Global Oncology Based Molecular Diagnostics Market Insights Forecasts to 2033

• The Global Oncology Based Molecular Diagnostics Market Size was Valued at USD 2.74 Billion in 2023
• The Market Size is Growing at a CAGR of 11.96% from 2023 to 2033
• The Worldwide Oncology Based Molecular Diagnostics Market Size is Expected to Reach USD 8.48 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

 

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The Global Oncology Based Molecular Diagnostics Market Size is Anticipated to Exceed USD 8.48 Billion by 2033, Growing at a CAGR of 11.96% from 2023 to 2033.

 

Market Overview

A process of biological molecule analysis, oncology molecular diagnostics identifies cancer cells. To find and quantify particular genetic sequences in DNA, RNA, and cell proteins, several assays are run on samples of blood, saliva, and tumor tissue. Cancer treatment that is specific to each patient is made possible by the rapid evaluation and comprehensive information provided by oncology molecular diagnostics. To identify and predict infectious diseases, cancer, and other genetic disorders, various techniques are working to identify particular DNA or RNA sequences linked to the disease. These techniques include deletions, rearrangements, insertions, and single nucleotide polymorphisms (SNPs). Cancer molecular diagnostics use in the early detection of cancer and the identification of the most effective treatment decisions. Molecular diagnostics in oncology play a vital role in the identification, management, surveillance, and avoidance of a variety of tumors. It is anticipated that as patients and healthcare professionals become more aware of the significance of early cancer diagnosis and differentiation, the application of molecular diagnostic techniques for oncology will increase. Increased utilization of oncology molecular tests is a result of the market advances in diagnostic testing. The cancer incidence rate is on the rise, which is driving up diagnostic demand and propelling the oncology molecular diagnostics market. The improvements in genetic profiling and biomarker identification driving precision medicine techniques, the market for oncology-based molecular diagnostics is undergoing an important evolution.  

 

Report Coverage

This research report categorizes the market for the global oncology based molecular diagnostics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global oncology based molecular diagnostics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global oncology based molecular diagnostics market.

 

Driving Factors

Oncology molecular diagnostics play a crucial role in the care of cancer patients by offering individualized treatment plans, optimal drug selection, and more accurate, efficient, and tailored treatment approaches that ultimately enhance patient outcomes and quality of life. The market for oncology molecular diagnostics is growing as a result of the increased demand for diagnoses brought on by the rising incidence of cancer patients worldwide. The World Health Organization (WHO) estimates that 10 million deaths worldwide occurred as a result of cancer in 2020. Early detection and preventative therapy are becoming more and more important due to the increasing incidence of cancer. These causes are contributing to the continuous increase in demand for molecular diagnostics in oncology.

 

Restraining Factors

One of the main factors preventing the oncology molecular diagnostic market from expanding is the high cost of molecular diagnostic testing. For instance, the cost of a molecular diagnostic test in isolation for non-small cell lung cancer is from $11,000 to $20,000 a month the expense of combination therapy is anticipated to increase these costs.

 

Market Segmentation

The global oncology based molecular diagnostics market share is classified into product, technology, and application.

 

• The reagents segment dominates the market with the largest market share through the forecast period.

Based on the product, the global oncology based molecular diagnostics market is categorized into instruments and reagents. Among these, the reagents segment dominates the market with the largest market share through the forecast period. A crucial part of molecular diagnostics is the reagents. These include nucleotide probes, PCR reagents, sequencing reagents, and kits for extracting DNA and RNA. The primary drivers of this sector segment's explosive growth are the development of molecular biology technology, improvements in biotechnology, the growing need for synthetic biology, and the expanding R&D expenditures made by biotechnology companies.

 

• The sequencing segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the technology, the global oncology based molecular diagnostics market is categorized into a polymerase chain reaction, chips & microarrays, sequencing, mass spectroscopy, and transcription-mediated amplification. Among these, the sequencing segment is anticipated to grow at the fastest CAGR growth through the forecast period. The increased use of sequencing technologies in clinical diagnosis and increased spending on research and development are driving up demand for this technology. Because of its advantages such as faster processing and quick turnaround times. It is expected to create a favorable environment for market expansion throughout the forecast period.

 

• The breast cancer segment accounted for the largest revenue share through the forecast period.

Based on the application, the global oncology based molecular diagnostics market is categorized into breast cancer, prostate cancer, colorectal cancer, skin cancer, and cervical cancer. Among these, the breast cancer segment accounted for the largest revenue share through the forecast period. The rising incidence of breast cancer, and the expanding public awareness of breast cancer and women's health. These statistics are likely to support the need for molecular diagnostics for breast cancer. Molecular diagnostics, which determine hormone receptor status (ER, PR) and HER2/neu amplification, are essential for the prognosis of breast cancer and the choice of treatment.

 

Regional Segment Analysis of the Global Oncology Based Molecular Diagnostics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global oncology based molecular diagnostics market over the predicted timeframe.

 

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North America is anticipated to hold the largest share of the global oncology based molecular diagnostics market over the predicted timeframe. The rapid growth in this region is being identified due to several factors, including a well-developed healthcare infrastructure, a steadily increasing number of health-conscious individuals, and substantial healthcare spending. The most frequent disease in the United States, according to the American Disease Society (ACS), is melanoma, often known as skin cancer. It is predicted that 91,270 people will be diagnosed with melanomas in 2018, which would further boost the oncology molecular diagnostics market in North America. The rapid adoption of cutting-edge diagnostic techniques, sedentary lifestyles, and advantageous health reimbursement in this specific region.

 

Asia Pacific is expected to grow at the fastest CAGR growth of the global oncology based molecular diagnostics market during the forecast period. The Asia-Pacific region's low- and middle-income nations have seen a rise in the incidence rate of tumors, which can be attributed to changes in lifestyle forced on by economic development and epidemiologic shifts as well as an aging population. In the upcoming years, India, China, and Australia are anticipated to present great opportunities for this business, primarily because of their developing economies and significant unsatisfied requirements.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global oncology based molecular diagnostics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Abbott
• BD
• Bayer AG
• Cepheid
• Agilent Technologies, Inc.
• Danaher
• Biocartis Group NV
• Hologic, Inc.
• Qiagen
• F. Hoffmann-La Roche Ltd
• Siemens Healthcare GmbH
• Sysmex Europe GmbH
• BioMérieux SA
• Veracyte Inc
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

 

• In November 2023, Abbott received U.S. FDA approval for its molecular human papillomavirus (HPV) screening test in the Alinity m family of in-vitro diagnostics. This approval facilitated the expansion of the company's product portfolio, strengthening sales and revenue.

 

• In June 2022, Agilent announced the acquisition of Resolution Bioscience in a deal intended to expand the buyer's precision medicine offerings by complementing and expanding its capabilities in next-generation sequencing (NGS)-based cancer diagnostics. This acquisition demonstrated Agilent's commitment to expanding its presence in the liquid biopsy space and advancing its capabilities in the development of in vitro diagnostic tests.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global oncology based molecular diagnostics market based on the below-mentioned segments: 

 

Global Oncology Based Molecular Diagnostics Market, By Product

• Instruments
• Reagents

 

Global Oncology Based Molecular Diagnostics Market, By Technology

• Polymerase Chain Reaction
• Chips & Microarrays
• Sequencing
• Mass Spectroscopy
• Transcription Mediated Amplification

 

Global Oncology Based Molecular Diagnostics Market, By Application

• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Skin Cancer
• Cervical Cancer

 

Global Oncology Based Molecular Diagnostics Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa