Global Next Generation Cancer Diagnostics Market size was worth USD 4,964.05 million in 2016 which is anticipated to grow at a CAGR of more than 9.7% over the forecast period. Rise in mortality rate due to the increasing occurrence of the cancer, second most predominant disease accounting for approximately 8.8 million deaths in 2015 is anticipated to escalate the market for these tests.
Advancements in tests enable early diagnosis and assist efficient detection of different types of tumors which in turn is expected to promote growth over the projected period. The introduction of new products by large bodies, merger, and acquisitions, and joint agreements such as the development of RNA-Seq Kit version by Agilent Technologies Inc. and Agendia Inc. are the factors accountable for the estimated CAGR.
An escalation in the development of companion diagnostics in order to deliver advanced and personalized genomic medicine is also responsible for progress in the coming years.
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Furthermore, the technological advancements driving the innovation in point-of-care testing devices is anticipated to aid in commercialization of advanced products thereby supporting revenue generation.
Incorporation of technological advancements such as melting curve examination for identification of mutations, qPCR tools for profiling of tumor in clinical test centers, and gene deletions are accountable for the largest share apprehended by multiplexing and qPCR segment.
With the development of next-generation sequencing technology, the use of traditional methods such as protein and DNA microarrays is expected to decrease through the years. Other factors such as data interpretation tools, growth of supportive library preparation procedures, and technological advancements are accountable for the lucrative adoption of next generation oncology tests among researchers.
Cancer Type Insights
Major categorization for the types of cancer includes cervical, breast, lung, colorectal, and other tumor forms. The other types constitute leukemia, prostate, bladder, brain, skin, uterine, esophageal, Non-Hodgkin lymphoma, ovarian, liver, and thyroid.
In 2015, as per World Health Organization lung cancer was accountable for approximately 1.7 million deaths. Moreover, breast cancer incidence is also estimated to grow thereby escalating the demand for screening and diagnostic technologies.
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In the recent years, development of new products has been the key growth strategy adopted by the major players for the purpose of increasing their business presence. The major participants are emphasizing on R&D activities in order to develop new and innovative products with a view to strengthen their foothold and achieve a competitive edge.
The pharmaceutical grade silica gel market is highly fragmented in nature. The major players are E.I. DuPont Nemours and Company, Evonik Industries, Solvay S.A., W.R. Grace & Company., Dow and Clariant International Ltd
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