Summary

Oncology NGS (Next-Generation Sequencing) refers to the use of advanced sequencing technologies in cancer research, diagnosis, and treatment. NGS allows for the rapid and accurate analysis of genetic material (DNA or RNA), enabling a comprehensive understanding of the genetic mutations and alterations that drive cancer development and progression. The global oncology NGS market value in 2023 stood at US$510.76 million, and is projected to reach US$1166.70 million by 2029.

The global oncology NGS market is poised for significant growth, driven by several key factors. The increasing prevalence of cancer worldwide has heightened the demand for precise and personalized diagnostic and treatment solutions, which NGS enables through comprehensive tumor profiling and identification of actionable genetic mutations. Growing adoption of precision medicine and companion diagnostics, coupled with rising awareness among healthcare providers and patients, has further fueled market growth. Additionally, substantial investments in genomic research, government initiatives to promote cancer genomics, and the expansion of applications such as liquid biopsy and hereditary cancer screening have contributed to the market's robust expansion. Advancements in sequencing technologies, have also significantly reduced costs and improved the speed and accuracy of genetic analysis. The global oncology NGS market value is projected to grow at a CAGR of 14.76%, during the forecast period of 2024-2029.

Market Segmentation Analysis:

By Technology: According to the report, the global oncology NGS market is bifurcated into three segments based on the technology: targeted sequencing & resequencing, whole exome sequencing and whole genome sequencing. Targeted sequencing & resequencing segment acquired majority of share in the market in 2023 due to its cost-effectiveness, faster processing times, and ability to focus on specific cancer-related genes, making it ideal for clinical applications such as diagnostics and personalized treatment. Its widespread adoption in research and healthcare settings further solidified its dominance. While, whole genome sequencing segment is experiencing rapid growth in the global oncology NGS market due to its capability to provide a comprehensive view of the entire genetic landscape, enabling the discovery of novel mutations and biomarkers. Additionally, its utility in studying rare or undiagnosed cancers and enabling breakthroughs in personalized medicine has accelerated its adoption.

By Workflow: According to the report, the global oncology NGS market is bifurcated into three types of workflows: NGS sequencing, NGS Pre-sequencing and NGS data analysis. NGS sequencing segment acquired majority of share in the market in 2023 due to its central role in the overall workflow, as it encompasses the actual sequencing process, which is critical for generating high-quality genomic data. The increasing adoption of advanced sequencing platforms, coupled with rising demand for accurate and efficient cancer diagnostics and treatment monitoring, further boosted its market share. While, the NGS pre-sequencing segment is experiencing rapid growth in the global oncology NGS market due to the increasing need for high-quality sample preparation. Advances in library preparation, target enrichment techniques, and automation tools have streamlined the pre-sequencing process, improved efficiency and reducing errors. Additionally, the rising complexity of oncology samples, such as liquid biopsies and heterogeneous tumors, has heightened the demand for robust pre-sequencing solutions, driving its rapid adoption in both research and clinical settings.

By Application: According to the report, the global oncology NGS market is bifurcated into three applications: screening, companion diagnostics and other diagnostics. Screening segment acquired majority of share in the market in 2023 due to the growing emphasis on early cancer detection. NGS-based screening allows for the identification of genetic mutations and biomarkers that can indicate the presence of cancer at earlier stages, enabling more effective and personalized treatment options. Whereas, companion diagnostics segment has been experiencing rapid growth in the global oncology NGS market due to its critical role in personalized medicine. The growing focus on precision oncology and the increasing approval of targeted therapies by regulatory bodies have significantly fueled the demand for companion diagnostics in cancer care.

By End User: According to the report, the global oncology NGS market is bifurcated into two end users: laboratories, hospitals and clinics. Laboratories acquired majority of share in the market in 2023 due to their essential role in conducting high-throughput sequencing and genomic testing for cancer research and diagnostics. Laboratories are equipped with advanced sequencing platforms and specialized expertise to handle large volumes of samples, offering critical insights into genetic mutations and cancer progression. Whereas, clinics segment has been experiencing rapid growth in the global oncology NGS market due to the growing trend of integrating genomic testing into routine clinical practice, along with improved patient awareness and the need for precision medicine. With advancements in NGS technology, clinics are now able to offer more efficient and accurate genetic testing, enabling early cancer detection, targeted therapies, and continuous monitoring of treatment efficacy.

By Region: The report provides insight into the oncology NGS market based on the geographical operations, namely, North America, Europe, Asia Pacific, and rest of the world. The North America oncology NGS market enjoyed the highest market share in 2023 due to the region's strong healthcare infrastructure, advanced research capabilities, and high adoption of precision medicine. The presence of leading biotechnology and pharmaceutical companies, along with significant investments in cancer genomics and diagnostics, has accelerated the use of NGS technologies in cancer treatment and research. Additionally, the growing emphasis on early cancer detection, personalized therapies, and the increasing support from government initiatives further contributed to the dominance of North America in the oncology NGS market. While, Asia Pacific region has been experiencing fastest growth in the global oncology NGS market due to increasing healthcare investments, a rising prevalence of cancer, and the expanding adoption of advanced diagnostic technologies. Rapid advancements in genomics research, along with improving healthcare infrastructure and access to NGS platforms, have driven demand for personalized cancer treatments. Additionally, growing awareness about cancer prevention and early detection, along with government initiatives to support precision medicine, are fueling the expansion of the oncology NGS market in the region. India is expected to register the fastest growth in the Asia Pacific's oncology NGS market due to the increasing burden of cancer and the rising demand for advanced diagnostic technologies. With growing investments in healthcare infrastructure, rapid adoption of precision medicine, and government initiatives to improve cancer care, India is becoming a key player in the genomics field.

Global Oncology NGS Market Dynamics:

Growth Drivers: One of the most important factors driving the growth of global oncology NGS market is rising incidences of cancer. As the global cancer burden continues to increase, early and accurate detection of genetic mutations and biomarkers becomes crucial for improving patient outcomes. NGS technologies, with their ability to provide comprehensive genomic data, enable more precise diagnoses and targeted therapies, which are essential for managing cancer more effectively. This growing demand for personalized medicine, along with the need for innovative solutions to address the rising cancer cases, has significantly accelerated the adoption of NGS in oncology, driving market growth. Other factors driving the growth of global oncology NGS market include growing healthcare expenditure, government initiatives, cost reduction etc.

Challenges: One significant challenge faced by the global oncology NGS market is the complex data analysis required to interpret the vast amounts of genomic information generated by sequencing technologies. NGS produces high-dimensional data that necessitates advanced bioinformatics tools, specialized algorithms, and expert knowledge to accurately identify relevant mutations, biomarkers, and therapeutic targets. The complexity of analyzing and integrating this data into clinical practice can lead to delays, increased costs, and the need for skilled personnel, all of which present obstacles to the widespread adoption and effective use of NGS in oncology. Another challenge might include high cost associated, etc.

Trends: Liquid biopsy innovations are a significant market trend in the global oncology NGS market, driven by the growing demand for non-invasive cancer diagnostics and monitoring. Liquid biopsies involve analyzing blood samples to detect circulating tumor DNA (ctDNA), circulating tumor cells (CTCs), or other cancer-related biomarkers, offering a less invasive alternative to traditional tissue biopsies. This innovation enables early cancer detection, monitoring of treatment response, and detection of minimal residual disease or relapse, all without the need for complex surgical procedures. The increasing adoption of liquid biopsy technologies in clinical practice, coupled with advances in NGS platforms to analyze these samples, is propelling the growth of the oncology NGS market by offering more accessible, cost-effective, and real-time cancer diagnostics. The market is also projected to grow at a fast pace during the forecast period, due to various other latest trends such as integration with AI and Bioinformatics, increased focus on personalized medicine, rise of companion diagnostics, advancements in sequencing technologies, increased R&D investments, decentralization of NGS testing etc.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic had a significant impact on the global oncology NGS market, initially causing disruptions in cancer diagnostics and treatment due to the reallocation of healthcare resources to pandemic management and the delay of non-urgent medical procedures. Cancer screening and elective surgeries were postponed, leading to a backlog in diagnoses and treatment initiation. However, the pandemic also accelerated the adoption of telemedicine and non-invasive diagnostic tools, including liquid biopsies, which gained traction as alternatives to traditional methods. As healthcare systems recover, there is a renewed focus on addressing the backlog in cancer care and increasing investments in oncology genomics to support personalized medicine. The way forward includes leveraging digital health solutions, improving access to genomics-based testing, and fostering collaborations between healthcare providers and biotech companies to enhance early detection, treatment efficacy, and monitoring in oncology, ensuring a more resilient and efficient healthcare system.

Competitive Landscape and Recent Developments:

The global oncology NGS market is fragmented, characterized by the presence of numerous players, including established global companies, regional firms, and emerging startups. This fragmentation stems from the diverse nature of NGS applications, ranging from diagnostics to drug discovery, as well as the rapid technological advancements in sequencing technologies, bioinformatics, and data analysis tools. Key players of global oncology NGS market are:

Thermo Fisher Scientific Inc.
Agilent Technologies, Inc.
Qiagen
Illumina, Inc.
Roche Holdings AG
Revvity Inc.
Pacific Biosciences of California Inc.
Myriad Genetics Inc.
Oxford Nanopore Technologies
BGI Group (Beijing Genomics)
Caris Life Sciences

The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, In January 2023, Qiagen N.V. completed the acquisition of Verogen, Inc. in order to deploy next-generation biometrics for forensic and molecular testing and in April 2023, NGeneBio signed a business agreement with Agilent Technologies, Inc.’s Korea-based subsidiary, to expand the NGS precision diagnosis in South Korea and abroad.

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Table of Contents

1. Executive Summary

2. Introduction

2.1 Oncology NGS: An Overview
2.1.1 Definition of Oncology NGS
2.1.2 Benefits of Oncology NGS

2.2 Oncology NGS Segmentation: An Overview
2.2.1 Oncology NGS Segmentation

3. Global Market Analysis

3.1 Global Oncology NGS Market: An Analysis

3.1.1 Global Oncology NGS Market: An Overview
3.1.2 Global Oncology NGS Market by Value
3.1.3 Global Oncology NGS Market by Technology
3.1.4 Global Oncology NGS Market by Work Flow
3.1.5 Global Oncology NGS Market by Application
3.1.6 Global Oncology NGS Market by End User
3.1.7 Global Oncology NGS Market by Region

3.2 Global Oncology NGS Market: Technology Analysis

3.2.1 Global Oncology NGS Market by Technology: An Overview
3.2.2 Global Targeted Sequencing & Resequencing Oncology NGS Market by Value
3.2.3 Global Whole Exome Sequencing Oncology NGS Market by Value
3.2.4 Global Whole Genome Sequencing Oncology NGS Market by Value

3.3 Global Oncology NGS Market: Work Flow Analysis

3.3.1 Global Oncology NGS Market by Work Flow: An Overview
3.3.2 Global Oncology NGS Sequencing Market by Value
3.3.3 Global Oncology NGS Pre-sequencing Market by Value
3.3.4 Global Oncology NGS Data Analysis Market by Value

3.4 Global Oncology NGS Market: Application Analysis

3.4.1 Global Oncology NGS Market by Application: An Overview
3.4.2 Global Screening Oncology NGS Market by Value
3.4.3 Global Companion Diagnostics Oncology NGS Market by Value
3.4.4 Global Other Diagnostics Oncology NGS Market by Value

3.5 Global Oncology NGS Market: End User Analysis

3.5.1 Global Oncology NGS Market by End User: An Overview
3.5.2 Global Laboratories Oncology NGS Market by Value
3.5.3 Global Hospitals Oncology NGS Market by Value
3.5.4 Global Clinics Oncology NGS Market by Value

4. Regional Market Analysis

4.1 North America Oncology NGS Market: An Analysis

4.1.1 North America Oncology NGS Market: An Overview
4.1.2 North America Oncology NGS Market by Value
4.1.3 North America Oncology NGS Market by Region
4.1.4 The US Oncology NGS Market by Value
4.1.5 Canada Oncology NGS Market by Value
4.1.6 Mexico Oncology NGS Market by Value

4.2 Europe Oncology NGS Market: An Analysis

4.2.1 Europe Oncology NGS Market: An Overview
4.2.2 Europe Oncology NGS Market by Value
4.2.3 Europe Oncology NGS Market by Region
4.2.4 Germany Oncology NGS Market by Value
4.2.5 United Kingdom Oncology NGS Market by Value
4.2.6 France Oncology NGS Market by Value
4.2.7 Spain Oncology NGS Market by Value
4.2.8 Italy Oncology NGS Market by Value
4.2.9 Rest of Europe Oncology NGS Market by Value

4.3 Asia Pacific Oncology NGS Market: An Analysis

4.3.1 Asia Pacific Oncology NGS Market: An Overview
4.3.2 Asia Pacific Oncology NGS Market by Value
4.3.3 Asia Pacific Oncology NGS Market by Region
4.3.4 China Oncology NGS Market by Value
4.3.5 Japan Oncology NGS Market by Value
4.3.6 India Oncology NGS Market by Value
4.3.7 South Korea Oncology NGS Market by Value
4.3.8 Rest of Asia Pacific Oncology NGS Market by Value

4.4 Rest of the World Oncology NGS Market: An Analysis

4.4.1 Rest of the World Oncology NGS Market: An Overview
4.4.2 Rest of the World Oncology NGS Market by Value

5. Impact of COVID-19

5.1 Impact of COVID-19 on Global Oncology NGS Market
5.2 Post COVID-19 Impact on Global Oncology NGS Market

6. Market Dynamics

6.1 Growth Drivers
6.1.1 Rising Cancer Incidence
6.1.2 Growing Healthcare Expenditure
6.1.3 Government Initiatives
6.1.4 Cost Reduction

6.2 Challenges
6.2.1 Complex Data Analysis and Interpretation
6.2.2 Ethical and Privacy Concerns

6.3 Market Trends
6.3.1 Integration with AI and Bioinformatics
6.3.2 Liquid Biopsies Innovations
6.3.3 Increased Focus on Personalized Medicine
6.3.4 Rise of Companion Diagnostics
6.3.5 Advancements in Sequencing Technologies
6.3.6 Increased R&D Investments
6.3.7 Decentralization of NGS Testing

7. Competitive Landscape

7.1 Global Newborn Screening Market: Competitive Landscape
7.2 Global Newborn Screening Market: Recent Developments

8. Company Profiles

8.1 Thermo Fisher Scientific Inc.
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy

8.2 Agilent Technologies, Inc.
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 Qiagen
8.3.1 Business Overview
8.3.2 Sales by Product Group
8.3.3 Business Strategy

8.4 Illumina, Inc.
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy

8.5 Roche Holdings AG
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy

8.6 Revvity, Inc.
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy

8.7 Pacific Biosciences of California, Inc.
8.7.1 Business Overview
8.7.2 Revenue by Geography
8.7.3 Business Strategy

8.8 Myriad Genetics, Inc.
8.8.1 Business Overview
8.8.2 Business Strategy

8.9 Oxford Nanopore Technologies
8.9.1 Business Overview
8.9.2 Business Strategy

8.10 BGI Group (Beijing Genomics)
8.10.1 Business Overview
8.10.2 Business Strategy

8.11 Caris Life Sciences
8.11.1 Business Overview
8.11.2 Business Strategy

List of Figures

Figure 1: Benefits of Oncology NGS
Figure 2: Oncology NGS Segmentation
Figure 3: Global Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 4: Global Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 5: Global Oncology NGS Market by Technology; 2023 (Percentage, %)
Figure 6: Global Oncology NGS Market by Work Flow; 2023 (Percentage, %)
Figure 7: Global Oncology NGS Market by Application; 2023 (Percentage, %)
Figure 8: Global Oncology NGS Market by End User; 2023 (Percentage, %)
Figure 9: Global Oncology NGS Market by Region; 2023 (Percentage, %)
Figure 10: Global Targeted Sequencing & Resequencing Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 11: Global Targeted Sequencing & Resequencing Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 12: Global Whole Exome Sequencing Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 13: Global Whole Exome Sequencing Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 14: Global Whole Genome Sequencing Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 15: Global Whole Genome Sequencing Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 16: Global Oncology NGS Sequencing Market by Value; 2019-2023 (US$ Million)
Figure 17: Global Oncology NGS Sequencing Market by Value; 2024-2029 (US$ Million)
Figure 18: Global Oncology NGS Pre-sequencing Market by Value; 2019-2023 (US$ Million)
Figure 19: Global Oncology NGS Pre-sequencing Market by Value; 2024-2029 (US$ Million)
Figure 20: Global Oncology NGS Data Analysis Market by Value; 2019-2023 (US$ Million)
Figure 21: Global Oncology NGS Data Analysis Market by Value; 2024-2029 (US$ Million)
Figure 22: Global Screening Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 23: Global Screening Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 24: Global Companion Diagnostics Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 25: Global Companion Diagnostics Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 26: Global Other Diagnostics Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 27: Global Other Diagnostics Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 28: Global Laboratories Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 29: Global Laboratories Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 30: Global Hospitals Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 31: Global Hospitals Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 32: Global Clinics Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 33: Global Clinics Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 34: North America Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 35: North America Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 36: North America Oncology NGS Market by Region; 2023 (Percentage, %)
Figure 37: The US Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 38: The US Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 39: Canada Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 40: Canada Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 41: Mexico Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 42: Mexico Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 43: Europe Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 44: Europe Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 45: Europe Oncology NGS Market by Region; 2023 (Percentage, %)
Figure 46: Germany Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 47: Germany Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 48: United Kingdom Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 49: United Kingdom Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 50: France Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 51: France Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 52: Spain Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 53: Spain Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 54: Italy Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 55: Italy Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 56: Rest of Europe Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 57: Rest of Europe Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 58: Asia Pacific Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 59: Asia Pacific Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 60: Asia Pacific Oncology NGS Market by Region; 2023 (Percentage, %)
Figure 61: China Oncology NGS Market by Value, 2019-2023 (US$ Million)
Figure 62: China Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 63: Japan Oncology NGS Market by Value, 2019-2023 (US$ Million)
Figure 64: Japan Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 65: India Oncology NGS Market by Value, 2019-2023 (US$ Million)
Figure 66: India Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 67: South Korea Oncology NGS Market by Value, 2019-2023 (US$ Million)
Figure 68: South Korea Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 69: Rest of Asia Pacific Oncology NGS Market by Value, 2019-2023 (US$ Million)
Figure 70: Rest of Asia Pacific Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 71: Rest of the World Oncology NGS Market by Value; 2019-2023 (US$ Million)
Figure 72: Rest of the World Oncology NGS Market by Value; 2024-2029 (US$ Million)
Figure 73: Global Estimated Number of New Cases; 2022 to 2050, Males and Females (Million)
Figure 74: The US Health Consumption Expenditure as a Percentage of GDP; 2016-2022 (Percentage, %)
Figure 75: Global Artificial Intelligence (AI) in Healthcare Market; 2021-2030 (US$ Billion)
Figure 76: Thermo Fisher Scientific Inc. Revenues by Segments; 2023 (Percentage, %)
Figure 77: Agilent Technologies, Inc. Revenue by Segments; 2023 (Percentage, %)
Figure 78: Qiagen Net Sales by Product Group; 2023 (Percentage, %)
Figure 79: Illumina Revenue by Segments; 2023 (Percentage, %)
Figure 80: Roche Holdings AG Sales by Operating Segment; 2023 (Percentage, %)
Figure 81: Revvity, Inc. Revenue by Segments; 2023 (Percentage, %)
Figure 82: Pacific Biosciences of California, Inc. Revenue by Geography; 2023 (Percentage, %)