Next Generation Cancer Diagnostic Market Scope
Development and introduction of product offerings by a number of large entities is a significant factor expected to provide lucrative growth avenues to this market. With accelerating the development of companion diagnostics for their implementation in delivering personalized and advanced genomic medicine, the market is characterized by potentially high-value avenues and opportunities for growth over the forecast period. A cancer diagnosis is done by physical exam, laboratory studies, imaging studies and biopsy. To confirm the diagnosis of most cancers, a biopsy is done in which a tissue sample is removed from the suspected tumor and studied under a microscope to check for cancer cells.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | GE Healthcare (United States), Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), Qiagen (Germany), Novartis AG (Switzerland), Abbott (United States), Thermo Fisher Scientific, Inc. (United States), Opko Health, Inc. (United States), Myriad Genetics, Inc (United States) and Agilent Technologies (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Next Generation Cancer Diagnostic market throughout the predicted period.
GE Healthcare (United States), Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), Qiagen (Germany), Novartis AG (Switzerland), Abbott (United States), Thermo Fisher Scientific, Inc. (United States), Opko Health, Inc. (United States), Myriad Genetics, Inc (United States) and Agilent Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Cepheid, PerkinElmer, Genomic Health, Inc. and Illumina, Inc..
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Next Generation Cancer Diagnostic market by Type , by Application (Biomarker Development, CTC Analysis, Proteomic Analysis, Epigenetic Analysis and Genetic Analysis) and Region with country level break-up.
On the basis of geography, the market of Next Generation Cancer Diagnostic has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In August 2022, The Medical Device Innovation Consortium (MDIC), a public-private partnership working to advance medical device regulatory science, said on Monday that it has launched the next phase of the Somatic Reference Samples (SRS) Initiative with a pilot project to improve the validation and regulatory review process for cancer diagnostics based on next-generation sequencing
Influencing Trend:
Development in Next Generation Technology and Adoption and Integration of Advanced LIMS (Laboratory Information Management System) Real-Time Tracking Method
Market Growth Drivers:
Technical Advancement in Next Generation Cancer Diagnostic platform and Ability to Provide Cost Effective Solution
Challenges:
Issue Related to Ethics and Problem Associated With Interpretation of Complex Data
Restraints:
Lack of Budget in Emerging Economies and Lack of Awareness About Next Generation Cancer Diagnostic Technology
Opportunities:
Favorable Government Initiatives and Incorporation of Big Data
Key Target Audience
Next generation cancer diagnostic equipment manufacturers, and distributors, Next generation cancer diagnostic service companies, Research laboratories and academic institutes, Research and consulting firms, Healthcare institutions, Pharmaceutical and biotechnology companies, Contract manufacturing organizations (CMOs) and Contract research organizations (CROs)