Oncology Based Molecular Diagnostics Market Size, Share & Trends Analysis Report By Type (Breast Cancer, Lung Cancer), By Product (Instruments, Reagents), By Technology (PCR, Sequencing), By Region, And Segment Forecasts, 2023 - 2030

Oncology Based Molecular Diagnostics Market Size, Share & Trends Analysis Report By Type (Breast Cancer, Lung Cancer), By Product (Instruments, Reagents), By Technology (PCR, Sequencing), By Region, And Segment Forecasts, 2023 - 2030

Oncology Based Molecular Diagnostics Market Growth & Trends

The global oncology based molecular diagnostics market size is expected to reach USD 6.00 billion by 2030, registering a CAGR of 12.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising geriatric population base, increasing global prevalence of cancer, rise in sedentary lifestyle adoption levels, and rising awareness & patient education are the driving forces for the oncology based molecular diagnostics market growth over the forecast period.

Growing prevalence of cancer patients owing to adoption of sedentary lifestyles and decrease in immunity levels are estimated to increase industrial growth rate. Furthermore, large variations in both cancer incidence and mortality rates in different sub-regions of developing countries such as Brazil, Mexico, South Africa, and India are also anticipated to enhance the usage of molecular diagnostics to increase survival rates by early detection and validation.

Oncology Based Molecular Diagnostics Market Report Highlights

• Breast cancer dominated the overall market in 2022 in terms of revenue share due to large test volumes and an extensive portfolio of commercialized products.
• Colorectal cancer is estimated to witness lucrative growth over the forecast period owing to the availability of technologically advanced microarrays & assays such as miRNA microarrays.
• On the basis of product, the reagents segment held the highest share of almost 58.0% of the overall revenue in 2022. Growing initiatives by researchers in this field for detection of disease related novel biomarkers for drug development purpose are estimated to be the key factors attributing to this segment’s growth
• The polymerase chain reaction (PCR) technology segment held the highest revenue share of 31% in 2022. This can be attributed to its growing utilization in research labs and the increased need for enhanced diagnostics.
• The sequencing segment is anticipated to witness a significant growth rate of 14.3% during the forecast period. Development of next generation sequencing techniques providing high throughput analysis and sequencing of genomic data is one of the key drivers for significant growth.
• North America dominated the market with a revenue share of over 40% in 2022 The strong market growth in this region can be attributed to a well-established healthcare infrastructure, the constantly rising health-conscious population base, and high healthcare expenditure.
• Asia Pacific region is expected to advance at the fastest CAGR of 15.8% during the projection period owing to the presence of a large number of target population, rising awareness levels for cancer detection, and increasing government initiatives in this region enabling the achievement of the largest market share

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