Oncology Molecular Diagnostics Market Analysis 2024-2033: Size, Trends & Forecast Outlook

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.

Market Overview -
The oncology molecular diagnostics refers to a procedure for diagnosing cancers and related services. Molecular diagnostics are tests that diagnose genetic information, proteins, or related molecules and provide health or disease information.

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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.

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) .

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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