Clinical Oncology Next Generation Sequencing Market Size, Share, Growth Analysis, By Technology(Whole Genome Sequencing, Whole Exome Sequencing, Targeted Sequencing, & Resequencing Centrifuges), By Workflow(Pre-Sequencing, Sequencing, and Data AnalysisSegmentApplicationSub-segmentScreening (Sporadic Cancer, Inherited Cancer) Companion Diagnostic), By Region - Industry Forecast 2024-2031

Clinical Oncology Next Generation Sequencing Market Drivers

Development in Research Programs to Bolster Demand during Forecast Period

• Technological Advancements and Research Expenditures Are Both on The Rise as the need for technology that can do next-generation sequencing is rising in tandem with the popularity of personalized medicine and diagnostic companion tests. It is anticipated that expanding the usefulness of NGS for liquid biopsy would also assist in the generation of income for the sector. This technique is utilized for the sequencing of circulating tumor DNA during the investigation of liquid biopsy sample material. Accurate cancer profiling paves the way for surveillance of cancer in real time that does not involve any kind of invasion. An increase in financing for oncology research is another factor that is driving growth in the global market for clinical oncology next generation sequencing.

• An Increase in Cancer Cases Over the World, it is anticipated that the rise in the number of cancer cases around the globe will be a primary factor in the expansion of the clinical oncology market for next-generation sequencing over the time of forecasting. Lung, prostate, bowel, and breast cancer in women make up 43 percent of all newly diagnosed instances of cancer worldwide. These four forms of cancer account for the majority of new diagnoses. As a result, it is projected that the rise in the cancer incidence rate across the globe will stimulate an increase in the demand for the clinical oncology market for next-generation sequencing. In addition, Asia is home to the vast majority of cancer cases, while Europe accounts for approximately one quarter of all cases. As a result, the growing burden of cancer and the importance of detecting it early in order to effectively treat it are driving the expansion of the market.

Clinical Oncology Next Generation Sequencing Market Restraints

High Cost to Hinder Market Growth

• The Clinical Oncology Next Generation Sequencing Process Is Associated with High Expenses as the patients all across the world are up against a significant challenge in the form of the prohibitively high prices connected with clinical oncology next generation sequencing. There is a lot of pressure to keep prices down and show that the money was worth it. The viability of public health care funding is being called into question in a number of countries as a result of the continued presence of political unpredictability and economic strain. The absence of cancer treatments that are both effective and affordable has had a negative impact on the overall health of the population in nations with low per capita incomes, which in turn has contributed to a decrease in the average lifespan. Consumables, which are the most expensive components in the sequencing process, contribute to the high cost of genome sequencing. Additionally, the cost of equipment used to treat rare cancer diseases is higher than that used to treat normal cancer diseases, which hinders the expansion of the market.