Oncology Molecular Diagnostic Market, By Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, Lung Cancer, Blood Cancer, Kidney Cancer, Others), Product (Instruments, Reagents, Others), Test Location (Clinics and Other Establishments, Point of Care), Technology (PCR, In Situ Hybridization, Isothermal Nucleic Acid Amplification Technology (INAAT), Chips and Microarrays, Mass Spectrometry, Sequencing, Transcription Mediated Amplification, Others), End User (Hospitals, Diagnostic Centers)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global oncology molecular diagnostic market size was exhibited at USD 1.84 billion in 2022 and is projected to hit around USD 5.33 billion by 2032, growing at a CAGR of 11.2% during the forecast period 2023 to 2032.

Key Pointers:

• The U.S. oncology molecular diagnostics market was estimated at US$ 581 Mn in 2022. Incidence of cancer cases have been on the rise since many years in the country.
• North America accounts for the largest share of around 35.9% of the global market.
• The market in Asia Pacific is expected to expand at the fastest CAGR of 16.2% during the forecast period.
• Demand for oncology molecular diagnostic instruments in China is set to expand at a CAGR of 9.1% across the assessment period.
• Demand for oncology molecular diagnostic reagents & kits is estimated to expand at a CAGR of 12.9% across the assessment period.

Oncology Molecular Diagnostic Market Report Scope

Oncology refers to the branch of medicine that is concerned with the diagnosis, determination of treatment options, monitoring, and prevention of various types of cancers. Molecular diagnostics has established its dominance for the effective and early diagnosis of cancer. Molecular diagnostics are very critical in the diagnosis, treatment, monitoring, and prevention of a wide range of cancers. Molecular diagnostics also leads to the prospect of personalized medicine for the treatment of cancers.

For the pharmaceutical industry dealing with various types of cancers, understanding the mechanism of diseases is crucial to discover the next breakthrough targeted therapies. This can be accomplished through molecular diagnostics, which is capable of identifying specific genotypes that predicts the patients body response to a specific drug or dose. In this way, molecular diagnostics is essential in increasing the proportion of patients with favorable outcomes and increasing the effectiveness of the therapy.

Oncology Molecular Diagnostic Market Dynamics

Drivers

Rising prevalence of cancer cases

The rising prevalence of cancer cases around the world is driving up demand for diagnosis, which is driving up the oncology molecular diagnostics market. Cancer was responsible for approximately 10 million deaths in 2020, according to the World Health Organization (WHO). Furthermore, according to the American Cancer Society's 2021 statistics, the global burden of cancer is expected to rise to 27.5 million new cases and 16.3 million cancer deaths by 2040. Such high figures suggest that the estimated rising prevalence of cancer is contributing to the growing need for early detection and preventive medicine. As a result of the abovementioned factors, the demand for oncology molecular diagnostic is steadily increasing.

Opportunities

New advancements in molecular diagnostics tests

As diagnostic testing technology advances, molecular diagnostics tests for oncology are becoming more popular. Several passages are being made in cancer genome sequencing, computational analysis, tumour models, and innovative cancer research methods. For instance, Roche Molecular Systems, Inc. developed the Cobas EGFR Mutation Test for non-small cell lung cancer patients, which received FDA approval in 2020 and is a real-time PCR test that detects 42 mutations in the epidermal growth factor receptor (EGFR) gene.

Restraints/Challenges

High cost of molecular diagnostic tests

The high cost of molecular diagnostic tests is a major impediment to the growth of the oncology molecular diagnostic market. The cost of molecular diagnostic testing in cancer care is comparable higher, and it varies depending on the type of therapy. For instance, a molecular diagnostic test for non-small cell lung cancer monotherapy costs around $11,000 to $20,000 per month, and these prices are expected to rise with combination therapy. As a result, the high cost of molecular diagnostic tests is expected to hamper the market for oncology molecular diagnostic.

This oncology molecular diagnostic market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oncology molecular diagnostic market contact Nova One Advisor Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Some of the prominent players in the Oncology Molecular Diagnostic Market include:

• Abbott (U.S.)
• Bayer AG (Germany)
• BD (U.S.)
• Agilent Technologies, Inc (U.S.)
• Danaher (U.S.)
• Hologic, Inc. (U.S.)
• QIAGEN (Germany)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Siemens Healthcare Private Limited (Germany)
• Sysmex Singapore Pte. Ltd. (Singapore)
• BIOMÉRIEUX (France)
• DiaSorin Molecular LLC (U.S.)
• Grifols, S.A. (Spain)
• Illumina, Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Leica Biosystems Nussloch GmbH (Germany)
• Analytik Jena GmbH (Germany)
• Biocartis (Belgium)
• GenMark Diagnostics, Inc (U.S.)
• HTG Molecular Diagnostics, Inc. (U.S.)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Oncology Molecular Diagnostic market.

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 Test Location

• Clinics
• Other Establishments
• Point of Care

 By Technology

• PCR
• Multiplex
• Others
• In Situ Hybridization
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Chips and Microarrays
• Mass Spectrometry
• Sequencing
• Transcription Mediated Amplification
• Others

By End User

• Hospitals
• Diagnostic Centers

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)