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Global next generation cancer diagnostics market size to amass a valuation of USD 19,777 Mn by 2028
SKYLINE MARKET RESEARCH LLP
5 min read
SKYLINE MARKET RESEARCH LLP
The business intelligence report on ‘Global Next Generation Cancer Diagnostics Market’ highlights key factors such as growth drivers, restraints, and opportunities that impact market scenario during the analysis period of 2022-2028.
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, that global next generation cancer diagnostics market size is anticipated to progress at a staggering CAGR of 18.9% through the forecast timeframe and touch a significant valuation of USD 19,777 million by 2028.
Proceeding further, an exhaustive evaluation of regional markets, on the basis of current trends, overall performance, and other prospects is included in the document. Lastly, the competitive landscape of this domain is investigated thoroughly to facilitate a clear understanding of key players, their business profile, product & service portfolio, and expansion strategies.
The exponential market growth is backed by increasing initiatives by government organizations and scientific societies to increase awareness about the disease and early detection, a gradual shift towards personalized medicine, and a significant drop in the cost of next generation diagnostic technology.
Notably, cancer ranks as a leading cause of death in many countries followed by other ailments such as stroke or coronary heart disease. Next generation cancer diagnostic tests aid in prevention and early detection of the disease, subsequently contributing to improving mortality rates across the globe.
However, limited Food and Drug Administration (FDA) approved next generation diagnostic tests, complexities associated with the process and result interpretation, alongside issues with reimbursement in different countries may pose challenges, hampering worldwide next generation cancer diagnostics market progression in the forthcoming years.
Despite the bleak forecast, adoption of next generation diagnostics tests in emerging economies, and burgeoning investments towards R&D in congruence with government funded projects may uncover new opportunities for market expansion during the analysis timeframe.
Segmental overview: -
Based on technology, the industry is divided into next generation sequencing (NGS), polymerase chain reaction (PCR), and others.
Regional landscape outlook: -
North America, Asia Pacific, and Europe are the major regions that contribute significantly to the overall industry valuation. Legal framework requirement for these regions, alongside reimbursement scenario are analyzed to understand the trends and identify the prospects.
Competitive hierarchy assessment: -
Thermo Fisher Scientific Inc., Sysmex Corporation, QIAGEN N.V., OPKO Health Inc., Myriad Genetics Inc., Illumina Inc., Hologic Inc., F Hoffman-La Roche AG, Exact Sciences Corporation, Danaher Corporation, BGI Group, Agilent Technologies Inc., and Abbott Laboratories are the prominent players influencing global next generation cancer diagnostics industry trends.
These companies are constantly directing efforts towards expanding their product portfolio and service offerings by investing in research & development activities, while also undertaking several strategic initiatives like mergers, acquisitions, and partnership deals aimed at meeting the demands of their growing consumer base and maintaining a strong presence in the industry space.
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The cancer diagnostics market is anticipated to witness substantial growth through 2027 owing to rising incidences of cancer across the globe. Recently, industry players have been focusing on product development to gain a competitive edge in the market, which has been favorable for overall business outlook. For instance, in November 2021, Becton, Dickinson and Co., a key medical devices company, launched a fully automated high-throughput diagnostic system for cervical cancer screening, dubbed the BD COR PX/GX System. Approved by the U.S. Food and Drug Administration in August 2021, the system has been designed for use in centralized labs and can handle high-volume processing with increased efficiency. In the regional landscape, the Latin America cancer diagnostics industry accounted for approximately 7% of the overall market revenue in 2020 and is calculated to register stable revenue growth through the review timeline. Meanwhile, the Middle East & Africa cancer diagnostics market is speculated to grow at a CAGR of above 7.1% over the forecast period.
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