The global oncology molecular diagnostics market is expected to grow from $3.22 billion in 2021 to $3.66 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The market is expected to grow to $6.34 billion in 2026 at a compound annual growth rate (CAGR) of 14.7%.
The oncology molecular diagnostics market consists of sales of molecular diagnostic instruments, kits, and reagents used for diagnosing cancers and related services by entities (organizations, sole traders, and partnerships) that produce molecular diagnostic equipment for diagnosing cancer. Molecular diagnostics are tests that diagnose genetic information, proteins, or related molecules and provide health or disease information. This study is most usually performed on blood, saliva, or tumor tissue samples.
The main products in oncology molecular diagnostics are instruments, reagents, and others. The oncology molecular diagnostics instruments are used for diagnosing cancer. . The various technologies involved are polymerase chain reaction (PCR), in-situ hybridization (ISH), isothermic nucleic acid amplification technology (INNAT), chips and microarrays, sequencing, mass spectroscopy, transcription-mediated amplification (TMA), and others. These are used by various end-users such as hospitals, diagnostic centers, academic and research institutes, and others.
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 1.7 million new cases and 0.6 million cancer deaths in 2019 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 diagnostic market over the coming years.
The high cost of molecular diagnostic tests is a key factor hampering the growth of the oncology molecular diagnostics market. The cost of molecular diagnostic testing is comparatively higher in cancer care and it also depends on the type of therapy. For example, the cost of the molecular diagnostic test for non-small cell lung cancer monotherapy costs about $10,000 to $20,000 per month, and these costs are expected to increase in combination therapy. Therefore, the high cost of molecular diagnostic tests is expected to hamper the growth of the oncology molecular diagnostics market.
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, Roche Molecular Systems, Inc., a US-based company, developed Cobas EGFR Mutation Test for non-small cell lung cancer patients. This test is a real-time test that detects 42 mutations of the epidermal growth factor receptor (EGFR) gene, along with the resistant mutation of cancer. In June 2020, FDA approved Cobas EGFR Mutation Test.
In February 2019, ICON plc, a US-based biotechnology company, acquired MolecularMD for an undisclosed amount. The acquisition enhances ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including next-generation sequencing, and immunohistochemistry (IHC). MolecularMD is a US-based molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the oncology molecular diagnostics market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen-Probe (Hologic), Qiagen N.V., Roche Diagnostics, and Siemens Healthcare.
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| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | May 2022 |
| Forecast Period | 2022 - 2026 |
| Estimated Market Value ( USD | $ 3.66 Billion |
| Forecasted Market Value ( USD | $ 6.34 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Table of Contents
Executive Summary
The Oncology Molecular Diagnostics Global Market Report 2022 provides strategists, marketers and senior management with the critical information they need to assess the global oncology molecular diagnostics market.
This report focuses on oncology molecular diagnostics market which is experiencing strong growth. The report gives a guide to the oncology molecular diagnostics market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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Description:
Where is the largest and fastest growing market for the 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 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. It places the market within the context of the wider oncology molecular diagnostics market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market
- The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth
- Market segmentations break down market into sub markets
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers
- The oncology molecular diagnostics market section of the report gives context. It compares the oncology molecular diagnostics market with other segments of the oncology molecular diagnostics market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, oncology molecular diagnostics indicators comparison
Scope
Markets Covered:
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
Companies Mentioned: Abbott Diagnostics; Becton Dickinson; Cepheid; Danaher Corporation; Beckman Coulter
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Abbott Diagnostics
- Becton Dickinson
- Cepheid
- Danaher Corporation
- Beckman Coulter
- Leica Biosystems
- Gen Probe(Hologic)
- Qiagen N.V.
- Roche Diagnostics
- Siemens Healthcare
- Sysmex Corporation
- BioRad
- Illumina Inc.
- Hologic Inc.
- Myriad Genetics Inc.
- OPKO Health Inc.
- Pacific Biosciences of California Inc. (PacBio)
- Bio-Techne
- Cancer Genetics
- Charles River
Methodology
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