The next generation cancer diagnostics market is projected to grow at a CAGR of 17.80%, with estimated market size of USD 11.1 billion in 2021 to USD 29.7 billion by 2028. As oncology illnesses become more common, there will be a greater need for next-generation cancer diagnostic technologies. These tests should help with early cancer identification and enable accurate prognosis, which should have a beneficial effect on the growth of this vertical over the predicted year. The creation and introduction of product offerings by various significant organizations is one important factor projected to open up profitable growth potential for this industry. The market is expected to have potentially high-value growth avenues and possibilities throughout the forecast period due to the expanding development of companion diagnostics to deliver tailored and enhanced genetic therapies. Furthermore, over the projection period, it is anticipated that the continued development of diagnostic laboratories and the adoption of integrated and automated lab systems will fuel demand for improved workflow systems and increase revenue creation.

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Next Generation Cancer Diagnostics Market Dynamics

Drivers: Increasing cancer cases

In many nations, cancer outranks other illnesses, including coronary heart disease and stroke, as the main cause of mortality. Worldwide mortality has improved due to next-generation cancer diagnostic technologies that assist illness prevention and early disease detection. Furthermore, during the projected period, it is also anticipated that improvements in diagnostic laboratories and the introduction of integrated and automated lab systems will fuel demand for advanced workflow systems and boost revenue. Rapid point-of-care testing will also help the market grow. It is anticipated to enable the commercialization of various technologically cutting-edge items like diagnostic kits, devices, and reagents.

Restraints: Lack of skilled professionals

The development of the global enhanced ambulatory patient grouping software market over the forecast period may be restrained by a shortage of competent professionals who cannot apply these diagnostic procedures. Additionally, despite the increased prevalence of patients, the high cost of these screening tests may restrain the growth of the global market for next-generation cancer diagnostics.

Opportunities: Increase in the geriatric population

Throughout the forecast period, a lack of qualified specialists who can use these diagnostic techniques may hinder the growth of the global enhanced ambulatory patient grouping software market. The high cost of these screening tests may further limit the expansion of the global market for next-generation cancer diagnostics, notwithstanding the rise in the number of patients. Additionally, features such as the qPCR technology for tumor profiling in clinical laboratories, detection of gene duplications or deletions, and melting curve analysis for mutation identification are driving the market's expansion.

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The biomarker category is estimated to be the largest growth in the steam engine market during the forecast period

The biomarker category dominated the market. It is anticipated that this market will witness considerable growth in demand over the next several years because biomarker testing has shown accuracy levels upto 90% in investigational studies and has given enhanced sensitivity in tumor screening. Over the projection period, it is projected that an increase in research initiatives to create novel tools and solutions that assist the early detection of tumor-causing mutations will significantly impact the growth of genetic analysis for oncology diagnostics.

Lung cancer is estimated to be the largest growing market category during the forecast period

The lung cancer segment is projected to grow the fastest during the forecast period because the segment has a comparatively higher number of research projects and patent applications. The highest incidence of lung cancer globally also calls for a larger market share to adequately serve the vast patient population. Breast oncology issues are expected to increase significantly throughout the projected period. Nevertheless, as a result of higher incidence rates will boost the need for diagnostic and screening tools.

The North American segment is estimated to be the largest growing market during the forecast period

North America is the largest next generation cancer diagnostics market and is projected to grow at the fastest rate during the forecast period. Cancer is the second-leading cause of mortality in Canada and the USA, behind heart disease. As a result of numerous actions taken in response to the region's rising cancer incidence rate, tactics for early detection, screening, and detection have been strengthened through numerous projects. High-end healthcare facilities, laboratory infrastructure, robust government regulations, and aggressive support for early cancer detection, diagnosis, and treatment are all the US healthcare system features. Among the major actions done by the American government in the fight against cancer are the declaration of March 2021 as National Cancer Control Month and the restart of the Cancer Moonshot in February 2022.

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Key Market Players

The next generation cancer diagnostics market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Agilent Technologies, Inc., Abbott, BD, OPKO Health, Inc., F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Illumina, Inc, QIAGEN, BioGenex, Siemens Healthcare GmbH, bioMérieux SA, NeoGenomics Laboratories, Inc., Telerad Tech, BioNTech SE, Thermo Fisher Scientific Inc, Hologic Inc.,  Koninklijke Philips N.V., PerkinElmer Inc, Cepheid.

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