Market Trends of Global Clinical Oncology NGS Industry
This section covers the major market trends shaping the Clinical Oncology NGS Market according to our research experts:
Whole Genome Sequencing is Expected to Projected Significant Growth Over the Forecast Period.
Whole-genome sequencing (WGS) is expected to be the fastest-growing technology segment due to its utility in distinguishing and comparing normal and tumor tissues. Furthermore, cancer patients' whole-genome sequencing aids in the discovery of current mutation treatments as well as the prediction of mutations. It also assists with cancer prognosis and treatment regimen development based on the genes involved.
Furthermore, according to the study titled "Whole-genome sequencing in oncology: using scenario drafting to explore future developments," published in the BMC Cancer in May 2021, WGS has huge potential in disease management and Cancer treatment, genetic counseling, and risk assessment. Thus the advantages of WGS in clinical oncology are anticipated to drive the segment growth.
However, various strategic activities by the key market players such as mergers and acquisitions, product launches, and collaboration are anticipated to drive the segment growth. For Instance, in February 2022, C2i Genomics, a cancer intelligence company, and Twist Bioscience Corporation formed a partnership to develop whole-genome cancer reference materials. This resource will provide diagnostic labs around the globe to better validate and monitor the quality of their whole-genome cancer screening and minimal residual disease (MRD) products. In addition, C2i will integrate Twist's library preparation into their MRD workflow. Similarly, In February 2021, Stanford Medicine launched an in-house whole genome sequencing service. Whole genome sequencing, a test that maps all of an individual's DNA in cardiovascular and cancer diseases, underpins the service.
Thus, all aforementioned factors are expected to boost the segment over the forecast period.
North America Holds a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America dominated the clinical oncology NGS market. Factors such as regulatory efforts in the United States to increase cancer screening diagnoses contribute to the market's growth.
The growing prevalence of chronic diseases is likely to boost the market in the country. For Instance, According to GLOBOCAN 2020 statistics, 2,281,658 new cancer cases were diagnosed in the United States in 2020, with 612,390 fatalities. It indicates that the incidence and mortality rate associated with cancer is significantly high, which increases the demand for clinical oncology NGS platforms, thereby boosting the market studied.
Additionally, the high concentration of key players in North America, increasing Food and Drug Administration approvals along with strategic alliances, and high investment in research and development activities are expected to boost the market in the region. In June 2021, Labcorp and OmniSeq, launched the OmniSeq INSIGHTsm, a comprehensive genomic and immune profiling, tissue-based test that integrates next-generation sequencing (NGS) technology. The test is designed to advance precision oncology and improve patient outcomes as part of Labcorp's commitment to empowering better health decisions for patients by adding cutting-edge diagnostic tools in precision medicine.
Personalized medicine has become a core area of research in the healthcare industry, entered mainstream clinical practice, and is changing how many diseases are identified and treated. Furthermore, increasing investments in the development of structure-based drug designs, rising demand for high-quality research tools for data reproducibility, and increasing focus on developing personalized therapeutics. Key players in this market have formed strategic alliances to strengthen the market position. For Instance, in March 2020, Thermo Fisher Scientific and Janssen Biotech, Inc. agreed to collaborate on the development of CDx for tumor management. Janssen Research & Development, LLC will validate multiple biomarkers for use with Thermo Fisher's Oncomine Dx target test to identify patients with NSCLC under the terms of the agreement.
Thus, all such factors are expected to boost the region's market over the forecast period.
