Oncology Molecular Diagnostics Market to Reach USD 3,568.1 Million By 2027 | Reports and Data

Growing demand for point of care treatment of cancer is one of the significant factors influencing the oncology molecular diagnostics market growth.

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New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- The global oncology molecular diagnostics market size is forecast to reach USD 3,568.1 Million by 2027, according to a new report by Reports and Data. The oncology molecular diagnostics market is observing high growth due to the growing awareness for the early detection of cancer. Detection of cancer at an early stage can considerably increase the chances for survival.  Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of cancer comprising colorectal, lung, breast, blood, and cervical, among others. Identifying warning symptoms of cancer and undertaking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of the disease amongst physicians, nurses, and other healthcare providers, as well as the general public, would positively impact the survival rate of patients and hence would be instrumental in augmenting the oncology molecular diagnostics market share.

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The COVID-19 impact:

The COVID-19 pandemic has made it essential to repurpose the operating rooms for surgeries into intensive care units (ICUs) and pushed hospitals to accommodate patients beyond their full capacity of beds. This caused cancer patients to be categorized as non-urgent in many cases.  In addition, the psychological effect of the delayed diagnosis of the disease as a consequence of the COVID-19 pandemic cannot be compromised because when patients' psychological, physical, and social wellbeing are viewed favorably, the chances of survival of patients have been shown to increase from a state of illness to recovery from the disease. COVID-19 has had an important and detrimental effect on cancer care and science, making it possible to create a new health emergency for the management of cancer patients.

Further key findings from the report suggest

  • There are many benefits of in situ hybridization, including the application to frozen tissues and its use, along with mRNA, in conjunction with immunohistochemistry for protein recognition. The specificity and sensitivity of this profiling technology is optimally due primarily to the provision of data for spatial tumour heterogeneity.
  • The occurrence of lung cancer is a significant driver of oncology molecular diagnostics markets. It may occur due to various reasons, including smoking, genetic, and exposure to toxic gases. About 228,000 cases of lung cancer was estimated by the American Cancer Society, with the incidence of the disease being higher in men than in women. It is a big cause of death due to cancer in both US men and women who die.
  • The high precision, wide dynamic range, and sensitivity, as well as medium to high-throughput capabilities, make mass spectrometry an excellent platform for several biomolecules analysis in oncology molecular diagnostics.
  • In the Asia Pacific region, the oncology molecular diagnostics market is projected to expand at the fastest pace during the forecast period due to the presence of a large pool of patients, rising knowledge of cancer diagnostics, and improving the region's healthcare infrastructure.
  • Key participants include Danaher Corporation, Becton Dickinson and Company, Abbott Laboratories, Roche Diagnostics,Cepheid, Siemens Healthineers, Bayer AG, Qiagen NV, Dako, and GE Healthcare, among others.

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For the purpose of this report, Reports and Data has segmented the global oncology molecular diagnostics market on the basis of cancer type, component, technology, end-user, and region:

  • Cancer Type Outlook (Revenue, USD Million; 2017-2027)
    • Breast Cancer
    • Prostate Cancer
    • Cervical Cancer
    • Colorectal Cancer
    • Lung Cancer
    • Blood Cancer
    • Liver Cancer
    • Kidney Cancer
  • Component Outlook (Revenue, USD Million; 2017-2027)
    • Instruments
    • Reagents
    • Others
  • Technology Outlook (Revenue, USD Million; 2017-2027)
    • In Situ Hybridization
    • PCR
    • Isothermal Nucleic Acid Amplification Technology
    • Mass Spectrometry
    • Others
  • End-User Outlook (Revenue, USD Million; 2017-2027)
    • Hospitals and Clinics
    • Diagnostic Centers
    • Others

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/oncology-molecular-diagnostics-market

  • Regional Outlook (Revenue, USD Million; 2017-2027)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. UK
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • MEA
      1. Saudi Arabia
      2. UAE
      3. Rest of MEA
    • Latin America
      1. Brazil
      2. Rest of LATAM

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