A Look at the Billion Dollar Clinical Oncology NGS Market–Part I: Growth Driven by Regional Expansion & Targeted Technologies

According to Research and Markets, the global clinical oncology next-generation sequencing (NGS) market, valued at nearly half a billion USD in 2023, is set to grow significantly, reaching USD 2.14 billion by 2034, with a strong CAGR of 15.73% from 2024 to 2034. The push for precision medicine, which tailors treatments to individual genetic profiles and improves patient outcomes, is driving this growth. Technological advancements and cost reductions are making NGS more accessible, while comprehensive genomic profiling (CGP) plays a crucial role in identifying genetic mutations that can guide targeted therapies. Additionally, supportive regulatory frameworks and reimbursement policies are helping to ease adoption, allowing healthcare providers to implement these advanced tools in cancer diagnosis and treatment more widely.

Precision Medicine and Regional Growth Facilitate Expansion of NGS in Clinical Oncology

The shift toward precision medicine, which tailors treatments to a patient’s unique genetic makeup, is driving growth in the clinical oncology NGS market. By identifying actionable mutations, NGS helps oncologists prescribe more effective and less harmful treatments, which is fueling the rising demand for NGS in oncology worldwide.

Top companies, cutting-edge healthcare systems, and strong regulatory support are positioning North America to capture the largest revenue share in the coming years. The region’s growing focus on precision medicine is fueling demand for NGS diagnostics and treatments. Industry leaders like Illumina are at the forefront, launching the TruSight Oncology Comprehensive Panel (v2) in 2024 to improve detection of cancer mutations. Thermo Fisher Scientific is also advancing, with the release of its NGS Analysis and Test Software CE-IVD in August 2022, offering rapid genetic insights to clinicians. North America’s robust healthcare infrastructure, exemplified by Canada’s McGill University Health Centre integrating NGS into clinical trials for breast, colorectal, and ovarian cancers by 2025, further accelerates growth. The region’s favorable regulatory environment, highlighted by the U.S. FDA’s approval of Caris’ MI Cancer Seek in November 2024, ensures North America remains a leader in precision oncology innovations.

Advancements in NGS Adoption and Precision Oncology in Asia Pacific Through Government Initiatives

Meanwhile, improvements in healthcare infrastructure, a rising cancer burden, and growing awareness of personalized medicine are driving rapid growth in the Asia Pacific region. Government initiatives promoting genomic research and precision oncology are also contributing to the rapid adoption of NGS in the region. 

For example, Singapore’s National Precision Medicine Program, leveraging Illumina’s NovaSeq platforms, aims to sequence 100,000 genomes by 2026, improving cancer diagnostics. In India, the Tata Memorial Centre uses Natera’s Signatera test to detect minimal residual disease (MRD) in colorectal cancer, addressing a projected 1.7 million annual cancer cases by 2035. Japan’s Genomic Medicine Program, supported by Qiagen’s NGS panels, enhances personalized treatment for non-small cell lung cancer, while China’s $9.2 billion Precision Medicine Initiative, backed by BGI’s DNBSEQ technology, targets 100 million genomes by 2030 to advance gastric cancer care. Another example being Qiagen’s collaboration with Natera in 2022 resulted in the development of a new NGS test for detecting MRD in colorectal cancer, highlighting the growing focus on advanced diagnostic tools. These efforts are positioning Asia Pacific as a leader in precision oncology and NGS adoption.

Targeted and Whole-Genome Sequencing Technologies Drive Market Growth in Clinical Oncology

According to the report, in 2023, the targeted sequencing and resequencing segment led the global clinical oncology NGS market in revenue, driven by the growing demand for precise and cost-effective analysis of specific genomic regions involved in cancer development and treatment responses. This technology helps healthcare providers identify targeted therapeutic insights, which has boosted its adoption. A prime example of this innovation is Illumina’s launch of the NovaSeq X Series in April 2023, a NGS platform designed to enhance accuracy and throughput.

Meanwhile, analysts expect the whole-genome sequencing (WGS) segment to grow significantly during the forecast period. WGS is gaining attention for its ability to uncover novel biomarkers, genetic variations, and therapeutic targets across the entire genome. This broad application is encouraging its adoption in both research and clinical settings, as it offers a comprehensive approach to understanding cancer biology and supporting personalized treatment strategies.

Big Players Offering advanced Sequencing Technologies and Services

Prominent players in the whole-genome sequencing (WGS) market include Illumina, Thermo Fisher Scientific, Pacific Biosciences (PacBio), BGI Group, QIAGEN, and Agilent Technologies. These companies offer advanced sequencing technologies and services, enabling comprehensive genomic analysis for research and clinical applications.

Illumina has built its reputation in the field by providing high-throughput sequencing platforms widely used in both research and clinical settings. Thermo Fisher provides WGS solutions through its Ion Torrent technology, focusing on speed and scalability. PacBio specializes in long-read sequencing, offering detailed insights into complex genomes, especially useful in cancer genomics. BGI offers a range of sequencing services, including WGS, aimed at advancing precision medicine and genetic research. QIAGEN provides solutions for genomic research and diagnostics, including WGS platforms for detecting genetic variations. Agilent offers sequencing tools that cater to genomic research, focusing on accuracy and sensitivity.

The need for rapid genomic insights in clinical environments is driving the increasing demand for point-of-care NGS testing in oncology. Companies like Tempus and Biocept have developed technologies that aim to provide real-time genomic data for treatment decisions. Tempus offers a range of NGS-based tests, including Tempus xT for solid tumors and Tempus xF for liquid biopsies, enabling clinicians to access genomic information quickly. Similarly, Biocept provides the Target Selector platform, which focuses on liquid biopsy testing to detect specific mutations from blood samples. These technologies help clinicians make timely treatment decisions and monitor treatment responses more effectively in oncology care.

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Author

Bernice Lottering