Yahoo Finance Clinical Oncology Next Generation Sequencing Global Market Report 2022
Major players in the clinical oncology next-generation sequencing market are Thermo Fisher Scientific (Qiagen), Oxford Nanopore Technologies, QIAGEN, Myriad Genetics, Illumina, F. Hoffmann-La Roche, Perkin Elmer, Agilent Technologies, Pacific Bioscience, and Caris Life Sciences.
New York, May 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Oncology Next Generation Sequencing Global Market Report 2022" - https://www.reportlinker.com/p06280920/?utm_source=GNW
The global clinical oncology next generation sequencing market is expected to grow from $0.36 billion in 2021 to $0.39 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The market is expected to grow to $0.68 billion in 2026 at a compound annual growth rate (CAGR) of 14.7%.
The clinical oncology next-generation sequencing market consists of sales of devices and equipment used in clinical oncology next-generation sequencing and related services by entities (organizations, sole traders, and partnerships) that manufacture clinical oncology next-generation sequencing equipment.Next-generation sequencing is a process used to determine the sequence of nucleotides in a section of DNA and is used for oncology research.
Only goods and services traded between entities or sold to end consumers are included.
The main technologies in clinical oncology next-generation sequencing are ion semiconductor sequencing, pyro-sequencing, synthesis sequencing, real-time sequencing, ligation sequencing, reversible dye termination sequencing, and nanopore sequencing.Ion semiconductor sequencing is a technique of DNA sequencing found on the observation of hydrogen ions that are released throughout the polymerization of DNA.
The clinical oncology next-generation sequencing is used in various applications such as screening, companion diagnostics, and other diagnostics that are used by various end-users such as hospital laboratories, clinical research organizations, and diagnostic laboratories.
North America was the largest region in the clinical oncology next-generation sequencing market in 2021.Asia Pacific was the second largest region in the clinical oncology next-generation sequencing market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the clinical oncology next-generation sequencing market during the forecast period. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the clinical oncology next-generation sequencing market.
High costs associated with the clinical oncology next-generation sequencing are a major issue faced by patients across the globe.The pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In low-income countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy.
According to an article published in July 2019 by Genetics in Medicine, the genome sequencing costs per cancer case is around £6,841, and costs per rare disease are around £7,050, and this cost is due to consumables that are the most expensive components in the sequencing process, and the equipment cost for rare cancer disease is higher when compared with normal cancer equipment, thus restraining the growth of the market.
Companies in the clinical oncology next-generation sequencing are increasingly investing in automation of workflow to increase precision and reduce the sample to sample variability.For instance, Agilent automation solutions have developed an automation system that allows increasing the number of reactions that can perform in parallel, reducing the amount of sample processing time, and increasing the number of samples which can be processed while reducing the variability amount from sample to sample.
Companies such as Sophia Genetics are also investing in data-driven medicine that looks into automating DNA sequencing to better diagnose and treat patients.
In August 2019, Agilent Technologies acquired BioTek Instruments for $1.2 billion. The acquisition is expected to grow the presence and expertise of Agilent in cell analysis and strengthen the position of Agilent in the large and growing immune-oncology and immunotherapy areas. BioTek Instruments is a Vermont-based company that sells scientific instruments and associated software.
The countries covered in the clinical oncology next-generation sequencing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06280920/?utm_source=GNW
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