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Global Oncology Molecular Diagnostics Market 2024 Competitive Landscape, Industry Analysis, Segmentation And Forecast To 2033
Oncology Molecular Diagnostics Market
The Business Research Company offers in-depth market insights through Oncology Molecular Diagnostics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The oncology molecular diagnostics market size has grown rapidly in recent years. It will grow from $4.19 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to market entry of early tests, genomic profiling advancements, introduction of next-generation sequencing (ngs), early biomarker identification, targeted therapies development.
The oncology molecular diagnostics market size is expected to see rapid growth in the next few years. It will grow to $7.99 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to advancements in liquid biopsy, rise of companion diagnostics, integration of artificial intelligence (ai), expansion of ngs applications, evolving biomarker identification. Major trends in the forecast period include global accessibility, biomarker discovery and validation, regulatory framework refinement, technological platform enhancements, patient-centric care models.
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Market Segmentation:
The oncology molecular diagnostics market covered in this report is segmented -
1) By Product: Instruments, Reagents, Other Products
2) By Technology: 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
3) By End User: Hospitals, Diagnostic Centers, Academic & Research Institutes, Other End Users
Major Driver - Global Surge In Cancer Cases Fuels Growth Of Oncology Molecular Diagnostics Market
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 diagnostics market over the coming years.
Competitive Landscape:
Major companies operating in the oncology molecular diagnostics market report are F. Hoffmann-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthcare AG, Becton Dickinson and Company, Agilent Technologies Inc., HTG Molecular Diagnostics Inc., Hologic Inc., Illumina Inc., bioMérieux SA, Charles River Laboratories India Pvt. Ltd., Beckman Coulter Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., Qiagen N.V., Exact Sciences Corp., Bio-Techne Corporation, OPKO Health Inc., Myriad Genetics Inc., Guardant Health AMEA, Veracyte Inc., Adaptive Biotechnologies Corp., Foundation Medicine Inc., Pacific Biosciences of California Inc., NanoString Technologies lnc., TBG Diagnostics Limited, The Genetics of Cancer, Genomic Health Inc.
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Top Trend - Revolutionizing Oncology Molecular Diagnostics Through Advanced Genomics Technology
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, in December 2021, Thermo Fisher Scientific Inc. a US-based company that manufactures oncology molecular diagnostics received FDA approval for an NGS-based companion diagnostic test that is used by non-small cell lung cancer patients. This test would assist medical professionals in deciding whether these patients would benefit from treatment with Janssen Biotech's targeted medication RYBREVANT (amivantamab-vmjw) .
The Table Of Content For The Market Report Include:
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
5. Oncology Molecular Diagnostics Market Size And Growth
…..
27. Oncology Molecular Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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