Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The global molecular oncology market (분자종양학 시장) was projected to attain US$ 2.3 billion in 2023. It is likely to garner an 11.0% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 7.4 billion.
Molecular diagnostics in cancer is becoming more and more common in clinical laboratories. Targeted therapy possibilities for malignancies such as multiple myeloma, lymphoma, melanoma, lung, breast, ovarian, prostate, and others are now being assessed using molecular oncology assays.
Molecular oncology researchers use a variety of methods, including as in-vitro and in vivo functional models, computational biology, genomics, and tumor imaging, to comprehend biological and clinical characteristics.
The genes that produce these proteins may be used as targets in the development of novel anti-cancer medications, chemotherapeutic medicines, or imaging scans. These combinatorial methods are used in molecular oncology to confirm the involvement of novel candidate genes in the genesis of cancer.
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Key Findings of Market Report
- Due to its high rates of morbidity and death, particularly in the United States, lung cancer is leading the worldwide molecular oncology market.
- The frequency of illnesses and fatalities has decreased due to declining smoking rates and improvements in early diagnosis and treatment. Lung cancer, however, is still a problem for public health.
- There is a well-established link between smoking and the development of this disease; risk factors such as a history of lung illness and occupational conditions also have an impact. Global access to molecular oncology technology and treatments is crucial due to the prevalence of lung cancer patients.
Market Trends For Molecular Oncology
- As per the most recent molecular oncology market projection, North America has a significant position in the industry. Robust healthcare systems, state-of-the-art medical equipment, and significant investments in cancer research and development are driving the region's market dynamics.
- Molecular oncology diagnoses and therapies are the focus of several leading pharmaceutical and biotech businesses in the United States, a major contributor to North America's leadership.
- The American Cancer Society provides thorough data and analysis on cancer outcomes, rates, and trends, which facilitates informed decision-making and efficient resource allocation.
- North America enjoys favorable regulatory rules, a sizable patient base, and high healthcare spending, all of which present profitable market potential for molecular oncology in the area.
- Diagnostic labs are critical to the global molecular oncology industry from an end-user perspective. They support the development of treatment programs and the evaluation of the efficacy of treatments by providing quick and accurate testing.
- Precise testing is becoming increasingly important to inform treatment decisions as cancer care grows more specialized. This demonstrates the significance of testing laboratories in delivering accurate cancer diagnosis and treatment.
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Global Market for Molecular Oncology: Regional Outlook
Various reasons propel the molecular oncology market growth throughout the regions. These are:
- As per the most recent molecular oncology market projection, North America has a significant position in the industry. The region's market dynamics are being driven by robust healthcare systems, state-of-the-art medical equipment, and significant investments in cancer research and development.
- Molecular oncology diagnoses and therapies are the focus of several leading pharmaceutical and biotech businesses in the United States, a major contributor to North America's leadership.
- Furthermore, the American Cancer Society provides thorough data and analysis on cancer outcomes, rates, and trends, which facilitates informed decision-making and efficient resource allocation.
- Moreover, North America enjoys favorable regulatory rules, a sizable patient base, and high healthcare spending, all of which present profitable market potential for molecular oncology in the area.
Global Molecular Oncology Market: Key Players
Prominent organizations in the global molecular oncology industry are implementing tactics including creating and introducing novel goods. Molecular oncology is a moderately competitive business with a number of major competitors.
The following companies are well-known participants in the global molecular oncology market:
- Roche Diagnostics
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- Qiagen N.V.
- Agilent Technologies, Inc.
- Abbott Laboratories
- Bio-Rad Laboratories, Inc.
- Myriad Genetics, Inc.
- Genomic Health, Inc.
- Other Players
Key Developments
- Roche announced the release of the LightCycler PRO System in November 2023. This system expands upon the well-proven gold standard technology of earlier LightCycler® Systems. Roche's molecular PCR testing portfolio, which includes solutions for researchers and clinicians testing patients for infectious diseases, cancer, and other public health concerns, is expanded with the introduction of the LightCycler PRO System.
- Zydus Lifesciences and Guardant Health joined forces in November 2023 to market the Guardant360 bodily fluid and tissue biopsy test in Nepal and India. The tests, which consist of the Guardant360 Response test and the Guardant360 TissueNext evaluation, are designed to enhance treatment results for advanced malignancies by offering targeted genetic testing.
Global Molecular Oncology Market Segmentation
- Product
- Instruments
- Reagents
- Others
- Cancer Type
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Ovarian Cancer
- Pancreatic Cancer
- Others
- Technology
- PCR (rt-PCR, d-PCR)
- NGS (Next Generation Sequencing)
- Microarray
- FISH (Fluorescent in situ-hybridization)
- Others
- End-user
- Hospitals and Clinics
- Diagnostic Laboratories
- Cancer Centers and Specialty Clinics
- Others (Government and Public Health Agencies)
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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