Global Oncology Molecular Diagnostic Market Is Anticipated To Reach A Valuation Of US$ 4 Bn By 2031
As per Fact.MR, a market research and competitive intelligence provider, the global oncology molecular diagnostic market is predicted to expand at a CAGR of 11% over the forecast period (2021–2031).
Oncology molecular diagnosis is a method used to identify cancer at the molecular level using proteins, DNA, and RNA, in a tissue or fluid. Various tools are used to detect specific sequences of DNA or RNA that may be associated with the disease, such as single nucleotide polymorphism (SNP), deletions, rearrangements, and insertions.
Factors such as increase in prevalence of various types of cancers, rise in awareness and acceptance of personalized medicines, and growth in biomarker identification are driving market growth.
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Key Takeaways from Market Study
- Global oncology molecular diagnostic market is expected to grow 2.3X in value by 2031.
- Demand for reagents & kits to expand at a CAGR of 12.8% over next ten years.
- Market in China anticipated to reach a valuation of US$ 670 Mn by 2031.
- Markets in Japan and Canada forecasted to grow 8% and 9%, respectively.
- Demand for PCR diagnostic technology to dominate the market over next ten years.
“Increasing awareness towards early detection of cancer using molecular diagnostics to nudge demand for oncology molecular diagnostics over coming years,” says a Fact.MR analyst.
Key Segments Covered in Oncology Molecular Diagnostic Industry Research
- Oncology Molecular Diagnostic Reagents & Kits
- Oncology Molecular Diagnostic Instruments
- Oncology Molecular Diagnostic Tabletop Instruments
- Oncology Molecular Diagnostic Portable & PoC Instruments
- Oncology Molecular Diagnostic Services & Software
- Polymerase Chain Reaction (PCR) in Oncology Molecular Diagnostics
- Isothermal Nucleic Acid Amplification Technology (INAAT) for Oncology Molecular Diagnostics
- DNA Sequencing & Next-Generation Sequencing (NGS) for Oncology Molecular Diagnostics
- In Situ Hybridization (ISH) Technology for Oncology Molecular Diagnostics
- DNA Chips and Microarrays for Oncology Molecular Diagnostics
By End User
- Oncology Molecular Diagnostic Used in Diagnostic Laboratories
- Oncology Molecular Diagnostic Used in Hospitals & Clinics
Top service providers of oncology molecular diagnostics, in an attempt to gain stability, are adopting strategies such as specialized product development. Leading market players in oncology molecular diagnostics are also entering into collaborations with top oncology molecular diagnostic instrument brands, for development of companion diagnostic pertaining to cancer.
Some of the key developments are:
- In September 2015; Roche launched the Cobas EGFR Mutation Test v2, which is used for diagnosis of Non-Small Cell Lung Cancer (NSCLC), which is expected to drive the growth of this market.
- Qiagen and Lilly announced their plans to co-develop companion diagnostics for targeting common cancer biomarkers.
- 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).