Oncology Molecular Diagnostic Market Size to Reach USD 11.45 Billion Globally with Growing CAGR of 15.2% by 2030
Global Oncology Molecular Diagnostic Market report is generated by a team of multilingual researchers who are skilled at different languages and hence perform market research internationally. With this report, businesses can get clear idea about how the market is going to perform in the forecast years with understandable details about market definition, classifications, applications, and engagements. A genius team along with project managers serve the clients on every strategic aspect including product development, key areas of development, application modelling, use of technologies, the acquisition strategies, exploring niche growth opportunities and new markets.
Data Bridge Market Research analyses that the oncology molecular diagnostic market which was USD 3.69 billion in 2022, is expected to reach USD 11.45 billion by 2030, at a CAGR of 15.2% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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According to the American Cancer Society’s 2020 report, several professional organizations, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), and the College of American Pathologists (CAP), have developed biomarker testing and treatment guidelines. Furthermore, the rising cancer prevalence in the country contributes to the region’s oncology molecular diagnostics market. According to the National Cancer Institute’s (NCI) 2020 Statistics, approximately 1,806,590 cases were diagnosed in the United States in 2020, with the number of cancer survivors expected to reach 2.2 million by 2030. Furthermore, according to the NCI, breast cancer will be the most common cancer type in 2021, accounting for 284,200 cases. These factors are causing an increase in demand for oncology molecular diagnostic market.
Restraints/Challenges
- High cost of molecular diagnostic tests
The high cost of molecular diagnostic tests is a major impediment to the growth of the oncology molecular diagnostic market. The cost of molecular diagnostic testing in cancer care is comparable higher, and it varies depending on the type of therapy. For instance, a molecular diagnostic test for non-small cell lung cancer monotherapy costs around $11,000 to $20,000 per month, and these prices are expected to rise with combination therapy. As a result, the high cost of molecular diagnostic tests is expected to hamper the market for oncology molecular diagnostic.
This oncology molecular diagnostic market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oncology molecular diagnostic market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2021, Amoy Diagnostics Co. Ltd, Riken Genesis Co. Ltd, and Precision Medicine Asia Co. Ltd launched the AmoyDx Pan Lung Cancer PCR Panel. It has been approved for marketing and production in Japan by the Ministry of Health, Labour, and Welfare (MHLW).
- In 2020, Veracyte Inc. and Bayer AG collaborated to advance the Precision Oncology Patient Identification Program in thyroid cancer. The advancement will allow testing with Veracyte’s Afirma Xpression Atlas (XA) to identify underlying genomic drivers in tumour cells, and the biomarker-driven therapies may be limited to patients with advanced thyroid cancer.
- In 2020, Danaher (Cepheid) announced a collaboration with Sherlock Biosciences to investigate the development of innovative, ground-breaking molecular diagnostic tests for oncology and infectious diseases using CRISPR technology.
Oncology Molecular Diagnostic Market Scope and Segmentation
| REPORT METRIC | DETAILS |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historic Years | 2021 (Customizable to 2015 – 2020) |
| Quantitative Units | Revenue in USD Billion, Volumes in Units, Pricing in USD |
| Segments Covered | Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, Lung Cancer, Blood Cancer, Kidney Cancer, Others), Product (Instruments, Reagents, Others), Test Location (Clinics and Other Establishments, Point of Care), Technology (PCR, In Situ Hybridization, Isothermal Nucleic Acid Amplification Technology (INAAT), Chips and Microarrays, Mass Spectrometry, Sequencing, Transcription Mediated Amplification, Others), End User (Hospitals, Diagnostic Centers) |
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Some of the major players operating in the oncology molecular diagnostic market are:
- Abbott (U.S.)
- Bayer AG (Germany)
- BD (U.S.)
- Agilent Technologies, Inc (U.S.)
- Danaher (U.S.)
- Hologic, Inc. (U.S.)
- QIAGEN (Germany)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Siemens Healthcare Private Limited (Germany)
- Sysmex Singapore Pte. Ltd. (Singapore)
- BIOMÉRIEUX (France)
- DiaSorin Molecular LLC (U.S.)
- Grifols, S.A. (Spain)
- Illumina, Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Leica Biosystems Nussloch GmbH (Germany)
- Analytik Jena GmbH (Germany)
- Biocartis (Belgium)
- GenMark Diagnostics, Inc (U.S.)
- HTG Molecular Diagnostics, Inc. (U.S.)
Oncology Molecular Diagnostic Market Scope
Type
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Cervical Cancer
- Liver Cancer
- Lung Cancer
- Blood Cancer
- Kidney Cancer
- Others
Product
- Instruments
- Reagents
- Others
Test Location
- Clinics
- Other Establishments
- Point of Care
Technology
- PCR
- Multiplex
- Others
- In Situ Hybridization
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Chips and Microarrays
- Mass Spectrometry
- Sequencing
- Transcription Mediated Amplification
- Others
End User
- Hospitals
- Diagnostic Centers
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the this research report
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Top Key Topics Covered:
- Strategic Imperatives
- Factors Creating Pressure on Growth
- The Strategic Imperative
- Growth Opportunities Fuel the Growth Pipeline Engine
- Research Methodology
- Scope and Segmentation
- Research Context and Scope of Analysis
- Segmentation
- Other Techniques for This Research Report Management
- Growth Opportunity Analysis
- Growth Drivers
- Growth Restraints
- Introduction
- The Impact of the COVID-19 Pandemic and Post
- Future Growth
- Innovation Ecosystem
Continued…
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Some of the Most Important Questions Scrutinized in the Business Intelligence Report:
- What are the key growth parameters for this global market during the forecast period?
- Which key players are expected to hold the largest market share over the forecast period?
- Who are the leading vendors and manufacturers in this market?
- What are the key strategies adopted by leading players in the market for business development and geographical expansion?
- Which end-use industries can trigger high demand in the market over the forecast period?
- What are the key segments in this market?
- Which regional player will have anticipated leading the global market in terms of size?
- What is the impact of the novel coronavirus pandemic?
- Which obstacles must new players overcome in order to occupy a major position?
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