding of cancer at the molecular and genetic levels. These diagnostics can identify specific genetic mutations, biomarkers, and other molecular changes that drive cancer growth, enabling tailored therapies that target these abnormalities.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Next Generation Cancer Diagnostics Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Koninklijke Philips N.V.
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd
- Qiagen
- Cepheid
- Novartis AG
- Abbott
- Thermo Fisher Scientific, Inc.
- Sysmex Corporation Opko Health, Inc.
- Myriad Genetics, Inc.
- Agilent Technologies
- GE Healthcare
- PerkinElmer, Inc.
- Genomic Health, Inc.
- Hologic, Inc.
- Almac Group
- Janssen Global Services, LLC
- Myriad Genetics
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Analyst View:
Next Generation Cancer Diagnostics Market as a critical component of the evolving oncology landscape. The market is poised for substantial growth driven by technological advancements and increasing investments in cancer research. The shift towards personalized medicine, where treatments are tailored based on individual genetic profiles, is further propelling the demand for next-generation diagnostics.
Market Dynamics:
Drivers:
Advancements in Genomic and Molecular Technologies
- The swift progress in genomic and molecular technologies is a key factor propelling the target market. The ability to precisely identify genetic mutations, tumor DNA, and other molecular markers has transformed cancer diagnosis through the use of techniques like liquid biopsies and next-generation sequencing (NGS).
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Market Trends:
Growing Demand for Early Detection and Personalized Medicine
- Early detection is crucial for improving survival rates, and next-generation diagnostics offer the ability to identify cancers at their earliest stages, even before symptoms appear. This demand is further fueled by the rising incidence of cancer worldwide and the growing awareness of the benefits of early diagnosis.
Segmentation:
Next Generation Cancer Diagnostics Market is segmented based on Technology, Cancer Type, Function, Application, and Region.
Technology Insights
- This industry includes the following: Protein Microarrays, Next Generation Sequencing, DNA Microarrays, qPCR & Multiplexing, and Others. The market growth for next generation sequencing (NGS) is anticipated to be dominant as it plays a critical role in precision medicine, allowing for the identification of specific genetic mutations in a patient's cancer. This enables the selection of targeted therapies that are more effective and have fewer side effects compared to traditional treatments.
Cancer Type Insights
- Breast cancer is anticipated to boost the growth for target market as significant technological advancements in breast cancer diagnostics have enhanced the accuracy, speed and reliability of detection. Next-generation sequencing (NGS), digital mammography, and molecular diagnostics are some of the cutting-edge technologies that have revolutionized breast cancer diagnosis.
Function Insights
- Cancer screening is anticipated to boost the growth for target market as there is a growing awareness of the importance of early cancer detection among healthcare providers, patients, and policymakers. Early detection through screening allows for the identification of cancer at a stage when it is more likely to be treatable and potentially curable.
Application Insights
- Biomarker Development is anticipated to boost the growth for target market as the use of biomarkers in diagnostics allows for the early detection of cancer, often before symptoms manifest. Early detection significantly improves treatment outcomes and survival rates.
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Recent Development:
- In June 2024, personalized cancer treatment is being advanced in clinical oncology with the increasing application of next-generation sequencing (NGS). The use of NGS is booming in India thanks to technological developments, which are also improving patient care by directing more precise and focused screening as well as targeted treatments.
Regional Insights
- North America: Next Generation Cancer Diagnostics Market in North America is experiencing significant growth due to advancements in technology and increased awareness about early cancer detection.
- Asia Pacific: The rising incidence of cancer due to lifestyle changes and aging populations in Asia Pacific countries is driving the demand for advanced diagnostic solutions.
Browse Detail Report on "Next Generation Cancer Diagnostics Market Size, Share, By Technology (Protein Microarrays, Next Generation Sequencing, DNA Microarrays, qPCR & Multiplexing, and Others), By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Cervical Cancer, and Other Cancer Types), By Function (Risk Analysis, Prognostics, Therapeutics Monitoring, Cancer Screening, and Companion Diagnostics), By Application (CTC Analysis, Biomarker Development, Proteomic Analysis and Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Next-Generation-Cancer-Diagnostics-Market-4748
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