Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The market size for Oncology Molecular Diagnostics is expected to be large and growing due to increasing incidences of cancer and the use of personalized medicine. It is also anticipated to be driven by the rising demand for minimally invasive procedures and increasing adoption of companion diagnostics. The market is segmented by Product, Cancer Type, Technology and end-user.
Rising Preference Towards Precision Medicine Will Fuel Demand for Oncology Molecular Diagnostics?
Oncology Molecular Diagnostics Market Size, Share and Worldwide Trend Analysis & Forecast 2023-2029. The increasing prevalence of various types of cancer around world is driving the global oncology molecular diagnostics market, says Fortune Business Insights in a report, titled “Oncology Molecular Diagnostics Market Size, Share and Global Trend By Product (Instruments, Reagents), By Cancer Type (Blood Cancer, Prostate Cancer, Colorectal Cancer, Skin Cancer, Cervical Cancer), By Technology (Polymerase Chain Reaction, Chips & Microarrays, Sequencing, Mass Spectroscopy, Transcription Mediated Amplification), By End User (Hospitals, Diagnostic Centers) and Geography Forecast till 2029.” The rising shift towards precision medicine is expected to enable the growth of the global oncology molecular diagnostics market.
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Key Takeaways from the Oncology Molecular Diagnostics Market:
- According to the WHO, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to further fuel the global Market
- Among the segmentation, breast cancer segment is projected to hold a considerable share of the global Oncology Molecular Diagnostics market during the forecast period
- North America is anticipated to dominate the global oncology molecular diagnostics market over the forecast period
- The oncology molecular diagnostics market is highly competitive, with major players such as F. Hoffmann-La Roche AG, Dickinson and Company, Cepheid, Becton, Abbott and others.
- The global oncology molecular diagnostics market is expected to grow significantly in the coming years, driven by factors such as increasing incidences of cancer, advancements in molecular diagnostic technologies, and growing awareness about the early detection and personalized treatment of cancer
Major Leading Players Mentioned:
- Abbott
- Becton
- Dickinson and Company
- F. Hoffmann-La Roche Ltd
- Cepheid
- Bayer AG
- Agilent Technologies
- Danaher
- Hologic
- Sysmex Corporation
- Siemens Healthcare GmbH.
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Increasing Demand for Automated and Advanced Diagnostic Will Propel Growth
The increasing prevalence of numerous cancer is likely to back the growth of the global automated and advanced diagnostic market revenue. The rising shift towards precision medicine and increasing demand for preventive care is expected to boost the global oncology molecular diagnostics market growth. Further, increasing demand for automated and advanced diagnostic techniques for cancer is also expected to aid the global oncology molecular diagnostics market shares.
According to the World Health Organization, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to further fuel the global oncology molecular diagnostics market.
Furthermore, favourable health reimbursement policies are likely to foster the growth of the global oncology molecular diagnostics market. Moreover, Acquisition and mergers by key companies is predicted to stimulate the global oncology molecular diagnostics market growth during the forecast period.
For instance, cancer Genetics announced merger with NovellusDx as a result of which Cancer Genetics portfolio of oncology test and services will combine with next-generation sequencing and other technologies of NovellusDx. Similarly, Biodesix, Inc., announced the acquisition of Integrated Diagnostics, Inc. which resulted in acquisition of the company oncology product namely XL2 test.
Additionally, the launch of MammaTyper is also expected to propel growth of the global oncology molecular diagnostics market. For instance, BioNTech SE launched MammaTyper, a molecular diagnostic test for breast cancer which was developed in collaboration with Stratifyer.
However, high costs associated with molecular diagnostics, budgetary limitations, and the requirement of the sophisticated facility are the major factors predicted to hinder the growth of the global oncology molecular diagnostics Industry.
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Rapid Adoption of Advanced Diagnostics Techniques Will Boost Growth in North America
Geographically, the global oncology molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle and Africa. North America is expected to dominate the global oncology molecular diagnostics market during the forecast period owing to the rapid adoption of advanced diagnostics techniques and sedentary lifestyles.
According to the American Cancer Society (ACS), melanoma or skin cancer is the most common type of cancer occurring in the U.S. and is estimated that approximately 91,270. Favourable health reimbursement policies will further augment growth in the region. In Asia Pacific, the oncology molecular diagnostics market is predicted to grow at a significant rate owing to the growing geriatric population and rising research on precision medicines. The high unmet cancer needs are also expected to enable growth in Asia Pacific.
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