Clinical Oncology Next Generation Sequencing Market to Grow with a CAGR of 9.12% through 2028
Growth in genomic medicine is expected to drive the United
States Clinical Oncology Next Generation Sequencing Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Clinical
Oncology Next Generation Sequencing Market – United States Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the United
States Clinical Oncology Next Generation Sequencing Market stood at USD 159.21
million in 2022 and is anticipated to grow with a CAGR of 9.12% in the forecast
period, 2024-2028. The field of clinical oncology has witnessed a significant
transformation over the years, with advances in genomics and molecular biology
leading to more precise and personalized cancer care. One of the driving forces
behind this transformation is Next Generation Sequencing (NGS), a
high-throughput DNA sequencing technology that has enabled researchers and
clinicians to decode the genetic intricacies of cancer cells. The prevalence
of cancer in the United States continues to climb, making it a significant
public health concern. According to the American Cancer Society, approximately
1.8 million new cancer cases are expected in 2023. This growing cancer burden
necessitates more advanced and precise diagnostic and treatment methods, making
NGS a valuable tool in the oncologist's arsenal. NGS allows for a comprehensive
analysis of the genetic mutations that drive cancer, aiding in the development
of targeted therapies and personalized treatment plans.
The concept of personalized medicine, also known as
precision medicine, is gaining momentum in oncology. Each patient's cancer is
unique, and tailoring treatment to the individual's genetic profile is a
game-changer. NGS enables oncologists to identify specific genetic alterations
in a patient's tumor, allowing for the selection of therapies that are most
likely to be effective. As a result, patients may experience better outcomes
with fewer adverse effects.
NGS technologies have evolved rapidly, becoming more
accessible and cost-effective. The United States is at the forefront of NGS
development, with companies and research institutions continuously pushing the
boundaries of technology. Improved sequencing accuracy, faster turnaround
times, and reduced costs have made NGS a practical choice for clinical
applications. These advancements in technology have opened the door to wider
adoption in clinical oncology.
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NGS is not only valuable for diagnosing cancer and
guiding treatment decisions but also plays a crucial role in drug development
and clinical trials. Pharmaceutical companies use NGS to identify potential
therapeutic targets and assess the efficacy of new drugs. Additionally, NGS is
integral in patient stratification for clinical trials, helping to identify the
most suitable candidates for experimental therapies.
The United States Clinical Oncology Next Generation
Sequencing Market is segmented into Ingredient type, form, livestock, Regional
Distribution, And Company.
Based on the Application, the Companion
Diagnostics segment emerged as the dominant player in the United States market
for United States Clinical Oncology Next Generation Sequencing Market in 2022. Companion
diagnostics are at the forefront of precision medicine in oncology. By
identifying specific genetic or molecular alterations in a patient's tumor,
these tests enable oncologists to select therapies that are more likely to be
effective for that individual. This approach optimizes treatment outcomes and
minimizes unnecessary exposure to treatments with potential side effects. Companion
diagnostics are instrumental in tailoring cancer treatments to the unique
genetic profile of each patient. The ability to match patients with the most
appropriate therapies, such as targeted agents or immunotherapies, is
transforming the oncology field by increasing the likelihood of therapeutic
success. Regulatory agencies, including the U.S. Food and Drug Administration
(FDA), have been actively supporting the development and approval of companion
diagnostics. This regulatory backing enhances the confidence of healthcare
providers and patients in the clinical utility of CDx, driving their widespread
adoption. Companion diagnostics assist healthcare providers in making informed
clinical decisions. They provide critical insights into which treatments are
likely to be effective for a particular patient and can also help identify
individuals who may not respond well to certain therapies, preventing
unnecessary exposure to potentially ineffective treatments.
Based on the End Use, the Hospitals
segment emerged as the dominant player in the United States market for United
States Clinical Oncology Next Generation Sequencing Market in 2022. Comprehensive
Patient Care: Hospitals are often the primary providers of comprehensive cancer
care, offering services that span from diagnosis to treatment and follow-up
care. NGS technology is integral to this continuum, as it allows for precise
cancer diagnosis and personalized treatment planning. Hospitals utilize NGS to
offer patients a one-stop solution for their oncological needs. Hospitals
typically have more extensive clinical capabilities compared to clinics and
laboratories. This includes access to a wide range of medical specialists,
advanced imaging, radiation therapy, and surgical services. NGS serves as an
essential tool within this comprehensive framework, aiding in the diagnosis of
complex or advanced cancer cases. Hospitals provide inpatient care, making them
well-suited for patients with severe or advanced cancer who may require
hospitalization. NGS is used in these settings to guide treatment decisions,
monitor disease progression, and assess treatment responses for patients
admitted to the hospital.
Mid-West emerged as the dominant player
in the United States Clinical Oncology Next Generation Sequencing Market in
2022, holding the largest market share. The East region, particularly
in areas such as Boston, New York, and the Greater Washington, D.C. area, is
home to a high concentration of prestigious healthcare institutions, academic
medical centers, and research universities. These institutions are at the
forefront of cancer research, clinical trials, and the adoption of cutting-edge
medical technologies like NGS. The East region fosters collaborations
between academic institutions, healthcare providers, and biotechnology
companies, driving research and innovation. These collaborations often lead to
the development and implementation of NGS technologies in clinical oncology. The
proximity to the U.S. FDA and other regulatory agencies in the Greater
Washington, D.C. area means that the East region is often at the forefront of
regulatory approvals and guidelines related to NGS technologies in clinical applications.
This close relationship with regulatory bodies ensures a clear regulatory
pathway for the adoption of NGS in clinical oncology.
Major companies operating in United States Clinical
Oncology Next Generation Sequencing Market are:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies
- Myriad Genetics
- Beijing Genomics Institute (BGI)
- Perkin Elmer
- Foundation Medicine
- Pacific Bioscience
- Oxford Nanopore Technologies Ltd.
- Macrogen, Inc.
- Qiagen NV
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“The United
States Clinical Oncology Next Generation Sequencing (NGS) market is poised for
significant growth in the coming years. Anticipated advancements in NGS
technology, coupled with increased recognition of its role in precision medicine,
are driving demand. The market is set to benefit from expanded applications of
NGS in cancer diagnosis, treatment, and research, with a focus on comprehensive
tumor profiling and personalized therapeutic approaches. Regulatory support and
the development of clear guidelines for NGS-based diagnostics will further
bolster confidence in this technology, making it an integral part of clinical
oncology practice. Additionally, the rising awareness of the potential benefits
of NGS among healthcare professionals and patients is expected to contribute to
market expansion.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“United States Clinical Oncology Next
Generation Sequencing Market Segmented By Technology (Whole Genome Sequencing,
Whole Exome Sequencing, Targeted Sequencing & Resequencing Centrifuges), By
Workflow (NGS Pre-Sequencing, NGS Sequencing, NGS Data Analysis), By
Application (Screening, Companion Diagnostics, Other Diagnostics), By End Use
(Hospitals, Clinics, Laboratories) Region and Competition, Opportunity, and
Forecast, 2018-2028”, has evaluated the future growth potential of United
States Clinical Oncology Next Generation Sequencing Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Clinical Oncology Next
Generation Sequencing Market.
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