PUBLISHER: The Business Research Company | PRODUCT CODE: 1435472
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435472
Oncology molecular diagnostics involve procedures and services aimed at diagnosing cancers. These diagnostics utilize tests that examine genetic information, proteins, or related molecules, providing valuable insights into health or disease conditions.
The primary products within the oncology molecular diagnostics market include instruments, reagents, and other related items. Instruments play a crucial role in cancer diagnosis, employing various technologies such as polymerase chain reaction (PCR), in-situ hybridization (ISH), isothermal nucleic acid amplification technology (INNAT), chips and microarrays, sequencing, mass spectrometry, transcription-mediated amplification (TMA), among others. These technologies find applications across diverse end-users, including hospitals, diagnostic centers, academic and research institutes, and other healthcare institutions.
The oncology molecular diagnostics market research report is one of a series of new reports from The Business Research Company that provides oncology molecular diagnostics market statistics, including oncology molecular diagnostics industry global market size, regional shares, competitors with a oncology molecular diagnostics market share, detailed oncology molecular diagnostics segments, market trends and opportunities, and any further data you may need to thrive in the oncology molecular diagnostics industry. This oncology molecular diagnostics research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be credited to the introduction of early tests in the market, advancements in genomic profiling, the inception of next-generation sequencing (NGS), early identification of biomarkers, and the development of targeted therapies.
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 anticipated growth in the forecast period can be ascribed to progress in liquid biopsy techniques, the emergence of companion diagnostics, the incorporation of artificial intelligence (AI), the broadening applications of next-generation sequencing (NGS), and the ongoing evolution in biomarker identification. Major trends expected in the forecast period encompass increased global accessibility, ongoing efforts in biomarker discovery and validation, refinement of regulatory frameworks, enhancements in technological platforms, and the promotion of patient-centric care models.
The increase in the global number of cancer cases is poised to contribute to the expansion of the oncology molecular diagnostics market. In 2021, the USA witnessed 1.8 million new cases and 0.6 million cancer-related deaths, as reported by the American Cancer Society. The most prevalent cancer types worldwide-lung, prostate, bowel, and female breast cancer-accounted for 43% of all new cancer cases. Consequently, the surge in global cancer incidence rates is expected to drive demand for the oncology molecular diagnostics market in the coming years.
The growing preference for personalized medicine is anticipated to fuel the future growth of the oncology molecular diagnostics market. Personalized medicine represents an innovative medical treatment approach that tailors decisions, practices, interventions, and drug therapies to individual patients. In the realm of cancer care, oncology molecular diagnostics play a crucial role in delivering personalized treatment plans, optimizing drug selection, and implementing more precise, effective, and individualized treatment strategies. This approach ultimately enhances patient outcomes and improves the overall quality of life. As of October 2022, reports from the US-based health news company STAT indicated that there were over 75,000 genetic testing products and 300 personalized medicines. Hence, the rising demand for personalized medicine is a driving force behind the growth of the oncology molecular diagnostics market.
The substantial cost associated with molecular diagnostic tests poses a significant challenge to the oncology molecular diagnostics market. Molecular diagnostic testing in cancer care tends to be comparatively expensive, and the costs vary depending on the type of therapy. For instance, the molecular diagnostic test cost for non-small cell lung cancer monotherapy ranges from $10,000 to $20,000 per month, with further increases expected for combination therapies. Consequently, the high cost of molecular diagnostic tests is anticipated to impede the growth of the oncology molecular diagnostics market.
An important trend in the oncology molecular diagnostics market is the adoption of advanced genomics technology. Continuous progress in cancer genome sequencing technology, computational analysis, tumor modeling, and the introduction of modern research methods in cancer studies contribute to the early detection of cancer and its mutations. For example, in December 2021, Thermo Fisher Scientific Inc., a US-based company specializing in oncology molecular diagnostics, obtained FDA approval for a Next-Generation Sequencing (NGS)-based companion diagnostic test designed for non-small cell lung cancer patients. This test aids medical professionals in determining the suitability of Janssen Biotech's targeted medication RYBREVANT (amivantamab-vmjw) for these patients.
Leading companies in the oncology molecular diagnostics market are directing their efforts toward innovative products, such as oncology liquid biopsy products, to enhance market revenues. Oncology liquid biopsy products serve as advanced diagnostic tools and tests facilitating the non-invasive detection and monitoring of cancer by analyzing various biomarkers and genetic material. In July 2022, BillionToOne Inc., a US-based biotechnology company specializing in molecular diagnostics and genetic testing, launched oncology liquid biopsy products, namely NorthStar Select and NorthStar Response. NorthStar Select is a comprehensive somatic mutation profiling panel for cancer, identifying actionable mutations with a significant limit of detection due to BillionToOne's proprietary molecular counting method, known as quantitative counting templates (QCTs). NorthStar Response is a tissue-neutral, methylation-based treatment response monitoring test, providing an accurate estimation of the burden of methylation circulating tumor DNA (ctDNA) using molecular counting technologies.
In September 2021, HealthCare Global Enterprises Limited, an India-based oncology care provider, acquired Oncology hospital labs and the clinical trial business from Strand Lifesciences. This acquisition enhances its in-house diagnostic and research capabilities, fostering greater awareness and adoption of cancer diagnostics. Strand Lifesciences is an India-based company specializing in oncology and technology.
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., bioMerieux 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.
North America was the largest region in the oncology molecular diagnostics market in 2023. Western Europe was the second largest region in the global oncology molecular diagnostics market report. The regions covered in the oncology molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oncology molecular diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The oncology molecular diagnostics market includes revenues earned by oncology molecular diagnostics tools and kits. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oncology Molecular Diagnostics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oncology molecular diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oncology molecular diagnostics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oncology molecular diagnostics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.