Over the last decade, next-generation sequencing (NGS) has been increasingly popular in genomics studies. Technical advances in genome sequencing have led to the implementation of NGS in clinical oncology, and it has emerged as a valuable tool. As new sequencing technologies have been developed and refined, NGS has become increasingly common in genomics research over the past decade. NGS has recently begun recruiting oncology to promote cancer treatment through a variety of approaches ranging from novel biomarkers and cancer mutations to finding carriers for cancer mutations and acquiring specific treatment. Introducing the standard treatment available for cancer and other diseases in a systematic approach to prevention and prognosis provides the ability to reduce medical costs. Currently, NGS can assist in early diagnosis and discovering pharmacogenetic markers that help to make treatment more personal. Despite great progress in understanding genes, the NGS has the added benefit of providing a broader perspective on the cancer site and finding ways to improve cancer.
The NGS Oncology Market is projected to reach $51,783.0 million in 2032 from 14,828.6 million in 2021, witnessing a CAGR of 12.04% during the forecast period 2022-2032.
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.
Market Segmentation:
Segmentation 1: by Sequencing Technology
Segmentation 2: by Offering
Segmentation 3: by Workflow
Segmentation 4: by Application
Segmentation 5: by End User
Segmentation 6: by Region
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 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.
Some prominent names established in this market are:
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Biodesix, Inc.
• Caris Life Sciences
• DNASTAR
• 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
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Key Questions Answered in the Report
How is the NGS oncology market revolutionizing genetic screening, hereditary genetic testing, hematological malignancies, solid tumors, and other applications landscapes?
What are the major market drivers, challenges, and opportunities in the global NGS oncology market?
What are the underlying structures resulting in the emerging trends within the global NGS oncology market?
How did the COVID-19 pandemic impact the global NGS oncology market?
What are the key development strategies that are being implemented by major players to sustain themselves in the competitive market?
What are the key regulatory implications in developed and developing regions pertaining to the use of NGS oncology products and services?
What are the potential entry barriers that are expected to be faced by the companies willing to enter a particular region in the market?
What will be the growth rate of the global NGS oncology market during the forecast period?
How is each segment of the market expected to grow during the forecast period 2022-2032, and what revenue is anticipated to be generated by each of the segments?
Who are the leading players with significant offerings in the global NGS oncology market?
Which companies are anticipated to be highly disruptive in the future, and why?
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