Next Generation Cancer Diagnostics Market is anticipated to reach USD 11.04 billion by 2024

The global next generation cancer diagnostics market is anticipated to reach USD 11.04 billion by 2024, according to a new report by Grand View Research, Inc. Key drivers for this vertical include rising advancement in genomics and proteomics-based research coupled with increasing prevalence of oncology disorders.

Rise in number of oncological research projects to elucidate tumorigenesis and the underlying mechanisms, consequently raising the demand for serial sampling, diagnosis, and therapeutic manipulation, is a growth rendering driver of this market.

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Further key findings from the study suggest:

• The qPCR & multiplexing segment captured the largest market share in 2015 owing to the presence of a wide product portfolio serving numerous applications in oncology R&D
• Next generation sequencing services and solutions for oncology applications are anticipated to be the fastest growing segment
• Oncology diagnostics in biomarker discovery is expected witness growth as it subsequently facilitates drug designing and identification of novel targets against tumors
• On the basis of cancer type, this vertical is segmented into lung, breast, colorectal, cervical, and other forms of cancer
• Research projects to establish the therapeutic index of anticancer cytotoxic drugs are one of the key factors responsible for expected growth
• North America dominated the market with respect to revenue generation in 2014 due to concerted efforts directed toward the development of next generation sequencing technology and companion diagnostics in personalized medicine
• Some of the key players contributing significantly to the next generation cancer diagnostics market are Novartis AG; Cepheid; Hoffman La Roche Ltd.; PerkinElmer, Inc.; Sysmex Corporation; Abbott; Thermo Fisher Scientific, Inc.; Koninklijke Philips N.V.; Agilent Technologies; Illumina, Inc.; Genomic Health, Inc.; Qiagen; Janssen Global Services, LLC; Hologic, Inc.; Myriad Genetics, Inc.; Almac Group; Opko Health, Inc.; and GE Healthcare.

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About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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