With the emergence and long-term Impact of COVID-19, the Global Oncology Based Molecular Diagnostics Market is to reach USD 6.08 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Oncology Based Molecular Diagnostics Market is poised to raise up to USD 6.08 Billion by 2030. Oncology-centric molecular diagnostics is a specialized field of medical diagnostics dedicated to pinpointing and scrutinizing precise molecular and genetic alterations linked to cancer. This diagnostic discipline entails the scrutiny of DNA, RNA, proteins, and other molecular components, aiming to comprehend the molecular intricacies that drive the evolution, advancement, and reaction to treatment in cancer. Integral to the realm of personalized medicine, oncology-based molecular diagnostics customizes treatment approaches by leveraging insights derived from the distinct molecular attributes of an individual’s cancer.
The increasing operational costs and regulatory requirements, coupled with reimbursement scenarios for key countries are the key factors that are contributing to the oncology based molecular diagnostics market growth on the global scale. Additionally, the surge in the prevalence of cancer worldwide is a key factor that is fueling the demand for oncology-based molecular diagnostics, which is leveraging the oncology based molecular diagnostics market growth prospects.
According to the World Health Organization, in 2020, it was estimated that nearly 19.3 million new cases of cancer were recorded globally, which is projected to rise and is likely to reach 30.2 million new cases by 2040. These substantial figures underscore the escalating prevalence of cancer, emphasizing the growing imperative for early detection and preventive healthcare.
Consequently, soaring demand for oncology molecular diagnostic tests is propelling the growth of the Oncology Based Molecular Diagnostics Market over the estimated period. Moreover, the surge in adoption of new software solutions, as well as increasing demand for point-of-care treatment present various lucrative opportunities over the forecast years. However, the high cost of molecular diagnostic tests, along with a lack of skilled workforce and stringent regulatory framework are challenging the oncology based molecular diagnostics market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Oncology Based Molecular Diagnostics Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rapid adoption of advanced diagnostic techniques, coupled with the prevalence of sedentary lifestyles and favorable health reimbursement, which has contributed to the growth of the Oncology Molecular Diagnostics Market. According to a 2020 report from the American Cancer Society, various professional associations, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), and the College of American Pathologists (CAP), have formulated guidelines for biomarker testing and treatment.
Furthermore, the escalating incidence of cancer in the country contributes significantly to the growth of the Oncology Molecular Diagnostics Market in the region. The 2020 statistics from the National Cancer Institute (NCI) reveal that approximately 1,806,590 cancer cases were diagnosed in the United States in 2020, and it is anticipated that the number of cancer survivors is expected to reach 2.2 million by 2030. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The rising technological advancements in diagnostic testing, increasing cases of cancer, and increasing demand for point-of-care treatment are significantly propelling the market demand across the region.
The global Oncology Based Molecular Diagnostics Market is highly competitive owing to the presence of several key manufacturers such as Abbott, Bayer AG, Becton, Dickinson and Company, Cepheid, Agilent Technologies, Inc., Danaher Corporation, and others.
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Key findings of the study suggest:
- Global Oncology Based Molecular Diagnostics Market is anticipated to grow with a healthy growth rate of more than 12.1% over the forecast period 2023-2030.
- In the type segment, breast cancer emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rapid adoption of advanced diagnostic techniques.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Cervical Cancer
- Liver Cancer
- Lung Cancer
- Blood Cancer
- Kidney Cancer
- Others
By Product:
- Instruments
- Reagents
- Others
By Technology:
- PCR
- In situ hybridization
- INAAT
- Chips and microarrays
- Mass spectrometry
- Sequencing
- TMA
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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