Next Generation Cancer Diagnostics Market Analysis, Size, Share and Growth

Global next generation cancer diagnostics market is anticipated to reach USD 20.25 billion by 2022 growing at an estimated CAGR of 32.0% from 2015 to 2022, according to a new report by Grand View Research Incorporated. Rising incidence of oncology diseases is anticipated to drive the demand for next generation cancer diagnostic tests that are expected to enhance early diagnosis and efficient prognosis of various forms of cancers is a factor expected to positively influence sector growth over the forecast period.

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Cancer diagnostics industry is estimated to witness lucrative growth over the forecast period majorly due to rising number of technologically advanced products in the field of companion diagnostics, providing more precise testing results combined with therapeutic monitoring early diagnosis of cancer. Moreover, there is a significant shift observed from traditional laboratory testing to rapid point of care testing, which fuels growth in the market owing to expected commercialization of technologically advanced range of products including diagnostic kits, instruments, and reagents.

Furthermore, supportive government initiatives in order to increase the number of research projects with respect to oncology and preventative diagnosis is expected to be attributive for growth in this sector overthe coming years. Additionally, application of tumor diagnostics in epigenetic analysis and CTC enumeration for monitoring tumorigenesis is expected to support projected growth over the forecast period.

Further key findings from the report suggest:

RT-PCR & multiplexing accounted for the largest share of the market in 2014 with respect to technologies because of the presence of a wide product portfolio that caters to a number of applications in oncology R&D.

Next generation sequencing solutions for use in cancer diagnostics are expected to witness...