PUBLISHER: BIS Research | PRODUCT CODE: 1165598
PUBLISHER: BIS Research | PRODUCT CODE: 1165598
“Global Molecular Oncology Diagnostics Market to Reach $12,130.5 Million by 2032.”
The global molecular oncology diagnostics market was valued at $3,620.6 million in 2021 and is anticipated to reach $12,130.5 million by 2032, witnessing a CAGR of 11.43% during the forecast period 2022-2032. The growth in the global molecular oncology diagnostics market is expected to be driven by the rising prevalence of cancers and increased transformations in biomarker identification.
Molecular oncology diagnostics play an essential role in the diagnosis and prognosis of different types of cancers and in improving patient outcomes. Over the last decade, cancer treatment and diagnostics has become a major public health concern across the globe. With over 1.5 million instances reported each year, diseases like cancer can have far-reaching implications for individuals as well as a greater influence on the socioeconomic strata. The market for appropriate testing assay kits is expanding rapidly, owing to the increased importance of early diagnosis to minimize further hazards, especially with rates on the rise. The rising global cancer incidence and the growing demand for early detection are expected to drive the growth of the global molecular oncology diagnostics market during the forecast period. This expanded usage of kit and assay, instrument, and software has enabled end customers to describe particular system requirements, prompting suppliers to design more appealing and practical products and molecular diagnostics choices.
Cancer screening is crucial for early cancer detection; however, COVID-19 slowed the cancer screening infrastructure greatly. Many cancer organizations have championed the idea of suspending cancer screening services to patients to alter the provision of health care resources. According to the declaration of a national emergency in the U.S. on March 13th, 2020, organizations such as the American Cancer Society advised people to put their cancer screening plans on hold until further notice during the COVID-19 outbreak. Cancer screening services have been severely disrupted because of this proposal, as well as other contextual circumstances (e.g., social exclusion measures).
In response to the COVID-19 pandemic and the impact on medical research in the U.S., the National Institutes of Health (NIH) and the National Cancer Institute (NCI) both extended grant application deadlines, laid back reporting requirements, and offer flexibility in how to grant money is spent. COVID-19 drastically reduced fundraising possibilities for cancer-focused charitable research organizations, which provide up to half of all cancer research funding in the U.S. and frequently fund high-risk, high-reward projects even though the national government supported research work and offered medical researchers the flexibility to implement their skill set and knowledge to studying SARSCoV-2.
Based on products, the global molecular oncology diagnostics market is expected to be dominated by kit and assay. This is due to the high number of applications performed by kits and their ease of integration with other systems.
Based on technology, the global molecular oncology diagnostics market is dominated by polymerase chain reaction (PCR). However, next-generation sequencing (NGS) is expected to be the fastest-growing segment in the market. This is because PCR techniques play an important role in targeted NGS sequencing because they allow for the simultaneous production of several NGS libraries and the sequencing of numerous targeted regions.
Based on applications, the global molecular oncology diagnostics market is expected to be dominated by the clinical diagnostic segment. This is due to the high usage of technologies such as companion diagnostics and liquid biopsy emerge.
Based on cancer type, the global molecular oncology diagnostics market is dominated by solid tumor cancer type, where breast cancer is expected to be the leading segment. The growth of advanced solid tumor testing has mostly focused on the treatment of distinct cancer kinds, indications, and indication subtypes. The hematological malignancy segment is expected to show a fast growth rate during the forecast period.
Based on end users, global molecular oncology diagnostics was dominated by the hospitals and diagnostic centers segment. The growth of this segment is primarily attributed to the high use of molecular diagnostic tests by hospitals in these fields.
North America dominated the global market with a revenue of $1,588.6 in 2021. However, the Asia-Pacific region, constituting several emerging economies, is expected to register the highest CAGR of 12.60% during the forecast period 2022-2032.
Following are the demand drivers for the global molecular oncology diagnostics market:
The market is expected to face some limitations due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
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