U.S. Clinical Oncology Next Generation Sequencing Market Size, Forecast 2033
Laxman Dige
Brand Builder at Precedence Research | Towards Healthcare | Towards Packaging | Nova One Advisor
According to Nova One Advisor, the U.S. Clinical Oncology Next Generation Sequencing market size was valued at USD 500.45 million in 2023 and is poised to grow from USD 577.02 Million in 2024 to USD 2,078.04 million by 2033, at a CAGR of 15.3% during the forecast period (2024-2033).The market is expected to increase at a significant rate during the forecast period from 2023 to 2033 owing to the increasing competition among the industry players, technological advances in the field and decreasing costs for genetic sequencing.
The increasing market competition and the launch of innovative solutions based on next generation sequencing in the oncology field are expected to fuel market growth over the forecast period. For instance, in February 2023, Exact Sciences Corp., a cancer screening and diagnostic testing company, introduced the therapy selection test -OncoExTra in the U.S. It is a next-generation sequencing-based genomic test to help in cancer care. It helps in understanding and characterizing cancer tumors. Moreover, to gain a competitive edge in the industry, companies are collaborating and focusing on advancing in the next generation sequencing. For instance, in January 2020, the two key players operating in the market, Illumina, Inc and F. Hoffmann-La Roche Ltd, signed a 15-year agreement to discover NGS's potential to transform cancer detection, diagnosis, risk prediction, treatment, and monitoring.
Moreover, various articles and studies are being published on the use of NGS in oncology and cancer treatments. For instance, in June 2023, the Lancet published an article on real-world outcomes and the usefulness of NGS testing in cancer patients. Furthermore, in June 2023, the American Society Of Clinical Oncology published a study on the clinical impact of NGS tests for managing advanced cancer in the U.S. Such studies help researchers and clinicians increase awareness and knowledge about the use of NGS for cancer treatments.
Furthermore, the growth of the clinical oncology next-generation sequencing market during the forecast period is expected to witness growth due to reduced sequencing costs. The costs of NGS can be reduced by increasing parallel sequencing and running multiple flow cells to increase sequencing capacity without raising the costs associated with it. These factors are anticipated to boost the market demand over the forecast period in the U.S.
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U.S. Clinical Oncology Next Generation Sequencing Market Key Takeaways:
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By Technology Insights
Based on the technology, the U.S. clinical oncology next generation sequencing market is segmented into targeted sequencing & resequencing,?whole genome sequencing, and whole exome sequencing. The targeted sequencing & resequencing segment accounted for the largest revenue share of 72.9% in 2023. The increased utility of targeted panels to detect malignant tumors and the advantages associated with this technology, such as reduced cost, time, and amount of data analyzed during the sequencing, can be attributed to the segment's dominance.
Whole-Genome Sequencing (WGS) is expected to grow at the fastest CAGR over the forecast period in the technology segment. The growth of the segment can be attributed to various factors, such as it can be used to get a base pair resolution of an entire genome in a single run and its utility to differentiate and compare tumor tissues from normal tissues. Moreover, whole genome sequencing of cancer patients provides a complete view of the genomic alterations and unique mutations in cancer tissue. These benefits associated with WGS are anticipated to propel the segment growth over the forecast period.
By Workflow Insights
The market is segmented based on workflow into NGS sequencing, NGS pre-sequencing, and NGS data analysis. The NGS sequencing held an enormous share of 55.6% in 2023 in the workflow segment, and it is anticipated to expand at the highest CAGR from 2024 to 2033. The dominance of the segment is due to the rising focus of industry players on NGS technology for oncology treatments, and NGS sequencing is an important step in the complete workflow.
NGS data analysis is anticipated to increase at a significant rate. The rising research and development activities to develop innovative solutions coupled with the increasing prevalence of cancer are expected to boost segment growth over the forecast period. In addition, the technological advancements and increasing efforts by industry participants to introduce novel platforms further propel the market growth. For instance, in March 2023, Illumina Inc., a provider of DNA sequencing technologies, introduced the cloud-based software Connected Insights for the tertiary analysis of clinical NGS. data
By Application Insights
Screening accounted for an enormous revenue share of over 80.6% in 2023. The increasing use of NGS in cancer screening worldwide can be attributed to the largest share of the screening segment. Next-generation sequencing provides benefits in sensitivity, accuracy, and speed to notably influence the oncology field. Moreover, it does not require numerous tests to recognize the causative mutation, as NGS can evaluate myriad genes in a single assay. These advantages associated with the NGS are anticipated to support the segment growth over the forecast period.
The companion diagnostics segment is expected to register the highest CAGR of 20.1% over the forecast period. Constant partnerships & collaborations, and product developments, among the major players, are expected to boost the adoption of next-generation sequencing for companion diagnostics. In addition, the regulatory authorities are also supporting product launches in this segment. For instance, in August 2023, the Food and Drug Administration approved a next-generation sequencing-based companion diagnostic test from Thermo Fisher Scientific to help patients suffering from lung cancer.
By End-use Insights
The laboratories segment held the largest market share, with a revenue share of over 65.4% in 2023. In the U.S., various governing authorities regulate clinical laboratories. The organizations such as the College of American Pathologists (CAP) and the American College of Medical Genetics and Genomics (ACMG) have designed the guidelines for clinical laboratories. Moreover, the U.S. FDA regulates the NGS-based clinical diagnostics test. Such guidelines and recommendations help increase the use of NGS technologies in laboratories.
As an end-use, clinics are expected to witness the highest CAGR over the forecast period due to the increasing prevalence of cancer nationwide and rising research and development activities. Next-generation sequencing has transformed from research to clinical use. Moreover, the increasing number of clinics using NGS for cancer treatment is anticipated to propel the segment growth. For instance, In December 2023, Mayo Clinic Laboratories introduced MayoComplete? oncology next-generation sequencing (NGS) panels for comprehensive care.
Some of the prominent players in the U.S. clinical oncology next generation sequencing market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. clinical oncology next generation sequencing market
Technology
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Workflow
Application
End-use
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