PUBLISHER: Grand View Research | PRODUCT CODE: 1301033
PUBLISHER: Grand View Research | PRODUCT CODE: 1301033
The global clinical oncology next generation sequencing market size is expected to reach USD 1.16 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.7% from 2023 to 2030. The clinical oncology next generation sequencing (NGS) market is in high demand. It is projected to expand at an increasing rate throughout the forecast period owing to the rising healthcare expenditure triggering the development of effective personalized medicine & therapeutic procedures for cancer and increasing adoption of NGS.
The increasing healthcare expenses and the launch of effective cancer treatments are expected to fuel market growth over the forecast period. A study published by the JAMA network in February 2023 estimated that the cost of cancer treatment can reach up to USD 25 trillion globally over the 30 years from 2020-2030. The comparative contribution of treatment expenses to the total economic expense of cancers was found to be more significant in high-income nations than in low-income nations. Moreover, various treatment techniques are being developed and utilized to diagnose and treat cancer. According to the study published by Wiley in January 2023, technological advances that are being used to develop new diagnostic techniques include image reconstruction software, imaging devices, hardware, biomarkers, and artificial intelligence algorithms, thereby delivering a reliable analysis and diagnosis of the tumor.
Furthermore, the growth of the clinical oncology next-generation sequencing market during the forecast period is propelled by the rise in the adoption of NGS over single gene testing. Many studies demonstrated that NGS is cost-effective and efficient over single gene testing. For instance, a study published by JCO Precision Oncology in March 2023 concluded that the adoption of NGS in Spanish reference centers to diagnose patients with NSCLC could be a cost-effective strategy over single gene testing. In addition, the study given by the National Library of Medicine in January 2023, suggests that the current NGS over sequential single-gene testing can slightly reduce annual costs. However, embracing NSG over SSG testing can decrease the average turnaround time, facilitating quicker identification of genomic alterations and early initiating therapy for small cell lung cancer patients in Japan. These factors are expected to drive the market over the forecast period.