Molecular Oncology Diagnostics Market: Insights into Trends, Revenue, and Opportunities from 2018-2028

According to TechSci Research report, “Molecular Oncology Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028,” the Global Molecular Oncology Diagnostics Market is expected to register an impressive CAGR in the forecast period, 2023-2028 on account of rising prevalence of cancer cases.

Cancer is one of the most diagnosed diseases in the world. According to Global Cancer Statistics 2021, around 1.9 million new instances of cancer were expected to have been diagnosed.

However, stringent regulatory scenario related to high cost of diagnostics procedures, and side effects associated with imaging and the lack of awareness of early diagnosis are likely to slow down the market growth in the coming years. Also, lack of skilled professionals to conduct sensitive surgeries/biopsy pertaining to cancer treatment especially in the emerging countries can further slowdown the market growth.

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Global Molecular Oncology Diagnostics Market can be segmented into product type, technology, application, cancer type, end user, region and company. Based on product type, the market is segmented into instruments, kits and assays, software. The segment kits and assays is expected to show an impressive growth in the forecast period due to its simplicity in testing and integration in results.

Based on technology, the market can be segmented into fluorescence in-situ hybridization (FISH), next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), and other technologies. As PCR targets NGS sequencing and enables the concurrent generation of many NGS libraries and the sequencing of numerous targeted regions, the segment polymerase chain reaction (PCR) is expected to have remarkable growth in the future.

Based on application, the market can be segmented into research and clinical segments. Due to widespread adoption of technologies like companion diagnostics and liquid biopsy, the clinical segment is anticipated to experience excellent growth during the forecast period.

Based on cancer type, the market is segmented into solid tumors and blood cancers. The segment blood cancers are likely to show an impressive growth in the forecast years due to rising prevalence of hematological malignant cancers.

Based on end user, the market is segmented into hospitals and diagnostic centers, reference laboratories, pharmaceutical and biotechnology companies, academic and research institutes. The segment hospitals and diagnostic centers is estimated to hold the largest share of the market due to the high use of molecular oncology diagnostic tests by hospitals.

The leading companies operating in the Global Molecular Oncology Diagnostics Market are:

• Sysmex Corporation
• F. Hoffmann-La Roche Ltd.
• Myriad Genetics, Inc.
• HTG Molecular Diagnostics, Inc.
• Danaher Corporation
• QIAGEN N.V.
• Bio-Rad Laboratories, Inc.
• Agilent Technologies, Inc.
• QIAGEN N.V.
• Illumina, Inc.

 

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“North America is expected to dominate the Global Molecular Oncology Diagnostic Market during the forecast period on account of rising patient awareness, new technology development, and product launches. Additionally, high market penetration rate of technologically advanced diagnostic products is expected to increase the demand for Global Molecular Oncology Diagnostic Market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Molecular Oncology Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented By  Product Type (Instruments, Kits and Assays, Software), By Technology (Fluorescence In-Situ Hybridization (FISH), Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), Flow Cytometry, and Other Technologies), By Application (Research, Clinical), By Cancer Type ({Solid Tumor (Breast Cancer, Ovarian Cancer, Prostate Cancer, Lung Cancer, Colorectal Cancer, and Other Solid Tumors), Blood Cancers (Lymphoma, Leukemia, Multiple Myeloma, and other Hematological Malignancies)}, By End User (Hospitals and Diagnostic Centers, Reference Laboratories, Pharmaceutical and Biotechnology Companies, Academic and Research Institutes), By Region”, has evaluated the future growth potential of Global Molecular Oncology Diagnostics Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Molecular Oncology Diagnostics Market.

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