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 size was valued at USD 592.56 million in 2019 and is poised to grow from USD 682.04 million in 2023 to USD 2100.92 million by 2031, growing at a CAGR of 15.15% in the forecast period (2024-2031).

The competitive landscape for the clinical oncology next-generation sequencing market gives information by competitor. Several small- and mid-sized businesses that have made significant efforts to increase their market presence may be found in the market. Also, the business and Myriad Genetics, Inc. struck a contract for the development and marketing of my Choice tumour testing in China. 'Illumina, Inc.', 'Thermo Fisher Scientific, Inc.', 'F. Hoffmann-La Roche AG', 'Qiagen N.V.', 'Agilent Technologies, Inc.', 'BGI Genomics Co., Ltd.', 'PerkinElmer, Inc.', 'Oxford Nanopore Technologies, Inc.', 'Pacific Biosciences of California, Inc.', 'Eurofins Scientific SE', 'Foundation Medicine, Inc. (Roche)', 'Myriad Genetics, Inc.', 'Guardant Health, Inc.', 'Natera, Inc.', 'Genomic Health, Inc. (Exact Sciences)', 'Invitae Corporation', 'Illumina, Inc. (Grail)', 'ArcherDX, Inc. (Invitae)', 'Menarini Silicon Biosystems', 'Biocartis Group NV'

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 market for clinical oncology next generation sequencing.

It is anticipated that increasing the use of NGS for liquid biopsy would help the industry generate revenue. Using this method, circulating tumour DNA can be sequenced for liquid biopsy sample analysis. As a result, tumours can be effectively profiled, allowing for non-invasive, real-time cancer surveillance. The most cutting-edge technology, NGS, has quickly developed to the point where many genomes can be sequenced at once in a single device. The use of NGS technology, particularly in the field of cancer given the genetics of the disease, is anticipated to have a beneficial effect on market growth. Also, the NGS has advanced to the point that numerous laboratories are considering using it for routine diagnostic purposes. Some of the reasons why NGS technology is being used more frequently for research are its speed, sensitivity, and lower cost per sample.

With a share of more than 49%, North America dominated the clinical oncology NGS market. This surge is attributable to significant regulatory body efforts to raise cancer screening diagnosis rates in the United States. For instance, the U.S. National Cancer Institute's (NCI) The Cancer Genome Atlas study has sequenced more than 20,000 primary cancer samples from 33 distinct cancer types using next-generation technology. This surge can be attributed to the significant efforts conducted by regulatory agencies in the United States to raise the number of cancer screening diagnoses. For instance, the Cancer Genome Atlas programme, which was established by the National Cancer Institute (NCI) of the United States, has completed next-generation sequencing on more than 20,000 original cancer samples from 33 distinct forms of cancer. The increased acceptance of sequencing platforms for clinical diagnosis as a result of the significantly decreased cost of installation is what propels the U.S. clinical oncology next-generation sequencing market. Furthermore, this market is positioned to provide potentially lucrative growth prospects in the upcoming years due to the simple availability of genomic and proteomic data. The convenience with which genomic and proteomic data may be obtained has positioned this sector to be in a position to offer potentially high-value prospects for expansion in the years to come.