The growth in the NGS oncology market is expected to be driven by an increasing number of panels or kits, bioinformatics services for computational analysis, and a rising number of open-source free sequencing platform providers offering NGS oncology.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "NGS Oncology Market - A Global and Regional Analysis: Focus on Offering, Sequencing Technology, Workflow, Application, End User, and Region - Analysis and Forecast, 2022-2032" - https://www.reportlinker.com/p06290208/?utm_source=GNW
Market Lifecycle Stage
The NGS oncology market is a well-developed market with an integral part of medical decision-making, which aid in acquiring information for a wide range of treatment dissemination, accentuating their criticality in healthcare.The NGS oncology has a critical role in the precision medicine approach, as it ensures the safe and effective application of targeted therapeutics.
Most global NGS oncology players offer products encompassing the kits, platforms, and services.
Increasing investments in the R&D for NGS oncology is one of the significant global NGS oncology market opportunities. Several diagnostics and pharmaceutical companies are working collaboratively to adopt next-generation sequencing (NGS) in the field of oncology.
• The presence of major product and service providers of NGS oncology and services in regions such as North America and Europe significantly impacts the market. For instance, Illumina, Inc. provides an NGS sequencing platform and clinical sequencing bioinformatics services.
• Companies such as Thermo Fisher Scientific Inc. expanded hematology oncology portfolio NGS with new Ion Torrent Oncomine Immune Repertoire Assays that ensure quality results. The presence of these companies has a positive impact on market growth.
Impact of COVID-19
The current global NGS oncology market study comprises next-generation sequencing (NGS)-based products and services for oncology used for diagnosing cancer, measuring cancer risk, and aiding in providing the right and personalized treatment to cancer patients.Since the market is primarily dominated by manufacturers of next-generation sequencing instruments, kits, assays, and service providers that provide gene panels and testing services using next-generation sequencing for oncology, the pandemic negatively impacted the growth of revenue generated from the market.
Players in the NGS oncology market reported a decline in revenues during the initial phase of the pandemic. The decrease was primarily attributed to the lockdown in the regions that disrupted the supply chain, thereby hampering the cancer diagnostic testing.
Additionally, a halt in research and development activities pertaining to the use of next-generation sequencing for oncology to discover novel variants and develop novel products and services for the market also led to a decline in revenue. However, to curb the spread of the SARS-CoV-2 virus and contain the spread of the virus, demand for COVID-19 tests and services that detects the virus in less time increased, which led to the shift in focus of the manufacturers and service providers for developing and manufacturing testing kits and services for the detection of SARS-CoV-2 virus.
Segmentation 1: by Sequencing Technology
• Targeted Sequencing
The global NGS oncology market (by sequencing technology) is dominated by targeted sequencing in 2021.The segment is expected to maintain its dominance throughout the forecast period 2022-2032.
Genomics held the second largest market share, followed by epigenomics and transcriptomics.
Segmentation 2: by Offering
The global NGS oncology market (by offering) is dominated by kits, followed by platform and services. The kits segment is expected to maintain its dominance throughout the forecast period 2022-2032.
Segmentation 3: by Workflow
• Data Analysis
The global NGS oncology market (by workflow) is dominated by pre-sequencing, followed by sequencing and data analysis. The pre-sequencing segment is expected to maintain its dominance during the forecast period 2022-2032.
Segmentation 4: by Application
• Genetic Screening
• Hereditary Genetic Testing
• Hematological Malignancies
• Solid Tumors
• Other Applications
The global NGS oncology market (by application) is dominated by hereditary genetic testing, which is expected to maintain its dominance during the forecast period 2022-2032. The solid tumors segment holds the second position in market share, followed by hematological malignancies and genetic screening in 2021.
Segmentation 5: by End User
• Hospitals and Clinics
• Clinical Research Organizations (CROs)
• Academic and Research Institutes
• Pharmaceutical and Biotechnology Companies
• Other End Users
The global NGS oncology market (by end user) is dominated by hospitals and clinics, followed by pharmaceutical and biotechnology companies. The hospitals and clinics segment is expected to maintain its dominance during the forecast period 2022-2032.
Segmentation 6: by Region
• North America
• Latin America
North America generated the highest revenue of $6,386.9 million in 2021 and dominated the global NGS oncology market. The population of North America suffers from various diseases and rising healthcare costs. The government is extensively supporting research organizations with projects aimed at improving the understanding and treatment of cancer patients.
Recent Developments in the Global NGS Oncology Market
• In October 2021, F. Hoffmann-La Roche Ltd. announced the launch of the AVENIO Tumor Tissue Comprehensive Genomic Profiling (CGP) Kit that allows laboratories to expand their in-house precision cancer research, gain meaningful genomic insights, and enhance their understanding of cancer biology. The kit is the first co-developed product by F. Hoffmann-La Roche Ltd. and Foundation Medicine, bringing in the expertise of both companies in genomic science. With the launch of the kit, the company anticipates significant expansion in access to genomic profiling globally and strengthens the company’s ability to act as an essential partner to researchers working on cancer care.
• In September 2021, Thermo Fisher Scientific Inc. introduced the Applied Biosystems QuantStudio Absolute Q Digital PCR System, the first fully integrated digital PCR (dPCR) system designed to deliver highly accurate and consistent results in 90 minutes, excels in cancer research and other fields.
• In September 2020, Agilent Technologies, Inc. launched a product new Agilent SureSelect XT HS2 DNA Kit designed to address challenges faced by researchers while preparing DNA sequencing libraries. The kit represents state-of-art library preparation and target enrichment.
Demand – Drivers and Limitations
Following are the demand drivers for the global NGS Oncology Market:
• Increasing Incidence of Cancer Requiring Sophisticated Molecular Techniques
• Reducing Cost of Sequencing
• Rapid Technological Advancements Related to NGS Oncology
The market is expected to face some limitations too due to the following challenges:
• Inadequate NGS Oncology Reimbursement Scenario
• Increasing Cost of NGS Automated Sample Preparation Instruments
• Barriers in the Advancement of NGS Oncology
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: Major manufacturers of the global NGS oncology market, along with the service providers, are actively involved in undertaking significant business strategies to translate success in research and development into the commercial clinical setting.
Growth/Marketing Strategy: Owing to the explosion of massively parallel sequencing and its applications, all areas of medicine have been affected, particularly oncology. NGS sequencing has gradually evolved from conventional sequencing to a fully integrated digital PCR (dPCR) system designed to deliver extremely accurate and consistent results in 90 minutes, which excels in cancer research and other fields.
Competitive Strategy: Key players in the global NGS oncology market analyzed and profiled in the study have been involved as the NGS oncology-based product and services manufacturers that provide kits or panel and software services.Moreover, a detailed competitive benchmarking of the players operating in the global NGS oncology market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names established in this market are:
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Biodesix, Inc.
• Caris Life Sciences
• Fulgent Genetics, Inc.
• F. Hoffmann-La Roche Ltd
• Illumina, Inc.
• Invitae Corporation
• IntegraGen (OncoDNA)
• Oxford Nanopore Technologies plc.
• Pacific Biosciences of California, Inc.
• PerkinElmer, Inc.
• Pillar Biosciences, Inc.
• QIAGEN N.V.
• Thermo Fisher Scientific Inc.
• Takara Bio Inc.
• Vela Diagnostics
• North America
• Latin America
• Rest-of-Latin America
• South Korea
Read the full report: https://www.reportlinker.com/p06290208/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001