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Next Generation Cancer Diagnostics Market Size

Report ID: GMI12160
Published Date: Nov 2024
Report Format: PDF

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Next Generation Cancer Diagnostics Market Size

The global next generation cancer diagnostics market size was valued at USD 15.5 billion in 2023 and is estimated to grow at a CAGR of 10% from 2024 to 2032. The market is experiencing robust growth, driven by a global pivot towards personalized medicine, which customizes treatments based on individual genetic and molecular profiles. Cutting-edge diagnostic technologies, such as next-generation sequencing (NGS) and liquid biopsy, play a pivotal role in accurately pinpointing genetic mutations and biomarkers associated with specific cancer types. This capability not only enhances early detection but also refines the selection of targeted therapies.

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Moreover, as cancer incidence rates climb globally and research into novel biomarkers intensifies, the demand for these advanced diagnostics surges. Healthcare systems are increasingly prioritizing accurate and timely diagnoses, aiming to bolster patient outcomes and curtail cancer-related mortality.

Next Generation Cancer Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Next Generation Cancer Diagnostics Market Size in 2023:	USD 15.5 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	10%
2024 – 2032 Value Projection:	USD 36.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	144
Tables, Charts & Figures:	121
Segments covered:	Product & Service, Technology, Cancer Type, Application, End Use, and Region
Growth Drivers:	Rising prevalence of cancer Growing advancement in diagnostic technologies Increased investments in cancer research Growing awareness and screening programs
Pitfalls & Challenges:	High costs of advanced diagnostics technologies Stringent regulations and lengthy approval processes

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For context, the global cancer burden is on an upward trajectory. Data from the International Agency for Research on Cancer (IARC) highlights that in 2022, there were approximately 20 million new cancer cases reported globally. Projections for 2040 are concerning, with estimates suggesting annual new cancer cases could soar to 29.9 million, and cancer-related fatalities might touch 15.3 million. Such a steep rise accentuates the urgent need for enhanced cancer diagnostics and therapeutic strategies, emphasizing early detection, diligent monitoring, and improved patient outcomes. Given this backdrop, a surge in technology adoption for cancer care is on the horizon.

Next-generation cancer diagnostics encompass state-of-the-art technologies and methodologies that facilitate precise, early detection and tailored analysis of cancer. These innovations not only bolster disease monitoring and risk assessment but also refine the selection of targeted therapies. With a focus on precision, these diagnostics illuminate the unique genetic, molecular, and cellular traits of tumors, paving the way for superior clinical outcomes and more potent treatment strategies. As such, this market stands at the forefront of revolutionizing cancer care through the lens of precision medicine.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of next-generation cancer diagnostics reached USD 15.5 billion in 2023 and is estimated to grow at a 10% CAGR from 2024 to 2032, driven by a global pivot towards personalized medicine.

The screening and early detection segment is projected to lead the market, with revenues expected to hit USD 12.2 billion by 2032, led by the significant impact early diagnosis has on enhancing cancer survival rates.

The U.S. market is poised to expand at a CAGR of 9.5% through 2032, propelled by its advanced healthcare infrastructure, significant investments in research and development, and a strong emphasis on innovation.

The key players in the industry include Agilent, Almac, Bio-Rad Laboratories, Exact Sciences, F. Hoffmann-La Roche, GenScript, Guardant Health, Illumina, Karkinos Healthcare, Qiagen, Koninklijke Philips, and Thermo Fisher Scientific.