Oncology Molecular Diagnostic Market: Global Industry Analysis and Forecast (2022-2029)

Oncology Molecular Diagnostic Market was valued at US$ 3.36 Bn in 2021, and it is expected to reach USD 9.37 Bn by 2029, exhibiting a CAGR of 13.68% during the forecast period 2022-2029.
Oncology Molecular Diagnostic Market Overview:
By studying cancer cells' biological chemicals, oncology molecular diagnostics can detect their presence. Several assays are used to detect and measure certain genetic sequences in DNA, RNA, and cell proteins in blood, saliva, and tumour tissue samples. Oncology molecular diagnostics aid in speedy analysis and provide specific information that is then used in cancer treatment that is tailored to the individual. These diagnostics technologies can be used in clinical and point-of-care (POC) tests to detect cancer early. They're also utilised in blood banks to detect infections and infectious illnesses in donated blood.To know about the Research Methodology :- Request Free Sample Report

The report explores the Global Laboratory developed test Market's segments (Product, Cancer Type, Technology, End User). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Global Oncology Molecular Diagnostic Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Global Oncology Molecular Diagnostic Market's contemporary competitive scenario.
Oncology Molecular Diagnostic Market Dynamics:
By studying cancer cells' biological chemicals, oncology molecular diagnostics can detect their presence. Several assays are used to detect and measure certain genetic sequences in DNA, RNA, and cell proteins in blood, saliva, and tumour tissue samples. Oncology molecular diagnostics aid in speedy analysis and provide specific information that is then used in cancer treatment that is tailored to the individual. These diagnostics technologies can be used in clinical and point-of-care (POC) tests to detect cancer early. They're also utilised in blood banks to detect infections and infectious illnesses in donated blood.

One of the primary factors driving the worldwide oncology molecular diagnostics market growth is the increased occurrence of cancer as a result of changing lifestyles, a growing elderly population, and an increasing trend of smoking. Aside from that, the market is growing due to rising need for speedy and accurate diagnosis, as well as developments in next generation sequencing (NGS) techniques. Furthermore, an increase in the number of people suffering from viral and bacterial illnesses, as well as increased participation in blood donation drives up demand for cancer molecular diagnostics around the world.

However, due to the unexpected breakout of the coronavirus illness (COVID-19), numerous healthcare institutions are taking steps to reduce the number of medical appointments in order to reduce the possibility of a pandemic affecting cancer patients. Furthermore, due to the repurposing of diagnostic resources for COVID-19 testing and the resulting reduction in oncology testing, regular cancer patient screening has decreased.

Drivers:

The rising prevalence of cancer around the world, technical developments in diagnostic testing, and increased demand for point-of-care testing are all contributing to the market's growth. As a result of these circumstances, demand for cancer molecular diagnostics is increasing.

The rising prevalence of cancer cases around the world is driving up demand for diagnosis, which is driving up the market for oncology molecular diagnostics. Cancer will kill around 10 million people in 2022, according to the World Health Organization (WHO). Furthermore, according to the American Cancer Society's 2021 statistics, the global burden of cancer is anticipated to rise to 27.5 million new cases and 16.3 million cancer deaths by 2040. With such high figures, it's clear that cancer's predicted increased prevalence is contributing to a greater need for early detection and preventive medicine. As a result of the aforementioned issues, the need for cancer molecular diagnostic tests continues to rise.

Molecular diagnostics is a combination of approaches for studying biological markers in the genome and proteome. This aids in the detection and tracking of diseases, as well as determining the best course of treatment for the patient.

One of the primary factors driving the worldwide oncology molecular diagnostics market growth is the increased occurrence of cancer as a result of changing lifestyles, a growing elderly population, and an increasing trend of smoking. Aside from that, the market is growing due to rising need for speedy and accurate diagnosis, as well as developments in next generation sequencing (NGS) techniques. Furthermore, an increase in the number of people suffering from viral and bacterial illnesses, as well as increased participation in blood donation drives up demand for cancer molecular diagnostics around the world.

In the oncology molecular diagnostics market, enhanced genomics technology is a prominent trend. Early identification of cancer and its mutation is aided by advances in cancer genome sequencing technologies, computer analysis, tumour models, and modern cancer research methodology innovation. For example, Roche Molecular Systems, Inc., a business based in the United States, created the Cobas EGFR Mutation Test for patients with non-small cell lung cancer. This test detects 42 mutations in the epidermal growth factor receptor (EGFR) gene, as well as cancer resistance mutations, in real time. The FDA approved the Cobas EGFR Mutation Test in June 2021.
The growing number of cancer cases around the world is expected to boost the market for oncology molecular diagnostics. According to the American Cancer Society, 1.7 million new cancer cases and 0.6 million cancer deaths occurred in the United States in 2019. Lung, prostate, bowel, and female breast cancer are the four most frequent cancers worldwide, accounting for 43 percent of all new cancer cases. As a result, the rising global cancer incidence rate is expected to raise demand for oncology molecular diagnostics in the coming years.

Restrain:

The high cost of molecular diagnostic tests is a major stumbling block to the market's growth in oncology molecular diagnostics. In cancer care, the cost of molecular diagnostic testing is comparably greater, and it varies depending on the type of therapy. For non-small cell lung cancer monotherapy, for example, the cost of a molecular diagnostic test ranges from around $11,000 to $20,000 a month, and these prices are expected to rise with combination therapy. As a result, the market for oncology molecular diagnostics is projected to be hampered by the high cost of molecular diagnostic tests.

Opportunities:

Growing demand for point-of-care oncology treatment, growing adoption of minimally invasive diagnostic procedures, growth in biomarker identification, and advancement in molecular techniques are some of the major and important factors that will likely encourage the growth of the oncology molecular diagnostic market in the forecast timeframe. On the other hand, the growing number of technical advancements, as well as rising levels of healthcare expenditure and the demand for effective diagnostics procedures, will all contribute to the expansion of the oncology molecular diagnostic market by creating numerous opportunities

Challenges:

The prevalence of a complex regulatory framework, as well as the high cost of molecular diagnostic tests, would likely serve as market barriers for the oncology molecular diagnostic market. Delays in product approval, as well as a scarcity of educated specialists, will be the market's biggest and most pressing obstacle.
Covid 19 Impact:
The COVID-19 pandemic has had a major influence on the market for oncology molecular diagnostics. According to a 2021 study of 164 laboratories conducted by the Association for Molecular Pathology (AMP), molecular testing for cancer dropped between April and June 2020, according to 85 percent of respondents. Furthermore, more than half of respondents stated that oncology testing for clinical trials has dropped as a result of lower enrolment, aversion to travel, and the ability to conduct testing. The survey results also suggest that the pandemic may have long-term implications for cancer molecular diagnostic testing. Furthermore, cancer research and development institutes and universities around the world have come to a halt. Furthermore, government financing for research from numerous institutions is on hold in several parts of the world.
Oncology Molecular Diagnostic Market Segment Analysis:
Based on Product:

Reagent segment is dominating the market with highest during the forecast period. because of the widespread use of reagents in cancer research and diagnostics. The market for instruments is predicted to increase significantly over the forecast period, owing to rising need for quick and precise diagnostics devices. Due to the relatively high price of these goods and expanding market penetration of instrument manufacturers in Asia-Pacific and Latin America with constantly building healthcare infrastructure, the segment is expected to grow.

Based on Cancer Type:

Breast Cancer segment is dominating the market with highest during the forecasting period. In terms of growth rate, the faster-growing segment with a promising future, such as colorectal cancer, is predicted to exceed the former. Following colorectal cancer, the markets for liver cancer and prostate cancer diagnostics are expected to develop significantly due to rising prevalence and increased awareness. The presence of extensive options for development of diagnostic applications at the molecular level in the fields of customised medicine for medication and new drug discovery distinguishes oncology-based molecular diagnostics.

Based on Technology:

Polymerase Chain reaction is dominating the market with highest during the forecasting period. The polymerase chain reaction (PCR) is currently the most popular method for investigating cancer. Greater sensitivity, quantification, convenience, precision, and repeatability, higher process quality, quick analysis, and lower risk of contamination are all contributing to the growing need for PCR in oncology molecular diagnostics. It's a sensitive and quick procedure that's great for detecting lymphoid cancers.

Based on End User:

Hospitals and clinics segment is dominating the market with highest during the forecasting period.
Oncology Molecular Diagnostic Market Regional Insights:
North American the market was valued highest market share xx% in 2021. North America has the greatest market share, in the global market. The highly developed healthcare system in the United States and Canada, the existence of many leading national clinical laboratories, easy access to technologically advanced instruments are all factors contributing to North America's market growth.

During the projection period, the Asia Pacific market is expected to grow at the quickest CAGR of 16 percent. The ageing populations and changes in lifestyle linked with economic development and epidemiologic transition in the Asia Pacific area can be ascribed to an increase in cancer incidence among the low- and middle-income population.

Due to their developing economies and huge unmet medical requirements, India, China, and Australia are considered to have enormous potential in this industry.

During the assessment period, China's demand for oncology molecular diagnostic devices is expected to grow at a CAGR of 9%. In addition, during the next ten years, sales of molecular diagnostic kits are predicted to skyrocket in Australia.

The objective of the report is to present a comprehensive analysis of the Oncology Molecular Diagnostic Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Oncology Molecular Diagnostic Market dynamic, structure by analyzing the market segments and projecting the Oncology Molecular Diagnostic Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Oncology Molecular Diagnostic Market make the report investor’s guide.
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Global Oncology Molecular Diagnostic Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 3.36 Bn.


Forecast Period 2022 to 2029 CAGR:
13.68%
Market Size in 2029:
US $ 9.37 Bn.


 Segments Covered:
by Product
• Instruments
• Reagents
• Others


by Cancer Type
• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Cervical Cancer
• Liver Cancer
• Lung Cancer
• Blood Cancer
• Others


by Technology
• Polymerase Chain Reaction (PCR)
• In Situ Hybridization
• Chips and Microarrays
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Mass Spectrometry
• DNA and NGS Sequencing
• Transcription Mediated Amplification (TMA)
• Others


by End-User
• Hospitals and Clinics
• Reference Laboratories
• Others



Oncology Molecular Diagnostic Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Oncology Molecular Diagnostic Market Key Players are:
• Abbott Laboratories
• Bayer Healthcare AG
• Beckman Coulter, Inc.
• Becton, Dickinson and Company
• Cepheid, Inc.
• Danaher Corporation
• Hologic, Inc.
• Leica Biosystems Inc.
• Qiagen NV
• Roche Diagnostics (Schweiz) AG
• Siemens Healthineers
• Sysmex Corporation
• F-Hoffmann La-Roche Ltd
• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• bioMerieux SA
• Veracyte, Inc
• Agilient Technologies, Inc. (Dako)
• TBG Diagnostics Limited
• HTG Molecular Diagnostics, Inc.

Frequently Asked Questions:

1] What segments are covered in the Oncology Molecular Diagnostic Market report?
Ans. The segments covered in the Global Oncology Molecular Diagnostic Market report are based on Product, Technology, Cancer Type, End User.

2] Which region is expected to hold the highest share in the Oncology Molecular Diagnostic Market?
Ans. North America region is expected to hold the highest share in the Global Oncology Molecular Diagnostic Market.

3] What is the market size of the Oncology Molecular Diagnostic Market by 2029?
Ans. The market size of the Global Oncology Molecular Diagnostic Market by 2029 is expected to reach US$ 9.37 Bn.

4] What is the forecast period for the Oncology Molecular Diagnostic Market?
Ans. The forecast period for the Global Oncology Molecular Diagnostic Market is 2022-2029.

5] What was the market size of the Oncology Molecular Diagnostic Market in 2021?
Ans. The market size of the Global Oncology Molecular Diagnostic Market in 2021 was valued at US$ 3.36 Bn.