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Next Generation Cancer Diagnostics Market Trends

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

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Next Generation Cancer Diagnostics Market Trends

As healthcare increasingly prioritizes personalized medicine, the market is witnessing notable growth. The shift towards tailored treatment plans has led to a heightened demand for advanced diagnostic technologies, such as NGS and liquid biopsies. These cutting-edge technologies facilitate precise genetic profiling, empowering clinicians to pinpoint specific mutations and biomarkers. This capability not only enhances early detection but also bolsters monitoring, fueling the market's expansion.

For instance, Hikma Pharmaceuticals forged an exclusive partnership with Guardant Health. This collaboration granted Hikma Pharmaceuticals the exclusive rights to commercialize and promote Guardant Health’s liquid and tissue biopsy tests. These tests are pivotal for cancer screening, monitoring recurrences, and profiling tumor mutations across all solid cancers, specifically in the MENA region.
As a result of this partnership, patients in the MENA region gained access to advanced NGS solutions, marking a significant advancement in regional oncology care. The collaboration is poised to bolster the development of targeted therapies, thereby enhancing patient outcomes in the area.

Moreover, with cancer rates on the rise and an increasing awareness of the significance of early detection, there's a pronounced demand for next-generation diagnostic solutions. This demand is further amplified by the growing adoption of advanced diagnostic technologies.

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.