The rising incidence of cancer is one of the significant factors influencing the oncology molecular diagnostics market growth.
Market Size – USD 1,456.6 Million in 2019, Market Growth - CAGR of 11.8%, Market Trends –Increasing awareness about cancer diagnosis at an early stage.
The global oncology molecular diagnostics market is forecasted to reach USD 3,568.1 Million by 2027, according to a new report by Reports and Data. The oncology molecular diagnostics market is observing high growth due to the rising occurrences of breast cancer across the globe. Breast cancer is the most common type of cancer occurring in women. There were more than 2 million new cases of breast cancer in 2018. Belgium, Luxembourg, and the Netherlands are the countries with the highest rates of occurrences of breast cancer in the year 2018 across the globe. The global survival rates from the disease vary greatly, ranging from around 80% in North America, Japan, and Sweden to nearby 60% in middle-income nations and lower than 40% in low-income nations. Hence, the implementation of molecular breast diagnostics to screen and detect malignant cells in the human breast is driving the growth of the oncology molecular diagnostics market.
Leading companies operating in the market and profiled in the report include: Becton, Dickinson, and Company, Danaher Corporation, Roche Diagnostics, Abbott Laboratories, Cepheid, Qiagen NV, Siemens Healthineers, Bayer AG, Dako, and GE Healthcare, among others.
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Market Dynamics:
The pharma & healthcare sectors has been rapidly growing over the last few decades. Technological advancements in healthcare sector, emergence of various diseases, COVID-19 outbreak are key factors boosting global market revenue growth. Growing need to develop new drugs and medical devices to cater to emerging diseases, high investments in research and development activities, and improvements in healthcare infrastructure and facilities is expected to fuel global market growth over the forecast period. In addition, adoption of AI in various healthcare application, funding from various private and public organizations to boost research activities in pharmaceutical and biotechnology sector and vaccine production during the current pandemic situation is also expected to boost market growth.
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Competitive Landscape:
Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
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Global Oncology Molecular Diagnostics Market Segmentation:
Type Outlook:
Cancer Type Outlook (Revenue, USD Million; 2017-2027)
- Breast Cancer
- Prostate Cancer
- Cervical Cancer
- Colorectal Cancer
- Lung Cancer
- Blood Cancer
- Liver Cancer
- Kidney Cancer
Component Outlook (Revenue, USD Million; 2017-2027)
- Instruments
- Reagents
- Others
Technology Outlook (Revenue, USD Million; 2017-2027)
- In Situ Hybridization
- PCR
- Isothermal Nucleic Acid Amplification Technology
- Mass Spectrometry
- Others
End-User Outlook (Revenue, USD Million; 2017-2027)
- Hospitals and Clinics
- Diagnostic Centers
- Others
The global Oncology Molecular Diagnostics market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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