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The Clinical Oncology Next Generation Sequencing Market Declined In 2020 Due To COVID-19

The Clinical Oncology Next Generation Sequencing Market Declined In 2020 Due To COVID-19
"Global Clinical Oncology Next Generation Sequencing Market, Forecast Market Size, 2019 - 2023, $ Billion"
The Business Research Company’s Global Clinical Oncology Next Generation Sequencing Market 2020 With COVID-19 Impact Analysis; Segments: 1) By Technology: Ion Semiconductor Sequencing, Pyro-Sequencing, Synthesis Sequencing, Real Time Sequencing, Ligation Sequencing, Reversible Dye Termination Sequencing, Nano-Pore Sequencing 2) By Application: Screening, Companion Diagnostics, Other Diagnostics 3) By End User: Hospital Laboratories, Clinical Research Organizations, Diagnostic laboratories

The global clinical oncology next generation sequencing market is expected to decline from $447.28 billion in 2019 to $437.55 billion in 2020 at a compound annual growth rate (CAGR) of -2.18%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The clinical oncology next generation sequencing market is then expected to recover and reach $660.87 billion in 2023 at a CAGR of 14.74%.

The clinical oncology next generation sequencing market consists of sales of devices and equipment used in clinical oncology next generation sequencing and related services by entities (organizations, sole traders and partnerships) that manufacture clinical oncology next generation sequencing equipment. Next generation sequencing is a process used to determine the sequence of nucleotides in a section of DNA and is used for oncology research.

According to clinical oncology research report, the rise in the number of cancer cases across the globe is likely to contribute to the growth of the clinical oncology next generation sequencing market during the forecast period. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for clinical oncology next generation sequencing.

High costs associated with clinical oncology next generation sequencing is a major issue faced by patients across the globe. In low-income countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy. According to an article published in July 2019 by Genetics in Medicine, genome sequencing costs per cancer case is around £6,841, and costs per rare disease are around £7,050; this cost is due to consumables that are the most expensive components in the sequencing process, and the equipment cost for rare cancer disease is higher when compared with normal cancer equipment. This factor is restraining the growth of the clinical oncology next generation sequencing market.

Companies in the clinical oncology next generation sequencing are increasingly investing in automation of workflow to increase precision and reduce the sample to sample variability. For instance, Agilent automation solutions have developed an automation system that allows increasing the number of reactions that can perform in parallel, reducing the amount of sample processing time, and increasing the number of samples which can be processed while reducing the variability amount from sample to sample. Companies such as Sophia Genetics are also investing in data-driven medicine that looks into automating DNA sequencing to better diagnose and treat patients.

Here Is A List Of Similar Reports By The Business Research Company:

Next Generation Sequencing Global Market Report 2020-30: COVID 19 Growth And Change

Oncology Drugs Global Market Report 2020-30: Covid 19 Impact And Recovery

Sequencing Market: Covid 19 Implications And Growth - By Type (Next Generation Sequencing, Third Generation Sequencing And Sanger Sequencing), By Products (Consumables, Software, Sequencing Services And Instruments), And By Region, Opportunities And Strategies – Global Forecast To 2035

Genomics Market Global Report 2020

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