July 01, 2015
Wellesley, Mass., Jul 1, 2015 – The next-generation sequencing (NGS) clinical market is poised for huge growth as it prepares to enter several key market segments, including the molecular diagnostics industry. BCC Research reveals in its new report that the market drivers of this vibrant industry include increased payor acceptance of NGS-based tests, lower test costs, and a growing need for better diagnostics as part of a molecular diagnostics trend.
The global market is forecast to grow at a compound annual growth rate (CAGR) of 31.3%, from $997.1 million in 2015 to nearly $3.9 billion by 2020.
Two key market segments are reproductive health and cancer. The market for reproductive health applications is $572.9 million in 2015 and growing at a CAGR of 24.8% to reach a forecast value of $1.7 billion by 2020. Reproductive health applications include noninvasive prenatal screening (NIPT), newborn screening and preimplantation screening tests. NGS has enjoyed recent success in these markets, particularly NIPT. For NIPT, NGS offers significant clinical benefits, including no risk of miscarriage, high accuracy and reliability, and use early in the pregnancy.
NGS-based diagnostics for cancer also present a major market opportunity. The market for NGS-based cancer applications is $206.3 million in 2015 and growing at a CAGR of 34.7% to reach a forecast value of $915.7 million by 2020. Among the growth drivers in the cancer market are multi-gene screening panels, liquid biopsy tests for cancer monitoring, targeted cancer panels for diagnosis and therapy guidance, and universal companion diagnostics.
“The launch of next-generation sequencing technologies radically changed the structure of the industry and opened up exciting new market applications. The costs of sequencing have rapidly reduced to the point where it is now feasible for complex NGS tests to be priced in the range of other multiplex genetic tests,” says BCC research analyst John Bergin. “As a result, opportunities emerged in clinical applications that are currently reaching fruition. The NGS clinical market is beginning to establish a foothold in the molecular diagnostic industry and holds great commercial promise. More than 85 clinical laboratories are now offering NGS-based testing services.
Next-Generation Sequencing: Emerging Clinical Applications and Global Markets (BIO126B) examines the sequencing industry structure for key market segments, discusses strategies of key players, and presents global market trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at email@example.com.
Next Generation Sequencing: Emerging Clinical Applications and Global Markets( BIO126B )
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email firstname.lastname@example.org or visit www.bccresearch.com/media to request access to our library of market research.