Next Generation Cancer Diagnostics Market Size & Forecasts By Technology (NGS, LOAC & RT-PCR), By Application (CTC, Biomarker), By Cancer Type (Lung, Breast), By Function Companion Diagnostics), And Trend Analysis, 2020 - 2024

Report Overview

The global next-generation cancer diagnostics market was valued at over USD 7.1 billion in 2019 and is anticipated to expand at a compound annual growth rate (CAGR) of 10.5% from 2020 to 2024. Rising incidence of oncology diseases is anticipated to drive the demand for next-generation cancer diagnostic tests. These tests are expected to facilitate early diagnosis and enable efficient prognosis of various forms of cancer, which in turn, is expected to positively influence the progress of this vertical over the forecast period.

Development and introduction of product offerings by a number of large entities is a significant factor expected to provide lucrative growth avenues to this market. With accelerating the development of companion diagnostics for their implementation in delivering personalized and advanced genomic medicine, the market is characterized by potentially high-value avenues and opportunities for growth over the forecast period.

Active participation of global organizations, such as the National Cancer Institute, Cancer Research Institute, National Foundation for Cancer Research, and Cancer Research UK, are supportive of the projected sector progress. 

Further advancement of diagnostic laboratories and adoption of integrated and automated lab systems are also expected to fuel the demand for advanced workflow systems and boost revenue generation over the forecast period.

Moreover, the shift from traditional laboratory testing to rapid point-of-care testing will support market expansion owing to expected commercialization of the technologically advanced range of products including diagnostic kits, instruments, and reagents.

Next Generation Cancer Diagnostics Market Trends

The usual cancer diagnosis protocols comprise a set of diagnostic tests inclusive of physical examination, laboratory tests, imaging tests and biopsy. It is very certain that there is a diagnostic protocol at each step, each prognosis made, every therapeutic decision taken by the oncologist, so as to avoid adverse steps that might complicate the condition. This clearly derives the fact that the diagnosis is imperative than the therapeutic regime itself throughout the lifecycle of a cancer. Prevalence of Cancer is alarming across the globe and therefore there are emerging advancements in technologies to assist its therapeutic regimes. Diagnosis of cancer is pivotal, not only to initiate a therapeutic regime but also to monitor the progression of cancer so as to modulate the therapeutic regime as necessary. Early diagnosis of cancer is crucial to have the best chance for successful treatment to avoid situations like lower chance of survival, treatment intricacies and higher medical expenses due to progression of cancer. Therefore, early cancer diagnosis is also an important public health strategy. Cancer diagnostics inclusive of detection of cancer biomarkers comprises the most burgeon part of clinical diagnostics so as to help predict prognosis, respond to therapy and finally to monitor patients after primary therapy. This is the central premise for the growth of Next Generation Cancer Diagnostics market and will persistently drive the market as researchers either devise novel methods for cancer diagnosis or refine their older strategies as they continue to understand the science behind cancer.

Ingenia MR-RT oncology configuration (devised by Philips Medical Systems) is a comprehensive solution that integrates radiation oncology with magnetic resonance imaging into their computed tomography (CT)-based radiation therapeutic regime to help oncologists with high-quality magnetic resonance images featuring tumor contours through excellent soft-tissue contrast. Similarly, LumaGEM (devised by Gamma Medica Inc.) digital molecular breast imaging system helps detect early-stage cancers that might have skipped from being detected during mammography. On the contrary, Cell Detect (devised by Zetiq) is a staining technology for detection of cancer that comprehend neoplastic cells based on color and morphology whereas cMethDNA (devised by Johns Hopkins Cancer Center) is a quantitative and multiplexed methylation specific polymerase chain reaction (PCR) assay to detect cell free & tumor-specific DNA in the peripheral blood in metastatic breast cancer sample.

Blood sample based detection is increasingly gaining traction due to its non-invasive nature. The Ohio State University is researching upon a blood sample biomarker for lung cancer just like a diabetes test strip that allows blood to pass over a tiny chip. The lung cancer biomarkers adhere to the chip that can be seen under a microscope. Similarly, Videssa (devised by Provista) to detect breast cancer is by analyzing various protein biomarkers to monitor the cancer progression. Moreover, few radiopharmaceuticals are under clinical trials like 18F-fludeoxyglucose (to understand the response of chemotherapy) and 18F-fluoroazomycin arabinoside (to detect hypoxic tumors). On the other hand, a PET-MRI system (devised by UH Cleveland Medical Center) gives coherent analysis about anatomic and bio-chemical features by an MRI along with the molecular, metabolic and physiologic information from a PET system.

In February 2022, U.S announced the reigniting of the Cancer moonshot that was originally launched in 2016 to lower the mortality by at least 50% in the next 25-year period. This also reiterates the leveraging the quality of life of population surviving with cancer. The Moonshot initiative’s goal is to create a national ecosystem for sharing and analyzing cancer data, so that researchers and clinicians will be able to access or contribute to the database with artificial intelligence based data analysis. The firms in cancer research are collaborating to develop cancer biomarkers and assays for therapy design, monitoring and management. For instance, Guardant Health signed into separate collaborations with AstraZeneca, Merck, and Pfizer Inc. to develop a gene liquid biopsy panel to facilitate real-time monitoring of tumor response and the development of tumor resistance. Other key players in the next generation cancer diagnostics market include Abbott, Agilent Technologies, Cepheid, GE Healthcare, F. Hoffmann-La Roche Ltd, Novartis AG, PerkinElmer Inc, Thermo Fisher Scientific Inc, Qiagen and so on.

Ambiguous and inadequate insurance cover for expensive cancer diagnostic tests majorly hampers the growth of the Global Cancer Diagnostics market despite the investigational outcomes of such tests. Moreover, the prices of the diagnostic tests are different for different kinds of cancers depending on the intensity of diagnostic protocols that might be necessary in such cases. Further, if a certain kind of diagnostic protocol is not used due to cost factor for a long time, the technology turns obsolete due to reallocation of resources.

Deployment of analytical instrumentation and infrastructure for laboratory analysis of cancer samples invariably require high economic investment, skill and time especially for setting up of instruments such as MRI, PET, SPECT equipment and next-generation sequencing platforms. Moreover, there is no assurance that a novel diagnostic test will be approved for commercial usage or become viable in spite of the high cost factor associative with the technique. This uncertainty substantially hampers the growth of the market. 

Technology Insights

Key technologies analyzed in this study are DNA microarrays, protein microarrays, qPCR, NGS sequencing, and lab-on-a-chip (LOAC) device with Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) technology. The advantages, comprising detection of gene duplications or deletions, melting curve analysis for identification of mutations, and qPCR technology for tumor profiling in clinical laboratories, are supportive of the sizable share captured by the qPCR and multiplexing segment.

PCR-based methods, relative to traditional testing procedures are also found to be more cost-effective, which is a key driver rendering growth to this segment.

DNA and protein microarrays are anticipated to witness a reduction in their usage rate as a result of a positive shift in the preference rate for NGS-based technology. Technological advances in NGS systems and the development of supportive library preparation protocols and data interpretation tools have contributed to the rising popularity of this technology amongst research entities. Market sentiments analysis as published by certain major market entities has also mentioned that DNA microarrays are expected to lose a major part of their market share to NGS-based diagnostics over the coming decade.

Application Insights

Owing to the fact that biomarker tests have exhibited accuracy levels as high as 90% in investigational studies and provided enhanced sensitivity in tumor screening, it is expected that in the coming years, this segment will experience significant growth in its demand throughout the forecast period.

Rise in a number of research projects for the development of innovative tools and solutions that facilitate early detection of tumor-causing mutations is anticipated to influence substantial growth of genetic analysis for oncology diagnostics over the forecast period.

Cancer Types Insights

Depending on the site of tumor development, the cancer types are majorly categorized as the following: breast, cervical, colorectal, lung, and other cancer forms. The other cancer types segment constitutes leukemia, bladder, brain, skin, uterine, Non-Hodgkin lymphoma, esophageal, liver, ovarian, prostate, and thyroid.

In terms of revenue generation, lung tumor was pegged as the second-largest cancer type following other forms in 2015 because of a comparatively higher number of research projects and patent applications filed in this segment. Furthermore, lung cancer has the highest prevalence at a global level and therefore warrants a larger section of the market to cater to the huge patient base. However, breast oncology disorders are expected to witness considerable growth over the forecast period owing to a rise in its incidence rate that would augment the demand for diagnostic and screening technologies.

Function Insights

As per the function, next-generation cancer diagnostics space is broadly classified into risk analysis, tumor screening, prognostic based diagnosis, therapeutic monitoring, & companion diagnostics.

The prognostic diagnostics segment is projected to register substantial growth over the forecast period due to the fact that the prognosis of cancer varies from patient to patient and plays a crucial role in designing cancer therapies and protocols for chemotherapy, radiation-based treatment, and gene therapy.

Regional Insights

The North America region dominated the Next-Generation Cancer Diagnostics market with a revenue share, always over 48.6%. Cancer is the leading cause of death in Canada and the second-leading cause, after heart disease, in the USA. The emerging rate of incidence of Cancer in the region is a niggling situation and many measures have been initiated out of which detection, early detection and screening strategies have been intensified in the form of many initiatives in the region.

The US healthcare system with presence of high end healthcare facilities, laboratory infrastructure, strong governmental measures and proactive support for cancer detection, diagnostics and treatment. The proclamation of National Cancer control month in March 2021 and re-ignition of Cancer Moonshot in February 2022 are notable initiatives taken by the U.S. government in the fight against cancer. It is also noteworthy that 1.9 million new cases of cancer are detected in the U.S. with an average of 25% mortality rate in the detected cases. Interestingly, most of the health insurance providers in the U.S. offer coverage for cancer diagnosis and treatment. This scenario is demanding for novel technologies and therefore growth of Next Generation Cancer Diagnostics market is imperative.

Increasing incidence of cancer cases in the U.K is clearly demanding early detection and diagnosis of cancer. Researchers are consistently working to find out novel methods for cancer diagnosis with minimal invasion. There are approximately over 375000 cases of cancers detected each year with mortality rate over 44%. The cancer diagnostics research in the U.K is being leveraged by increasing number researches, presence of world class research institutes and pharmaceutical giants. Moreover, due to COVID-19 pandemic, in the past few years there has been a significant rise in the awareness about early cancer diagnosis and treatment.  This trend is a strong driver for the Next Generation Cancer Diagnostics market in the U.K.

Cancer research in the UK recognizes the significance of diagnosing cancer at an early stage and there are various initiatives in track towards it with mission to discover about 3 in 4 cancer cases at stage I or stage II by the year 2028. 

Key Companies & Market Share Insights

Key market contributors present in the next generation cancer diagnostics market include Cepheid; Koninklijke Philips N.V.; F. Hoffmann-La Roche Ltd; Qiagen; Novartis AG; Abbott; Thermo Fisher Scientific, Inc.; Opko Health, Inc.; Myriad Genetics, Inc.; Agilent Technologies; GE Healthcare; PerkinElmer, Inc.; Genomic Health, Inc.; Illumina, Inc.; Hologic, Inc.; Almac Group; Janssen Global Services, LLC; and Sysmex Corporation.

Market participants are involved in undertaking geographic expansion strategies by providing clinical testing facilities in untapped regions. Additionally, participants are involved in gaining reimbursement coverage to increase patient accessibility to precision medicine. For instance, in October 2015, Medicare in the U.S. initiated the reimbursement process for Oncotype Dx, a prostate cancer test.

Next Generation Cancer Diagnostics Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global next generation cancer diagnostics market report on the basis of technology, applications, function, cancer type, and region:

• Technology Outlook (Revenue, USD Million; 2013-2024)

  • Next-Generation Sequencing

  • qPCR & Multiplexing

  • Lab-on- a- chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR)

  • Protein Microarrays

  • DNA Microarrays

• Application Outlook (Revenue, USD Million; 2013-2024)

  • Biomarker Development

  • CTC Analysis

  • Proteomic Analysis

  • Epigenetic Analysis

  • Genetic Analysis

• Cancer Type Outlook (Revenue, USD Million; 2013-2024)

  • Lung Cancer

  • Breast Cancer

  • Colorectal Cancer

  • Cervical Cancer

  • Others

• Function Outlook (Revenue, USD Million; 2013-2024)

  • Therapeutic Monitoring

  • Companion Diagnostics

  • Prognostics

  • Cancer Screening

  • Risk Analysis

• Regional Outlook (Revenue, USD Million; 2013-2024)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

  • Middle East & Africa

    • South Africa