Oncology Molecular Diagnostics Market Analysis, Trends, Growth, Research And Forecast 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Oncology Molecular Diagnostics Global Market Report 2023 identifies the rise in the number of cancer cases across the globe
as the major driver for the oncology molecular diagnostics market's growth in the forecast period. 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.

The global oncology molecular diagnostics market grew from $3.66 billion in 2022 to $4.19 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oncology molecular diagnostics is expected to grow from $7.11 billion in 2027 at a CAGR of 14.2%.

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Major competitors in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen-Probe (Hologic), Qiagen N.V.

A key trend in the oncology molecular diagnostics market includes technological advancement. 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.

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The oncology molecular diagnostics market is segmented -
• By Product: Instruments, Reagents, Other Products

• 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

• By End User: Hospitals, Diagnostic Centers, Academic & Research Institutes, Other End Users

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the oncology molecular diagnostics market.

The Business Research Company's "Global Oncology Molecular Diagnostics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Oncology Molecular Diagnostics Market 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
……
26. Africa Oncology Molecular Diagnostics Market
27. Oncology Molecular Diagnostics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Oncology Molecular Diagnostics Market
29. Oncology Molecular Diagnostics Market Future Outlook and Potential Analysis
30. Appendix

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