Cancer Molecular Diagnostics Market Trends & Forecast By 2030

Cancer Molecular Diagnostics Market Overview:
During the projected period of 2023- 2030, the global market for cancer molecular diagnostics is expected to expand at a CAGR of 6.30%. The market is anticipated to expand as a result of rising demand from sectors like academic institutions, hospitals, and research labs. With companies like Bayer Healthcare, Becton Dickinson, Cepheid, and others engaged in the industry, the battle between companies grows more intense.

The detection, diagnosis, sub-classification, prognosis, and monitoring of therapeutic response are all included in cancer molecular diagnostics. These methods locate the DNA or RNA sequence changes connected to malignancy. Molecular diagnostics are useful for examining the biological factors that contribute to the development of cancer as well as the gene expression patterns of cancer cells. These methods distinguish between cancer and benign tumors, the type of tissue affected by cancer, and the many subtypes of cancer.

Designing and putting into practice precise diagnostic procedures as well as customizing cancer therapy modalities are made possible by molecular diagnostics. Molecular diagnostics are helpful for keeping track of the progress of cancer patients. These methods establish the likelihood of developing cancer. Medical professionals can employ molecular diagnostics to determine whether more intense screening or preventive measures are necessary. Multiple molecular diagnostics methods, including polymerase chain reaction (PCR), in situ hybridization, isothermal nucleic acid amplification technology (INAAT), chips & microarrays, mass spectrometry, sequencing, transcription-mediated amplification, and others, are widely available and dominate the market.

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Cancer Molecular Diagnostics Market Trends
Increasing Incidence of Cancer is Driving the Growth of the Market. The market is being driven by the rise in cancer incidence and the rising demand for cancer molecular diagnostics. The World Health Organization (WHO) predicts that in 2020, cancer will be the top cause of death globally. In 2020, 10 million individuals will have perished from cancer. Each year, 4 million children worldwide are diagnosed with cancer. The most prevalent cancers worldwide include lung cancer, colorectal cancer, prostate cancer, breast cancer, oesophageal cancer, and stomach cancer. Lung cancer is the most common cancer to affect people, followed by breast, colorectal, prostate, and stomach cancers. Breast cancer accounts for 11.6% of all cancer incidence cases, or 2.08 million incidence cases, while colorectal cancer accounts for 10.2% of all cases, or 1.84 million incidence cases, prostate cancer accounts for 7.1% of all cases, or 1.27 million incidence cases, and stomach cancer accounts for 5.7% of all cases, or 1.03 million incidence cases. Lung cancer accounts for 11.6% of all cases.

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By Segmentation:
By Cancer Type
Prostate Cancer
Colorectal Cancer
Cervical Cancer
Liver Cancer
Lung Cancer
Blood Cancer
Kidney Cancer
Others

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