The global next generation cancer diagnostics market accounted for USD 16.24 billion in 2023 and is expected to reach at USD 43.54 billion by 2034 with a CAGR of 9.38% during the forecast period 2024-2034. The increasing occurrence of oncological diseases, heightened demand for accurate prognosis & early detection of diverse cancer types, rising efforts by major stakeholders to innovate solutions, enhanced collaboration among industry participants, rising R&D investments, and surge in product introductions in the field of next-generation sequencing are some of the key factors boosting the market growth.
Surge in product introductions in the field of next-generation sequencing is predicted to boost the market growth during the forecast period. Cancer diagnostics involves identifying various biomarkers, proteins, and specific symptoms that indicate the presence of cancerous tumors in patients. The detection process relies heavily on specialized technology and devices tailored for cancer diagnosis. These tests aim to enable early detection and accurate prognosis of various cancer types, which is anticipated to drive market growth. For instance, in April 2023, DeciBio Analytics released the updated 2023 edition of the NGS Oncology DxBook. This resource offers a comprehensive overview of the clinical NGS market at the laboratory level, aiding in therapy selection within oncology. The first edition of the NGS Oncology DxBook provided detailed coverage of in-house workflows for 70 institutions in the United States.
By cancer type, other was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the growing emphasis on personalized medicine & targeted treatments tailored to specific cancer types, growing advancements in next-generation technologies that facilitate more precise & comprehensive detection & profiling of diverse biomarkers. Additionally, breast cancer is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of breast cancer, growing awareness regarding screening programs, a heightened emphasis on advancements in diagnostic technologies & screening approaches, surge in the utilization of advanced imaging methods, and surge in collaborations among market participants. For instance, in May 2023, Together, Pfizer Inc. and Thermo Fisher Scientific, Inc. will offer patients in foreign markets access to localized NGS-based cancer diagnoses.
By technology, next-generation sequencing (NGS) was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the rise in technological innovations in NGS systems, heightened emphasis on refining library preparation protocols & data interpretation tools, and increase in collaborations among industry stakeholders. For instance, in January 2023, QIAGEN has forged an exclusive strategic alliance with Helix aimed at advancing NGS companion diagnostics for hereditary diseases. This partnership capitalizes on the Helix Laboratory Platform, integrating QIAGEN's biopharmaceutical connections, NGS proficiency, and regulatory knowledge. The collaborative efforts are expected to expedite the joint offering by engaging in patient recruitment for real-world evidence utilization and delivering diagnostic solutions employing NGS and PCR technologies. Additionally, protein microarrays is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of personalized medicine and increasing emphasis on the advancement of more sophisticated and efficient diagnostic technologies.
By function, therapeutic monitoring was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the rise in the acceptance of targeted therapies & immunotherapies for treating cancer, continuous progress in NGS, liquid biopsies, & molecular imaging technologies, and increasing approvals from regulatory authorities. For instance, in March 2022, Novartis' Pluvicto received FDA approval as the inaugural targeted radioligand therapy for treating progressive metastatic castration-resistant prostate cancer that is PSMA-positive. Additionally, prognostic diagnostics is predicted to grow at the fastest CAGR during the forecast period owing to the rising financial support from significant market players. The development of cancer therapies and protocols, including chemotherapy, radiation treatment, and gene therapy, is shaped by the recognition that the prognosis of cancer differs among patients, a factor of significant importance in this endeavor.
By application, biomarker development was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the increased accuracy levels by biomarker tests, innovative technologies are being increasingly introduced to the market, and rising collaborations among industry leaders. For instance, in July 2023, Quest Diagnostics partnered with Envision Sciences and unveiled a new prostate biomarker test designed to enhance accuracy in diagnosis. Additionally, genetic analysis is predicted to grow at the fastest CAGR during the forecast period owing to the continuous progress in genomic technologies & techniques, growing incidence of genetic oncology disorders, heightened demand for personalized medicine, and surge in research initiatives aimed at developing innovative tools for early detection of mutations that trigger tumors.
North America region is anticipated for the highest revenue share during the forecast period owing to the well-established healthcare infrastructure, a significant emphasis on cancer research, surge in adoption & implementation of cutting-edge technologies particularly in next-generation cancer diagnostics, growing prevalence of cancer, increased demand for advanced diagnostic technologies, and rise in the introduction of new products. For instance, in June 2023, Devyser released two products, LynchFAP and BRCA PALB2, providing accurate and efficient analysis of genes associated with an increased cancer risk. These kits guarantee their effectiveness in detecting breast cancer, ovarian cancer, and Lynch syndrome. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing occurrence of cancer-related diseases, advancements in diagnostic technologies, a heightened emphasis on enhancing healthcare infrastructure, surge in the development of improved capabilities for diagnosing & treating cancer, and increasing integration of enhanced healthcare systems. For instance, in August 2022, Australia launched the world's inaugural preventive DNA screening for assessing the risk of cancer and heart disease. Spearheaded by the Monash School of Public Health and Preventive Medicine, this project marks the first DNA screening initiative focused on risk assessment. The study aims to screen at least 10,000 individuals aged 18 to 40 years.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Surge in product introductions in the field of next-generation sequencing is predicted to boost the market growth during the forecast period. Cancer diagnostics involves identifying various biomarkers, proteins, and specific symptoms that indicate the presence of cancerous tumors in patients. The detection process relies heavily on specialized technology and devices tailored for cancer diagnosis. These tests aim to enable early detection and accurate prognosis of various cancer types, which is anticipated to drive market growth. For instance, in April 2023, DeciBio Analytics released the updated 2023 edition of the NGS Oncology DxBook. This resource offers a comprehensive overview of the clinical NGS market at the laboratory level, aiding in therapy selection within oncology. The first edition of the NGS Oncology DxBook provided detailed coverage of in-house workflows for 70 institutions in the United States.
By cancer type, other was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the growing emphasis on personalized medicine & targeted treatments tailored to specific cancer types, growing advancements in next-generation technologies that facilitate more precise & comprehensive detection & profiling of diverse biomarkers. Additionally, breast cancer is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of breast cancer, growing awareness regarding screening programs, a heightened emphasis on advancements in diagnostic technologies & screening approaches, surge in the utilization of advanced imaging methods, and surge in collaborations among market participants. For instance, in May 2023, Together, Pfizer Inc. and Thermo Fisher Scientific, Inc. will offer patients in foreign markets access to localized NGS-based cancer diagnoses.
By technology, next-generation sequencing (NGS) was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the rise in technological innovations in NGS systems, heightened emphasis on refining library preparation protocols & data interpretation tools, and increase in collaborations among industry stakeholders. For instance, in January 2023, QIAGEN has forged an exclusive strategic alliance with Helix aimed at advancing NGS companion diagnostics for hereditary diseases. This partnership capitalizes on the Helix Laboratory Platform, integrating QIAGEN's biopharmaceutical connections, NGS proficiency, and regulatory knowledge. The collaborative efforts are expected to expedite the joint offering by engaging in patient recruitment for real-world evidence utilization and delivering diagnostic solutions employing NGS and PCR technologies. Additionally, protein microarrays is predicted to grow at the fastest CAGR during the forecast period owing to the growing recognition of personalized medicine and increasing emphasis on the advancement of more sophisticated and efficient diagnostic technologies.
By function, therapeutic monitoring was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the rise in the acceptance of targeted therapies & immunotherapies for treating cancer, continuous progress in NGS, liquid biopsies, & molecular imaging technologies, and increasing approvals from regulatory authorities. For instance, in March 2022, Novartis' Pluvicto received FDA approval as the inaugural targeted radioligand therapy for treating progressive metastatic castration-resistant prostate cancer that is PSMA-positive. Additionally, prognostic diagnostics is predicted to grow at the fastest CAGR during the forecast period owing to the rising financial support from significant market players. The development of cancer therapies and protocols, including chemotherapy, radiation treatment, and gene therapy, is shaped by the recognition that the prognosis of cancer differs among patients, a factor of significant importance in this endeavor.
By application, biomarker development was the highest revenue-grossing segment in the global next generation cancer diagnostics market in 2023 owing to the increased accuracy levels by biomarker tests, innovative technologies are being increasingly introduced to the market, and rising collaborations among industry leaders. For instance, in July 2023, Quest Diagnostics partnered with Envision Sciences and unveiled a new prostate biomarker test designed to enhance accuracy in diagnosis. Additionally, genetic analysis is predicted to grow at the fastest CAGR during the forecast period owing to the continuous progress in genomic technologies & techniques, growing incidence of genetic oncology disorders, heightened demand for personalized medicine, and surge in research initiatives aimed at developing innovative tools for early detection of mutations that trigger tumors.
North America region is anticipated for the highest revenue share during the forecast period owing to the well-established healthcare infrastructure, a significant emphasis on cancer research, surge in adoption & implementation of cutting-edge technologies particularly in next-generation cancer diagnostics, growing prevalence of cancer, increased demand for advanced diagnostic technologies, and rise in the introduction of new products. For instance, in June 2023, Devyser released two products, LynchFAP and BRCA PALB2, providing accurate and efficient analysis of genes associated with an increased cancer risk. These kits guarantee their effectiveness in detecting breast cancer, ovarian cancer, and Lynch syndrome. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing occurrence of cancer-related diseases, advancements in diagnostic technologies, a heightened emphasis on enhancing healthcare infrastructure, surge in the development of improved capabilities for diagnosing & treating cancer, and increasing integration of enhanced healthcare systems. For instance, in August 2022, Australia launched the world's inaugural preventive DNA screening for assessing the risk of cancer and heart disease. Spearheaded by the Monash School of Public Health and Preventive Medicine, this project marks the first DNA screening initiative focused on risk assessment. The study aims to screen at least 10,000 individuals aged 18 to 40 years.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Cancer Type, Technology, Function, and Application
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Next Generation Cancer Diagnostics Market Report 2023 - 2034
Next Generation Cancer Diagnostics Market Analysis & Forecast by Cancer Type 2023 - 2034 (Revenue USD Bn)
- Colorectal Cancer
- Breast Cancer
- Cervical Cancer
- Lung Cancer
- Others
Next Generation Cancer Diagnostics Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Lab-on-a-chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR)
- Protein Microarrays
- qPCR & Multiplexing
- DNA Microarrays
- Next-generation Sequencing
Next Generation Cancer Diagnostics Market Analysis & Forecast by Function 2023 - 2034 (Revenue USD Bn)
- Prognostics
- Risk Analysis
- Cancer Screening
- Companion Diagnostics
- Therapeutic Monitoring
Next Generation Cancer Diagnostics Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- CTC Analysis
- Genetic Analysis
- Proteomic Analysis
- Epigenetic Analysis
- Biomarker Development
Next Generation Cancer Diagnostics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Next Generation Cancer Diagnostics Market: Cancer Type Estimates & Trend Analysis
8. Next Generation Cancer Diagnostics Market: Technology Estimates & Trend Analysis
9. Next Generation Cancer Diagnostics Market: Function Estimates & Trend Analysis
10. Next Generation Cancer Diagnostics Market: Application Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Next Generation Cancer Diagnostics Market
13. Europe Global Next Generation Cancer Diagnostics Market
14. Asia Pacific Global Next Generation Cancer Diagnostics Market
15. Latin America Global Next Generation Cancer Diagnostics Market
16. MEA Global Next Generation Cancer Diagnostics Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- F. Hoffmann-La Roche Ltd
- Janssen Pharmaceuticals Inc.
- Novartis AG
- Thermo Fisher Scientific Inc.
- QIAGEN
- Agilent Technologies Inc. (Dako)
- Koninklijke Philips N.V.
- Illumina Inc.
- Abbott
- GE HealthCare
