Dublin, April 26, 2023 (GLOBE NEWSWIRE) -- The "Oncology Molecular Diagnostics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global oncology molecular diagnostics market is expected to grow from $3.22 billion in 2021 to $3.66 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The oncology molecular diagnostics market is expected to grow to $6.34 billion in 2026 at a CAGR of 14.7%.
Major players in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen-Probe (Hologic), Qiagen N.V., Roche Diagnostics, and Siemens Healthcare.
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The oncology molecular diagnostics market includes revenues earned by oncology molecular diagnostics tools and kits. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The oncology molecular diagnostics refers to procedure for diagnosing cancers and related services Molecular diagnostics are tests that diagnose genetic information, proteins, or related molecules and provide health or disease information.
North America was the largest region in the oncology molecular diagnostics market in 2022. Western Europe was the second largest region in the oncology molecular diagnostics market. The regions covered in the oncology molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products in oncology molecular diagnostics are instruments, reagents, and others. The oncology molecular diagnostics instruments are used for diagnosing cancer.. The various technologies involved are polymerase chain reaction (PCR), in-situ hybridization (ISH), isothermic nucleic acid amplification technology (INNAT), chips and microarrays, sequencing, mass spectroscopy, transcription-mediated amplification (TMA), and others. These are used by various end-users such as hospitals, diagnostic centres, academic and research institutes, and others.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the oncology molecular diagnostics market. According to the American Cancer Society, there were 1.8 million new cases and 0.6 million cancer deaths in 2021 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the oncology molecular diagnostic market over the coming years.
The high cost of molecular diagnostic tests is a key factor hampering the growth of the oncology molecular diagnostics market. The cost of molecular diagnostic testing is comparatively higher in cancer care and it also depends on the type of therapy. For example, the cost of the molecular diagnostic test for non-small cell lung cancer monotherapy costs about $10,000 to $20,000 per month, and these costs are expected to increase in combination therapy. Therefore, the high cost of molecular diagnostic tests is expected to hamper the growth of the oncology molecular diagnostics market.
The advanced technology in genomics is a key trend in the oncology molecular diagnostics market. Advancements in cancer genome sequencing technology, computational analysis, tumor models, and innovation of modern cancer research methods promote early detection of cancer and its mutation. For instance, Roche Molecular Systems, Inc., a US-based company, developed Cobas EGFR Mutation Test for non-small cell lung cancer patients. This test is a real-time test that detects 42 mutations of the epidermal growth factor receptor (EGFR) gene, along with the resistant mutation of cancer. In June 2020, FDA approved Cobas EGFR Mutation Test.
In HealthCare Global Enterprises Limited, an India-based oncology care provider acquired Oncology hospital labs and clinical trial business from Strand Lifesciences. The acquisition HCG would enhance its in-house diagnostic and research capabilities and drive higher awareness and adoption of cancer diagnostics. Strand Lifesciences is a India-based oncology and technology company.
The countries covered in the oncology molecular diagnostics market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2022 - 2026 |
| Estimated Market Value (USD) in 2022 | $3.66 billion |
| Forecasted Market Value (USD) by 2026 | $6.34 billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Oncology Molecular Diagnostics Market Characteristics
3. Oncology Molecular Diagnostics Market Trends And Strategies
4. Oncology Molecular Diagnostics Market - Macro Economic Scenario
4.1 COVID-19 Impact On Oncology Molecular Diagnostics Market
4.2 Ukraine-Russia War Impact On Oncology Molecular Diagnostics Market
4.3 Impact Of High Inflation On Oncology Molecular Diagnostics Market
5. Oncology Molecular Diagnostics Market Size And Growth
5.1. Global Oncology Molecular Diagnostics Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Oncology Molecular Diagnostics Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Oncology Molecular Diagnostics Market Segmentation
6.1. Global Oncology Molecular Diagnostics Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Instruments
- Reagents
- Other Products
6.2. Global Oncology Molecular Diagnostics Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Polymerase Chain Reaction (PCR)
- In-situ Hybridization (ISH)
- Isothermic Nucleic Acid Amplification Technology (INNAT)
- Chips & Microarrays
- Sequencing
- Mass Spectroscopy
- Transcription Mediated Amplification (TMA)
- Other Technologies
6.3. Global Oncology Molecular Diagnostics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospitals
- Diagnostic Centers
- Academic & Research Institutes
- Other End Users
7. Oncology Molecular Diagnostics Market Regional And Country Analysis
7.1. Global Oncology Molecular Diagnostics Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Oncology Molecular Diagnostics Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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