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Oncology Molecular Diagnostics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, Germany, Japan, France - Size and Forecast 2024-2028

Oncology Molecular Diagnostics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, Germany, Japan, France - Size and Forecast 2024-2028

Published: Aug 2024 185 Pages SKU: IRTNTR75956

Market Overview at a Glance

$3.95 B
Market Opportunity
13.64%
CAGR
11.73
YoY growth 2023-2024(%)

Oncology Molecular Diagnostics Market Size 2024-2028 

The oncology molecular diagnostics market size is forecast to increase by USD 3.95 billion at a CAGR of 13.64% between 2023 and 2028. The market is experiencing significant growth due to the increasing prevalence of cancer globally. This sector is witnessing the integration of advanced technologies like next-generation sequencing (NGS), chips, and microarrays in clinical testing and clinical trials. The adoption of these technologies is enabling early and accurate diagnosis of diseases such as cervical and colorectal cancer. However, the unfavorable reimbursement scenario poses a challenge to market growth. Reagents and kits are indispensable in molecular diagnostic tests, facilitating the detection of genetic mutations, gene expression patterns, or protein markers. Dietary changes and lifestyle modifications are also contributing factors influencing the market dynamics. The market is expected to grow steadily due to the increasing focus on personalized medicine and the availability of government funding for cancer research.

Oncology Molecular Diagnostics Market Size

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The market is witnessing significant growth due to the increasing prevalence of cancer and the need for early detection and personalized treatment. This market focuses on the identification of genetic sequences, DNA, RNA, and cell proteins in cancer cells to develop effective diagnostic tools and therapies. The evolving regulatory framework is playing a crucial role in shaping the adoption of point of care testing and advancing technology for diagnostic testing, ensuring both accuracy and accessibility in healthcare. The regulatory landscape for molecular diagnostics in oncology is well-established, with regulatory bodies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) providing guidelines for the development and approval of these diagnostic tools.

Furthermore, the market is rapidly growing, driven by innovations like the BD Onclarity HPV test, which aids in early detection of cervical cancer and other infectious diseases through advanced molecular testing for cancer. With rising cancer deaths, especially from nonsmall cell lung cancer, kidney cancer, and liver cancer, the market is seeing increased demand for Polymerase Chain Reaction (PCR) technologies and point-of-care testing. The Cancer Tech Accelerator program is pushing forward diagnostic tools, despite challenges such as the lack of skilled workforce and the low intake of healthy food. Additionally, factors like obesity, tobacco and alcohol uptake, and regulatory frameworks continue to shape the landscape of cancer diagnostics, emphasizing the need for infectious disease molecular testing and improved healthcare access.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

  • Product
    • Reagents and kits
    • Instruments
  • Type
    • Breast cancer
    • Colorectal cancer
    • Prostate cancer
    • Others
  • Geography
    • North America
      • US
    • Europe
      • Germany
      • France
    • Asia
      • China
      • Japan
    • Rest of World (ROW)

By Product Insights

The reagents and kits segment is estimated to witness significant growth during the forecast period. Molecular diagnostics play a crucial role in identifying specific genetic sequences linked to various cancers, including kidney and liver diseases. The global cancer prevalence is escalating, leading to an augmented demand for precise and dependable diagnostic tools. According to the World Health Organization (WHO), cancer accounted for approximately 10 million deaths worldwide in 2020, representing nearly one in six deaths. Infectious diseases, such as hepatitis B and C, can also be diagnosed using molecular diagnostics. Illumina, a leading company in this field, offers innovative solutions for early cancer detection and treatment decision-making.

Furthermore, laboratories rely on these advanced tools to monitor treatment response and ensure optimal patient care. Molecular diagnostics contribute significantly to the early detection and treatment of cancer, ultimately improving patient outcomes.

Oncology Molecular Diagnostics Market Size

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The reagents and kits segment was valued at USD 1.98 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Oncology Molecular Diagnostics Market Share by Geography

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The North America market is experiencing significant growth within the healthcare sector. Technological innovations, including Next-Generation Sequencing (NGS) technologies, are driving this expansion. The increasing prevalence of cancer in North America is also fueling the demand for molecular diagnostics in this region. Key factors propelling the market growth include the adoption of personalized medicine, the requirement for early cancer detection, and the development of targeted therapies. North America's strong healthcare infrastructure, expertise in genomic research, and broad access to molecular diagnostics further contribute to market growth. The region's increasing cancer incidence will continue to boost the North American market during the forecast period.

Furthermore, synthetic biology and RNA sequencing are emerging technologies poised to revolutionize oncology molecular diagnostics. These advanced techniques will enable more precise diagnosis and treatment of various types of cancers. The North American market for oncology molecular diagnostics is expected to witness substantial growth due to these technological advancements and the rising cancer burden.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

The increasing prevalence of cancer worldwide is the key driver of the market. Cancer incidence and mortality are significant health concerns in the United States and globally. Unhealthy lifestyle choices, such as poor diet, physical inactivity, and tobacco, and alcohol use, contribute to the development of various types of cancer, including those affecting the lungs, stomach, kidney, head, neck, and larynx. Exposure to ionizing radiation, chemical mutagens, infectious micro-organisms, and environmental pollutants also increase the risk of cancer. When examining demographic groups, African-American men have the highest cancer mortality rate (227 per 100,000).

Furthermore, advancements in biotechnology, particularly in automation and biomarker identification, have revolutionized oncology molecular diagnostics. These advancements enable early cancer detection and personalized treatment plans based on individual genetic profiles. Blood banks play a crucial role in providing essential resources for cancer research and diagnosis. The use of blood samples for cancer diagnostics, such as liquid biopsies, is becoming increasingly common.

Market Trends

Integration of next-generation sequencing in oncology molecular diagnostics is the upcoming trend in the market. Next-generation sequencing (NGS) technologies have significantly transformed molecular diagnostics by facilitating in-depth analysis of genetic material. NGS enables the examination of multiple genes or entire genomes concurrently, offering extensive genetic profiling for cancer detection, prognosis, and treatment decision-making. This technology's application in genomics research and pharmaceutical development has grown increasingly essential. In cancer research, NGS is utilized to explore the genetic foundations of various cancers, pinpoint prospective therapeutic targets, and identify new biomarkers. The integration of NGS in these domains has fueled the need for oncology molecular diagnostics.

Furthermore, researchers and pharmaceutical companies heavily rely on NGS-based tests to bolster their investigations and the creation of personalized medicine therapies, such as those for cervical and colorectal cancers. NGS plays a pivotal role in advancing clinical testing and clinical trials, contributing to the progression of precision medicine. Key technologies in this field include Chips & Microarrays, DNA analysis, and NGS platforms. These tools facilitate the identification of genetic variations and mutations associated with cancer, enabling accurate and timely diagnosis and treatment. In summary, NGS technologies have become indispensable in oncology molecular diagnostics, driving advancements in cancer research, drug development, and personalized medicine.

Market Challenge

An unfavorable reimbursement scenario is a key challenge affecting the market growth. The rising number of cancer cases and deaths globally has fueled the need for advanced diagnostic methods to identify and treat cancer at its earliest stages. One such area of research is oncology molecular diagnostics, which involves analyzing cancer cells and their genome sequencing to identify specific biomarkers and proteins. This information is crucial for personalized treatment plans and improving patient outcomes. However, the high cost of these tests and the uncertainty surrounding reimbursement and insurance coverage pose significant challenges. Reimbursement policies play a pivotal role in determining the accessibility and utilization of molecular diagnostic tests for cancer.

Furthermore, inadequate or insufficient reimbursement rates can create financial barriers for patients and healthcare providers, hindering market growth. In certain regions, patients or healthcare institutions may be required to cover the remaining costs of these tests, which can deter them from undergoing the tests, leading to delayed or missed diagnoses. The increasing focus on reducing healthcare expenditure by governments worldwide has intensified the need for cost-effective and efficient molecular diagnostic solutions. Stakeholders need to collaborate and find ways to address the financial challenges associated with these tests to ensure timely and accurate diagnoses for cancer patients.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Oncology Molecular Diagnostics Market Share by Geography

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Abbott Laboratories: The company offers oncology molecular diagnostics such as the UroVysion bladder cancer kit.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

  • 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.
  • Veracyte Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Molecular diagnostics in oncology is a rapidly evolving field that leverages advanced technologies to identify and analyze cancer cells at a molecular level. Biotechnology advancements, including automation, have revolutionized the identification of biomarkers in cancer research. Behavioral changes, such as dietary modifications and preventive medicine, have led to an increase in early detection of various cancers, including breast, colorectal, cervical, liver, kidney, and lung. Molecular biology technology, including chips & microarrays, mass spectrometry, and cancer genome sequencing, plays a pivotal role in cancer research methods. These tools enable the identification of genetic sequences and cell proteins, facilitating personalized treatment plans.

Furthermore, the prevalence of cancer continues to rise, with cancer cases and deaths attributed to various forms of the disease, such as blood cancer, prostate cancer, and infectious diseases caused by pathogens. Regulatory frameworks are in place to ensure the safety and efficacy of molecular diagnostic tools, including point-of-care (POC) testing and clinical trials. Synthetic biology and RNA sequencing are emerging technologies that hold promise in the field of oncology molecular diagnostics. POC testing allows for quick and accurate diagnosis, enabling timely intervention and treatment. The integration of these technologies with clinical testing in laboratories will continue to transform the market.

Market Scope

Report Coverage

Details

Page number

185

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 13.64%

Market Growth 2024-2028

USD 3.95 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

11.73

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 41%

Key countries

US, China, Germany, Japan, and France

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

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.

Market dynamics

Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period

Customization purview

If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research and Growth Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
  • Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
  • Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
  • Thorough analysis of the market's competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Oncology Molecular Diagnostics market growth will increase by $ 3953.5 mn during 2024-2028.

The Oncology Molecular Diagnostics market is expected to grow at a CAGR of 13.64% during 2024-2028.

Oncology Molecular Diagnostics market is segmented by Product( Reagents and kits, Instruments, Instruments) Type( Breast cancer, Colorectal cancer, Prostate cancer, Others)

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., Veracyte Inc. are a few of the key vendors in the Oncology Molecular Diagnostics market.

North America will register the highest growth rate of 41% among the other regions. Therefore, the Oncology Molecular Diagnostics market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, Germany, Japan, France

  • Increasing prevalence of cancer worldwideUnhealthy food habits is the driving factor this market.
  • physical inactivity is the driving factor this market.
  • and excessive tobacco and alcohol consumption can cause cancer in the lungs is the driving factor this market.
  • stomach is the driving factor this market.
  • kidney is the driving factor this market.
  • head is the driving factor this market.
  • neck is the driving factor this market.
  • and larynx. Exposure to ionizing radiation is the driving factor this market.
  • chemical mutagens is the driving factor this market.
  • infectious micro-organisms is the driving factor this market.
  • and environmental pollutants can also lead to cancers. The incidence of cancer is on the rise worldwide. The National Cancer Institute in the US reported that in 2020 is the driving factor this market.
  • an estimated 1.81 million new cases of cancer were diagnosed in the country is the driving factor this market.
  • and 606 is the driving factor this market.
  • 520 died from the disease. The cancer mortality rate is higher among men than women (189.5 per 100 is the driving factor this market.
  • 000 men and 135.7 per 100 is the driving factor this market.
  • 000 women). When comparing groups based on race/ethnicity and sex is the driving factor this market.
  • cancer mortality is the highest in African-American men (227.3 per 100 is the driving factor this market.
  • 000) and the lowest in Asian/Pacific Islander women (85.6 per 100 is the driving factor this market.
  • 000). Population projections from the Census Bureau were used by the government to project future cancer incidence through 2030 in the US. From 2010 to 2030 is the driving factor this market.
  • the total cancer incidence in the US is expected to increase by approximately 45% is the driving factor this market.
  • from 1.6 million in 2010 to 2.3 million in 2030. According to WHO is the driving factor this market.
  • the global cancer burden is estimated to have risen to 19.3 million new cases and 10.0 million deaths in 2020. One in five individuals across the world develops cancer during their lifetime is the driving factor this market.
  • and one in eight men and one in 11 women die from the disease. By 2030 is the driving factor this market.
  • the leading causes of cancer-related death are projected to be lung is the driving factor this market.
  • liver is the driving factor this market.
  • and pancreas for men and lung is the driving factor this market.
  • breast is the driving factor this market.
  • and pancreas for women.According to Annual Report to the Nation on the Status of Cancer is the driving factor this market.
  • in 2019 is the driving factor this market.
  • the national patient economic burden related to cancer care was $21.09 billion is the driving factor this market.
  • made up of patient out-of-pocket costs of $16.22 billion and patient time costs of $4.87 billion in the US. Diagnostic and treatment costs are expected to rise during the projected period as the population ages is the driving factor this market.
  • and more people develop cancer. Costs are also expected to rise as new is the driving factor this market.
  • typically more expensive is the driving factor this market.
  • treatments become the standard of care.To offer improved treatment options is the driving factor this market.
  • medical facilities need sensitive and reliable diagnostics for accurate and early diagnosis of cancer. Molecular and companion diagnostics are popular methods for detecting different cancer types. The rise in cancer cases will lead to increased demand and use of oncology molecular diagnostics products is the driving factor this market.
  • which will boost the growth of the market in focus during the forecast period. is the driving factor this market.

The Oncology Molecular Diagnostics market vendors should focus on grabbing business opportunities from the Reagents and kits segment as it accounted for the largest market share in the base year.