Global Next Generation Cancer Diagnostics Market size was worth USD 4,964.05 million in 2016 which is anticipated to grow at a CAGR of more than 9.7% over the forecast period. Rise in mortality rate due to the increasing occurrence of the cancer, second most predominant disease accounting for approximately 8.8 million deaths in 2015 is anticipated to escalate the market for these tests.
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Market Synopsis of Next Generation Cancer Diagnostics Market:
Advancements in tests enable
early diagnosis and assist efficient detection of different types of tumors
which in turn is expected to promote growth over the projected period. The
introduction of new products by large bodies, merger, and acquisitions, and
joint agreements such as the development of RNA-Seq Kit version by Agilent
Technologies Inc. and Agendia Inc. are the factors accountable for the
estimated CAGR.
An escalation in the development
of companion diagnostics in order to deliver advanced and personalized genomic
medicine is also responsible for progress in the coming years.
Furthermore, the technological
advancements driving the innovation in point-of-care testing devices is
anticipated to aid in commercialization of advanced products thereby supporting
revenue generation.
Technology Insights
Incorporation of technological
advancements such as melting curve examination for identification of mutations,
qPCR tools for profiling of tumor in clinical test centers, and gene deletions
are accountable for the largest share apprehended by multiplexing and qPCR
segment.
With the development of
next-generation sequencing technology, the use of traditional methods such as
protein and DNA microarrays is expected to decrease through the years. Other
factors such as data interpretation tools, growth of supportive library
preparation procedures, and technological advancements are accountable for the
lucrative adoption of next generation oncology tests among researchers.
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