San Francisco, 04 February 2030: The Report Clinical Oncology Next Generation Sequencing Market Size, Share & Trends Analysis Report By Workflow (NGS Pre-sequencing, NGS Data Analysis), By Technology, By Application, By End Use, By Region, And Segment Forecasts, 2023 - 2030

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.

The key drivers are responsible for clinical oncology next-generation Sequencing (NGS) market growth are increasing technological advancements, growing competition among players, increasing healthcare spending, and the rise in the prevalence of cancer. In addition, augmenting research & development activities to invent solutions is expected to fuel the market growth over the forecast period. The COVID-19 pandemic has significantly impacted the market. The regulations and guidelines mandated by various countries' governments for cancer treatment have fueled the market during the pandemic. For instance, the Scottish Government's National Cancer Treatment Response Group allowed continuing essential cancer treatment by altering the treatment pathways in December 2020.

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Moreover, the NGS diagnostic technology has the potential edge to determine a virus's genetic sequence and enables scientists to understand the mutations. During the COVID-19 pandemic, private players and government authorities worked to bring NGS technology as a diagnostic tool into the market. For instance, the U.S. Centers for Medicare & Medicaid Services expanded coverage of FDA-approved laboratory diagnostic tests using NGS in January 2020 for breast or ovarian cancer patients. These factors pushed the market demand during COVID-19 pandemic.

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

The increase in clinical applications of NGS in precision oncology has compelled key companies to invent novel platforms that can be utilized for genomic insights. For instance, in August 2022, Thermo Fisher Scientific, a key player in the market, introduced NGS Analysis and Test Software CE-IVD (IVDD) to extend access to precision oncology biomarker testing. This software enables healthcare providers to evaluate genomic test results quickly. The software compares the variant data to relevant evidence, including supported guidelines, therapies, clinical trials, and peer-reviewed literature. Such inventions in clinical applications of NGS can augment the market demand.

Moreover, the rising prevalence of cancer worldwide is the prominent factor driving the market. According to the article published by WebMD in June 2022, every year, more than 600,000 deaths are caused by cancer in the U.S. and around 80,000 in Canada. In addition, the International Agency for Research on Cancer (IARC) estimated nearly 27.5 million new cancer cases by 2040. NGS is useful for identifying rare and novel cancer mutations, detecting familial cancer mutation carriers, and giving a molecular rationale for suitable targeted treatment. As a result, it is projected that the increase in cancer incidences across the world can propel the demand for clinical oncology in next generation sequencing market.

Technological advancements in next-generation sequencing (NGS) and the growing adoption of companion diagnostics and personalized medicine are expected to propel market growth. Moreover, the rising usage of NGS for liquid biopsy is anticipated to drive revenue generation. The technological advances in NGS are useful in sequencing circulating tumor DNA for liquid biopsy sample analysis, which helps in effectively profiling cancers and facilitating real-time, non-invasive monitoring of cancer.

Clinical Oncology Next Generation Sequencing Market Report Scope

In addition, increasing market competition and the rising research & development activities to invent solutions can boost market demand. For instance, in May 2022, Berry Oncology, a company of early screening and genetic testing of tumors, introduced HIFI System, a novel self-iterative liquid biopsy technology. This technology enables early screening for cancer and delivers timely treatment to patients.

Next-generation technology facilitates cost- and time-effective sequencing of cancer DNA, transforming cancer treatment research. The wide application of NGS and bioinformatics tools can revolutionize cancer research, diagnosis, and therapy.NGS is an advanced technology that has rapidly developed. The adoption of NGS technology, particularly in the cancer field, regarding the genetic aspects of the disorder, is anticipated to influence the market growth positively. The sensitivity, speed, and lowered cost per sample are some of the aspects that contribute to the increased adoption of NGS technology for research purposes.