Global Next Generation Cancer Diagnostics Market Size, Share, Growth Analysis, By Application(Biomarker Development, CTC Analysis), By Cancer Type(Lung, Breast) - Industry Forecast 2024-2031

Global Next Generation Cancer Diagnostics Market size was valued at USD 9.90 billion in 2022 and is poised to grow from USD 11.66 billion in 2023 to USD 43.25 billion by 2031, at a CAGR of 17.8% during the forecast period (2024-2031).

Traditional laboratory testing is being replaced by rapid point-of-care testing. This shift will aid in market expansion as it is anticipated that a wide range of technologically sophisticated goods, such as diagnostic kits, reagents, and devices, would be commercialized. Over the course of the forecast period, the market is expected to witness high-value growth opportunities as a result of the increased development of companion diagnostics for their use in providing enhanced and tailored genetic therapy. Global Cancer Observatory 2021 figures show that around 83,000 cases of Hodgkin lymphoma and 544,000 cases of non-Hodgkin lymphoma were reported worldwide in 2020. Furthermore, more than 474,000 cases of leukemia and more than 176,000 cases of multiple myeloma were reported in 2020. According to the World Health Organization, cancer is the second most prevalent cause of death globally, accounting for an estimated 9.6 million deaths annually. More accurate and efficient diagnostic instruments are becoming more and more necessary as the prevalence of cancer rises. Market expansion is being aided by the various industry players developing new cancer biomarkers and diagnostics. Cancer diagnostics enable early cancer detection, which improves treatment options. Next-generation cancer diagnosis makes illness detection more precise and reasonably priced. Researchers are constantly attempting to create new, minimally intrusive methods for cancer diagnosis. Annually, there are more than 375,000 new cases of cancer reported, with a fatality rate above 44%.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Next Generation Cancer Diagnostics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Next Generation Cancer Diagnostics Market Segmental Analysis

The cancer type, function, location, and application are the segments that make up the global market for next-generation cancer diagnostics. The market is divided into five application segments: proteomic analysis, ctc analysis, genetic analysis, epigenetic analysis, and biomarker development. The market is divided into lung, breast, colorectal, cervical, and other cancer types. The market is divided into segments based on function, including prognosis, cancer screening, companion diagnostics, therapeutic monitoring, and risk analysis. The market is divided into Latin America, Middle East and Africa, Asia Pacific, North America, and Europe.

Drivers of the Global Next Generation Cancer Diagnostics Market

The market for next-generation cancer diagnostics is expanding due to the growing need for tailored medications. Personalized medicine refers to the process of customizing a patient's course of care according to their genetic profile and other attributes. Patients who are most likely to benefit from individualized therapy can be identified with the use of next-generation cancer diagnostic techniques.

Restraints in the Global Next Generation Cancer Diagnostics Market

These difficulties stem from the vagueness of reimbursement guidelines and the glacial speed at which they are being developed. This ambiguity may hinder the uptake and application of these novel technologies, making it challenging for patients and healthcare professionals to defend the expenses of these examinations. There are significant differences in the reimbursement policies for next-generation cancer diagnostics between various nations, areas, and healthcare systems. It is not widely agreed upon how to pay for these new technologies, and in many cases, these policies are currently being created.

Market Trends of the Global Next Generation Cancer Diagnostics Market

For the diagnosis of cancer and the tracking of treatment, liquid biopsy assays have become a viable substitute for conventional tissue biopsy testing. To find cancer cells and other indicators, these tests analyze a patient's blood, urine, or other body fluids. Compared to conventional biopsy examinations, liquid biopsy procedures can yield more frequent and reliable results while requiring less financial and invasive resources. As a result, liquid biopsy tests are becoming more and more popular in the market, and numerous businesses have invested in their development.