Global Next Generation Cancer Diagnostic Devices Market - 2025 - 2033

The global next-generation cancer diagnostic devices market reached US$ 18.12 billion in 2024 and is expected to reach US$ 61.14 billion by 2033, growing at a CAGR of 15.2% during the forecast period 2025-2033.

Next Generation Cancer Diagnostic Devices (NGCD) are advanced technologies and procedures used to identify and characterize cancer at the molecular level. These devices use sophisticated methods, particularly Next-Generation Sequencing (NGS), to provide detailed insights into tumor genetics, allowing for earlier identification, customized treatment regimens, and better patient outcomes. Next Generation Cancer Diagnostic Devices are a collection of instruments and technology that use high-throughput sequencing techniques to evaluate genetic material from cancer cells. NGS enables the simultaneous sequencing of millions of DNA fragments, allowing for the detection of genetic mutations, changes, and biomarkers linked to many types of cancer. This capability significantly enhances the diagnostic process compared to traditional methods, which often focus on single or limited genetic targets.

The increasing demand for next-generation cancer diagnostic devices is the driving factor that drives the market over the forecast period. The increasing number of cancer cases increases the demand for cancer testing and the comprehensive genomic profiling of the cancer tumor to analyze the state of the cancer and design the treatment accordingly. For instance, according to an article published by nih.gov in January 2023, in 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. Cancer incidence increased for prostate cancer by 3% annually from 2014 through 2019 after two decades of decline, translating to an additional 99,000 new cases.

Market Dynamics: Drivers & Restraints

Increasing demand for next-generation cancer diagnostic devices

The increasing demand for next-generation cancer diagnostic devices is expected to be a significant factor in the growth of the global next-generation cancer diagnostic devices market. The global next-generation cancer diagnostic devices market is poised for significant expansion, owing mostly to the rising prevalence of cancer, technological advancements, recent product launches and approvals, strategic partnerships, and increasing awareness among people.

The increasing number of cancer cases increases the demand for cancer testing and the comprehensive genomic profiling of the cancer tumor to analyze the state of the cancer and design the treatment accordingly. So, the increasing number of cancer cases increases the demand for next-generation cancer diagnostic devices. Moreover, according to the World Cancer Research Fund, including non-melanoma skin cancer (NMSC) there were 19,976,499 cancer cases in 2022. When NMSC was excluded, this number dropped to 18,741,966 cancer cases around the world in 2022. Of these, 9,566,825 were in men and 9,175,141 in women. Moreover, according to IARC, There were close to 20 million new cases of cancer in the year 2022 (including nonmelanoma skin cancers [NMSCs]) alongside 9.7 million deaths from cancer (including NMSC). The estimates suggest that approximately one in five men or women develop cancer in a lifetime, whereas around one in nine men and one in 12 women die from it. Lung cancer was the most frequently diagnosed cancer in 2022, responsible for almost 2.5 million new cases, or one in eight cancers worldwide (12.4% of all cancers globally).

Furthermore, advancements in technology have significantly enhanced the capabilities of NGCDs, making them beneficial in medical applications. The integration of automated systems and rapid point-of-care testing has simplified operations in diagnostic labs, resulting in faster turnaround times and increased efficiency. For instance, in August 2024, Beckman Coulter Life Sciences, a global leader in laboratory automation and innovation, collaborated with Illumina, a leader in DNA sequencing and array-based technologies, to offer a promising new approach to oncology research that delivers faster results with fewer touch points. Beckman Coulter Life Sciences' Illumina TruSight Oncology 500 DNA/RNA test for the Biomek NGeniuS System is an innovative automated approach for comprehensive genomic profiling of tumor samples.

High costs of advanced diagnostics technologies

Factors such as high costs of advanced diagnostics technologies are expected to hamper the global next-generation cancer diagnostic devices market. These expenditures can be a significant impediment to widespread adoption, especially in healthcare systems with limited resources. For example, the cost of next-generation sequencing (NGS) tests can vary greatly, ranging from $1,000 to $10,000 per test, depending on the complexity and scope of the analysis needed. This financial burden may discourage healthcare providers from investing in these modern diagnostic equipment, particularly in low- and middle-income countries where healthcare funding is limited. Furthermore, the initial investment needed to install NGCD technologies is significant. Facilities must obtain advanced equipment, such as NGS platforms, which can cost anywhere from $150,000 to $500,000. These high costs restrict the customers from buying the devices and hamper the market.

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Segment Analysis

The global next-generation cancer diagnostic devices market is segmented based on technology, cancer type, application, end-user, and region.

Next-generation Sequencing segment is expected to dominate the global next-generation cancer diagnostic devices market share

The Next-generation Sequencing segment is anticipated to dominate the global next-generation cancer diagnostic devices market owing to the technology's capacity to give thorough genetic profiling, which is critical for understanding cancer biology driving individualized treatment regimens, and increasing the number of cancer cases. NGS allows for the simultaneous study of numerous genes, identifying uncommon mutations, fusion genes, and structural alterations that are crucial for proper cancer diagnosis and treatment selection.

One of the primary technological developments sustaining the NGS segment's growth is the remarkable drop in sequencing costs. Whole genome sequencing costs have dropped from tens of thousands of dollars to roughly $1,000, making it more affordable for therapeutic applications. This cost reduction has been made possible by advances in sequencing technology, such as better reagents and automated platforms that boost throughput while lowering operational costs. Furthermore, advances in bioinformatics tools have improved data analytic skills, enabling more efficient interpretation of complicated genomic data. These enhancements allow healthcare practitioners to provide NGS as a standard diagnostic tool, further consolidating its commercial position.

For instance, in October 2023, Philips has collaborated with Quibim, an imaging biomarker specialist, to create next-generation AI-based imaging and reporting solutions specifically for magnetic resonance (MR) prostate screenings. This collaboration intends to improve prostate cancer detection and treatment by combining Philips' superior MR imaging technology with Quibim's AI-powered QP-Prostate software. The major goal is to automate prostate gland segmentation in magnetic resonance images, which would not only standardize reporting but also give clinicians with key quantitative insights required for accurate diagnosis and individualized treatment programs.

Geographical Analysis

North America is expected to hold a significant position in the global next-generation cancer diagnostic devices market share

North America is anticipated to hold a significant portion of the global next-generation cancer diagnostic devices market owing to the rising prevalence of cancer, technological advancements, recent product launches and approvals, strategic partnerships, and increasing awareness. The higher prevalence of cancer in North America also contributes to the increased demand for advanced diagnostic solutions. Rising awareness of cancer screening and early detection fuels this demand, prompting healthcare practitioners to explore novel solutions such as Next Generation Sequencing (NGS) and other advanced diagnostic technologies. As cancer rates rise, the need for effective diagnostics expands, strengthening North America's position as the dominant market.

For instance, according to an article published by the National Institute of Health, in January 2024, in 2024, 2,001,140 new cancer cases and 611,720 cancer deaths are projected to occur in the United States. Cancer mortality continued to decline through 2021, averting over 4 million deaths since 1991 because of reductions in smoking, earlier detection for some cancers, and improved treatment options in both adjuvant and metastatic settings. However, these gains are threatened by increasing incidence for 6 of the top 10 cancers.

Technological advancements like the incorporation of AI and machine learning into diagnostic processes is yet another key technical achievement. AI systems can quickly and accurately scan massive volumes of genomic data, assisting physicians in identifying actionable mutations that inform individualized therapy options. This collaboration between NGS and AI not only simplifies workflows but also improves patient outcomes by allowing for more accurate therapy methods. For instance, in September 2023, Pillar Biosciences, Inc., the leader in Decision Medicine, announced the global launch of oncoReveal Core LBx, a research-use-only (RUO) next-generation sequencing (NGS) kit designed to enable laboratories with a solution for liquid biopsy-based pan-cancer tumor profiling.

Asia Pacific is growing at the fastest pace in the global next-generation cancer diagnostic devices market

One of the key drivers of this expansion is Asia Pacific's huge and expanding population, which contributes to an increased incidence of oncological disorders. As the population grows, so does the number of people at risk for cancer, resulting in a greater demand for sophisticated diagnostic tools. Countries such as China and India have unusually high rates of cancer incidence as a result of lifestyle changes, urbanization, and aging populations. This demographic transition pushes healthcare systems to prioritize early detection and effective treatment choices, accelerating the deployment of next-generation cancer diagnostic technologies.

For instance, according to the National Institute of Health, the expected number of cancer cases in India for 2022 is 14,61,427 (crude rate: 100.4 per 100,000). In India, one out of every nine people is likely to develop cancer over his or her lifetime. Males and females were most likely to develop lung and breast cancer, respectively. The increasing number of cancer cases increases the demand for cancer testing and the comprehensive genomic profiling of the cancer tumor to analyze the state of the cancer and design the treatment accordingly. So, the increasing number of cancer cases makes this region the fastest growing region.

Competitive Landscape

The major global players in the global next-generation cancer diagnostic devices market include GE HealthCare, Illumina, Inc., Novartis AG, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V, QIAGEN, Agilent Technologies, Inc., Abbott, Thermo Fisher Scientific Inc., BD among others.

Emerging Players

PathAI, Karius, and OncoOne among others

Key Developments

• In May 2024, Foundation Medicine Inc. announced the U.S. launch of FoundationOneRNA, a tissue-based RNA sequencing test for the detection of cancer-related fusions across 318 genes. FoundationOne RNA enables reporting of fusions in all solid tumors and may be valuable for detecting fusions in certain cancers, such as non-small cell lung cancer (NSCLC), pancreatic cancer, cholangiocarcinoma, sarcoma, thyroid cancer, and bladder cancer.

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• Pipeline & Innovations: Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The global next-generation cancer diagnostic devices market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2024

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
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