Global Oncology Based Molecular Diagnostics Market Size Study & Forecast, by Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, Lung Cancer, Blood Cancer, Others), by Product (Instruments, Reagents, Others), by Technol

Global Oncology Based Molecular Diagnostics Market Size Study & Forecast, by Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, Lung Cancer, Blood Cancer, Others), by Product (Instruments, Reagents, Others), by Technology (PCR, In situ hybridization, INAAT, Chips and microarrays, Mass spectrometry, Sequencing, TMA, Others), and Regional Analysis, 2023-2030

Global Oncology Based Molecular Diagnostics Market is valued at approximately USD 2.44 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.1% over the forecast period 2023-2030. Oncology-centric molecular diagnostics is a specialized field of medical diagnostics dedicated to pinpointing and scrutinizing precise molecular and genetic alterations linked to cancer. This diagnostic discipline entails the scrutiny of DNA, RNA, proteins, and other molecular components, aiming to comprehend the molecular intricacies that drive the evolution, advancement, and reaction to treatment in cancer. Integral to the realm of personalized medicine, oncology-based molecular diagnostics customizes treatment approaches by leveraging insights derived from the distinct molecular attributes of an individual's cancer. The increasing operational costs and regulatory requirements, coupled with reimbursement scenarios for key countries are the key factors that are contributing to the market growth on the global scale.

Additionally, the surge in the prevalence of cancer worldwide is a key factor that is fueling the demand for oncology-based molecular diagnostics, which is leveraging the market growth prospects. According to the World Health Organization, in 2020, it was estimated that nearly 19.3 million new cases of cancer were recorded globally, which is projected to rise and is likely to reach 30.2 million new cases by 2040. These substantial figures underscore the escalating prevalence of cancer, emphasizing the growing imperative for early detection and preventive healthcare. Consequently, soaring demand for oncology molecular diagnostic tests is propelling the growth of the Oncology Based Molecular Diagnostics Market over the estimated period. Moreover, the surge in adoption of new software solutions, as well as increasing demand for point-of-care treatment present various lucrative opportunities over the forecast years. However, the high cost of molecular diagnostic tests, along with a lack of skilled workforce and stringent regulatory framework are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Oncology Based Molecular Diagnostics Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rapid adoption of advanced diagnostic techniques, coupled with the prevalence of sedentary lifestyles and favorable health reimbursement, which has contributed to the growth of the Oncology Molecular Diagnostics Market. According to a 2020 report from the American Cancer Society, various professional associations, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), and the College of American Pathologists (CAP), have formulated guidelines for biomarker testing and treatment. Furthermore, the escalating incidence of cancer in the country contributes significantly to the growth of the Oncology Molecular Diagnostics Market in the region. The 2020 statistics from the National Cancer Institute (NCI) reveal that approximately 1,806,590 cancer cases were diagnosed in the United States in 2020, and it is anticipated that the number of cancer survivors is expected to reach 2.2 million by 2030. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The rising technological advancements in diagnostic testing, increasing cases of cancer, and increasing demand for point-of-care treatment are significantly propelling the market demand across the region.

Major market players included in this report are:
Abbott
Bayer AG
Becton, Dickinson and Company
Cepheid
Agilent Technologies, Inc.
Danaher Corporation
Hologic, Inc.
Qiagen
F. Hoffmann-La Roche Ltd.
Siemens

Recent Developments in the Market:
 In December 2021, QIAGEN entered a collaboration with Denovo Biopharma to develop a companion diagnostic test for the management of diffuse large B-cell lymphoma. This diagnostic test aims to identify individuals carrying the Denovo Genomic Marker 1 (DGM1), which corresponds to the company's cancer treatment, DB102 drug.
 In December 2020, Veracyte Inc. and Bayer AG partnered to enhance the Precision Oncology Patient Identification Program, specifically in the realm of thyroid cancer. This collaboration aims to facilitate testing using Veracyte's Afirma Xpression Atlas (XA), designed to pinpoint the genomic drivers within tumor cells. The focus may be on individuals with advanced thyroid cancer, to identify biomarker-driven therapies for their benefit.

Global Oncology Based Molecular Diagnostics Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Type, Product, Technology, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Breast Cancer
Prostate Cancer
Colorectal Cancer
Cervical Cancer
Liver Cancer
Lung Cancer
Blood Cancer
Kidney Cancer
Others

By Product:
Instruments
Reagents
Others

By Technology:
PCR
In situ hybridization
INAAT
Chips and microarrays
Mass spectrometry
Sequencing
TMA
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa


Companies Mentioned
Abbott
Bayer AG
Becton, Dickinson and Company
Cepheid
Agilent Technologies, Inc.
Danaher Corporation
Hologic, Inc.
Qiagen
F. Hoffmann-La Roche Ltd.
Siemens

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