NEW YORK, Sept. 13, 2023 /PRNewswire/ -- The oncology molecular diagnostics market size is expected to grow by USD 2.98 billion from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of 11.82% during the forecast period, according to Technavio Research. North America is estimated to account for 41% of the global market during the forecast period. The increasing prevalence of cancer and advancements in technology, such as NGS technologies, have led to a high demand for molecular diagnostics in North America. The growth of the market is driven by the rising adoption of personalized medicine, the need for early cancer detection, and the development of mainly targeted therapies. In addition, national governments in the region are working to raise awareness of oncology molecular diagnostics and their role in the early detection and treatment of disease. Many hospitals and clinics have already started implementing these diagnostics, which has resulted in the introduction of many new products to the market. Therefore, it is expected that the oncology molecular diagnostics market will experience significant growth in the region during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report
Company Profile:
Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Co., Biocartis NV, bioMerieux SA, Danaher Corp., DiaSorin SpA, Exact Sciences Corp., F. Hoffmann La Roche Ltd., Grifols SA, Hologic Inc., HTG Molecular Diagnostics Inc., Illumina Inc., MDXHEALTH SA, Myriad Genetics Inc., QIAGEN NV, QuidelOrtho Corp., Siemens Healthineers AG, Sysmex Corp., TBG Diagnostics Ltd., Thermo Fisher Scientific Inc., and Veracyte Inc.
- Abbott Laboratories - The company offers oncology molecular diagnostics such as UroVysion bladder cancer kit.
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The market is segmented by product (Reagents and kits and Instruments), type (Breast cancer, Colorectal cancer, Prostate cancer, and Liver cancer and others), and geography (North America, Europe, Asia, and Rest of World (ROW)).
- The market share growth by the reagents and kits segment will be significant during the forecast period. The prevalence of cancer is growing worldwide, resulting in a growing need for accurate and reliable diagnostic tests. Continued investment in R&D and collaborations with diagnostic laboratories and healthcare providers are anticipated to drive the growth of the reagents and kits segment of the oncology molecular diagnostics market during the forecast period.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
Oncology Molecular Diagnostics Market: Driver & Trend:
The increasing prevalence of cancer worldwide is notably driving the growth of the global oncology molecular diagnostics market. Unhealthy eating habits, lack of exercise, and excessive tobacco and alcohol consumption can cause cancer of the lungs, stomach, kidneys, head, neck, and larynx. Exposure to ionizing radiation, chemical mutagens, infectious micro-organisms, and environmental pollutants can also lead to cancer. The number of cancer cases is increasing worldwide. To improve treatment options, medical institutions need sensitive and reliable methods for early cancer diagnosis. Molecular and companion diagnostics are common ways to detect different types of cancer. The rise in cancer cases will increase demand for oncology molecular diagnostics products, which in turn boost the market growth during the forecast period.
The key trend driving the growth of the global oncology molecular diagnostics market is the integration of next-generation sequencing in oncology molecular diagnostics.
Strategic alliances among market vendors are a key trend in the oncology molecular diagnostics market. Identify key trends, drivers, and challenges in the market. Download FREE sample report to gain access to this information.
What are the key data covered in this oncology molecular diagnostics market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the oncology molecular diagnostics market between 2022 and 2027.
- Precise estimation of the oncology molecular diagnostics market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the oncology molecular diagnostics market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of oncology molecular diagnostics market vendors.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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