Clinical Oncology Next Generation Sequencing Market Insights and Forecast By 2030

[sara James]

The global Clinical Oncology Next Generation Sequencing Market size is expected to reach USD 1.16 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.7% from 2023 to 2030. The clinical oncology next generation sequencing (NGS) market is in high demand. It is projected to expand at an increasing rate throughout the forecast period owing to the rising healthcare expenditure triggering the development of effective personalized medicine & therapeutic procedures for cancer and increasing adoption of NGS.

The increasing healthcare expenses and the launch of effective cancer treatments are expected to fuel market growth over the forecast period. A study published by the JAMA network in February 2023 estimated that the cost of cancer treatment can reach up to USD 25 trillion globally over the 30 years from 2020-2030. The comparative contribution of treatment expenses to the total economic expense of cancers was found to be more significant in high-income nations than in low-income nations. Moreover, various treatment techniques are being developed and utilized to diagnose and treat cancer. According to the study published by Wiley in January 2023, technological advances that are being used to develop new diagnostic techniques include image reconstruction software, imaging devices, hardware, biomarkers, and artificial intelligence algorithms, thereby delivering a reliable analysis and diagnosis of the tumor.

Furthermore, the growth of the clinical oncology next-generation sequencing market during the forecast period is propelled by the rise in the adoption of NGS over single gene testing. Many studies demonstrated that NGS is cost-effective and efficient over single gene testing. For instance, a study published by JCO Precision Oncology in March 2023 concluded that the adoption of NGS in Spanish reference centers to diagnose patients with NSCLC could be a cost-effective strategy over single gene testing. In addition, the study given by the National Library of Medicine in January 2023, suggests that the current NGS over sequential single-gene testing can slightly reduce annual costs. However, embracing NSG over SSG testing can decrease the average turnaround time, facilitating quicker identification of genomic alterations and early initiating therapy for small cell lung cancer patients in Japan. These factors are expected to drive the market over the forecast period.

List of Key Players of Clinical Oncology Next Generation Sequencing (NGS) Market

• Illumina, Inc.
• Thermo Fisher Scientific
• F. Hoffmann-La Roche Ltd.
• Agilent Technologies, Inc.
• Myriad Genetics
• Beijing Genomics Institute (BGI)
• PerkinElmer,Inc.
• Foundation Medicine
• PacBio
• Oxford Nanopore Technologies
• Paradigm Diagnostics
• Caris Life Sciences
• Partek Incorporated
• Eurofins Scientific
• QIAGEN

Related Press Release@ Clinical Oncology Next Generation Sequencing Market Report

Clinical Oncology Next Generation Sequencing Market Report Highlights

• In the workflow segment, NGS sequencing dominated the market with a revenue share of 56.0% in 2022, owing to technological advancements and the rising number of cancer sequencing projects
• By technology, the targeted sequencing and resequencing accounted for the largest revenue share of 72.7% in the clinical oncology NGS market in 2022. This can be attributed to the growing clinical utility of targeted panels and their efficiency in detecting cancer tumors
• By application, the screening segment held the highest share of 80.1% in 2022. The segment's dominance is due to the increasing prevalence of cancer worldwide
• By end-use, the laboratories segment accounted for the largest share of 64.1% in the clinical oncology NGS market in 2022. This can be attributed to the rising number of research and development activities
• North America held the largest market share of 48.68% in 2022. The dominance of the region is due to the presence of prominent international players in the market and rising investments from public and private organizations in life science research & solutions developments in the region

Clinical Oncology Next Generation Sequencing Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 419.6 million
Revenue forecast in 2030	USD 1.16 billion
Growth rate	CAGR of 15.7% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

Clinical Oncology Next Generation Sequencing Market Segmentation

Grand View Research has segmented the global clinical oncology next generation sequencing market based on technology, workflow, application, end use, and region:

Clinical Oncology Next Generation Sequencing (NGS) Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Whole Genome Sequencing
• Whole Exome Sequencing
• Targeted Sequencing & Resequencing

Clinical Oncology Next Generation Sequencing (NGS) Workflow Outlook (Revenue, USD Million, 2018 - 2030)

• NGS Pre-Sequencing
• NGS Sequencing
• NGS Data Analysis

Clinical Oncology Next Generation Sequencing (NGS) Application Outlook (Revenue, USD Million, 2018 - 2030)

• Screening
• • Sporadic Cancer
  • Inherited Cancer
• Companion Diagnostics
• Other Diagnostics

Clinical Oncology Next Generation Sequencing (NGS) End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals
• Clinics
• Laboratories

Clinical Oncology Next Generation Sequencing (NGS) Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• • U.S.
  • Canada
• Europe
• • Germany
  • UK
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Norway
• Asia Pacific
• • Japan
  • China
  • India
  • South Korea
  • Australia
  • Thailand
• Latin America
• • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
• • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait