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The global oncology molecular diagnostics market size is estimated to grow by USD 2,980.87 million at a CAGR of 11.82% between 2022 and 2027.
Rise in the adoption of microarrays which involve miniaturization, are emerging in the fields of genomics and proteomics, thereby enabling high-throughput processing. These techniques are used for genotyping, mutation screening, protein interaction studies, and gene expression analysis. Microarray technology helps to make analyses with small sample volumes and relatively low protein concentrations. For this reason, microarray technology is now becoming a trend in proteomics. Furthermore, protein microarrays can display multiple proteins simultaneously, and these properties increase the ability to process thousands of samples in parallel. This feature of protein microarrays is important for whole proteome analysis. Microarray technology has significant potential and is not limited to peptides and nucleotides. It is also used to diagnose cancer, which aids in deciding better treatment strategies. Hence, owing to such advancements market will grow during the forecast period.
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It also includes an in-depth analysis of drivers, trends, and challenges.
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The market share growth by the reagents and kits segment will be significant during the forecast period. Reagents are the main elements used in molecular diagnostic tests to detect genetic mutations, gene expression patterns, or protein markers with various cancers. Cancer prevalence is increasing worldwide, resulting in a growing need for accurate and reliable diagnostic tests. Reagents are needed to perform molecular diagnostic tests that aid in early cancer detection, treatment decision-making, and monitoring of treatment response.
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The reagents segment was valued at USD 1,942.14 million in 2017. The rapid advancement of technology in molecular diagnostics has resulted in the development of new testing methods and techniques. As personalized medicine grows in importance, expected to increase demand for reagents and kits specifically designed for genetic testing, such as those designed to detect specific mutations and gene expression levels. Key market players in the reagents and kits segment include Thermo Fisher, Abbott, bioMerieux, and QIAGEN. Continued investment in R&D and collaborations with diagnostic laboratories and healthcare providers are expected to fuel the growth of the reagents and kits segment of the global oncology molecular diagnostics market during the forecast period.
Cancer or malignant growth is known to occur in different anatomical sites in the body. Globally, cancer affecting the breast is the most frequently diagnosed cancer in women. The rising prevalence of breast cancer across the globe is expected to fuel the demand for oncology molecular diagnostic devices and instruments. A major driver of the growing demand for molecular diagnostics in breast cancer is the identification of predictive markers. The growing demand for molecular diagnostics in breast cancer comes from their ability to enable more accurate diagnosis, risk assessment, subtyping, and treatment selection. By incorporating molecular information, clinicians can provide personalized care, improve patient outcomes, and optimize breast cancer treatment strategies. These factors will fuel the growth of the global oncology molecular diagnostics market through the breast cancer segment during the forecast period.
Colorectal cancer (CRC) is the third most common cancer in men and the second most common cancer in women. A rapid growth in the incidence of cancer across the globe is mainly led by factors such as a rising obese population, unhealthy diet, lack of physical activity, rising number of smokers, excessive consumption of alcohol, and medical conditions such as diabetes, acromegaly, and gallstones-increases the risk of colorectal cancer. This increase in the occurrence of CRC requires the use of molecular diagnostic tests. Timely use of these tests can provide a chance to fight colorectal cancer. Moreover, molecular diagnostics play an important role in the early detection and screening of colorectal cancer. The rising demand for molecular diagnostics in colorectal cancer stems from its ability to provide a more accurate diagnosis, personalized treatment selection, and early detection of recurrence will rise molecular diagnostics demand in colorectal cancer during the forecast period.
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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 will shape the market during the forecast period. With advancements in technology, such as NGS technologies and the rising prevalence of cancer, there is a high demand for molecular diagnostics in this region. Factors such as the rising adoption of personalized medicine, the need for early cancer detection, and the development of mainly targeted therapies are the key driver for the growth of the market in this region.
Moreover, North America has many established medical facilities with state-of-the-art infrastructure and advanced treatment solutions. Medical facilities in the region focus on targeted therapies to treat different types of cancer. This has led to the demand for personalized medicine and the development of related molecular cancer diagnostics. Furthermore, various 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 started implementing these diagnostics, which has brought many new products to market. Hence, the North American oncology molecular diagnostics market is expected to grow significantly during the forecast period.
The outbreak of COVID-19 adversely affected all countries in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and helped to increase the number of people going to diagnostic centers and hospitals. In addition, advancements in genomic technologies, the rising prevalence of cancer, the growing demand for personalized medicine, and the availability of advanced healthcare infrastructure will contribute to the growth of the regional market during the forecast period.
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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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers oncology molecular diagnostics such as the UroVysion bladder cancer kit.
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.
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.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of cancer worldwide is the key factor driving the growth of the global oncology molecular diagnostics market. Unhealthy eating habits, lack of exercise, and excessive tobacco and alcohol consumption lead to cancer of the lungs, stomach, kidneys, head, neck, and larynx. Exposure to ionizing radiation, chemical mutagens, infectious micro-organisms, and environmental pollutants can also cause cancer. The number of cancer cases is increasing across the globe.
Furthermore, to provide improved treatment options, medical institutions need highly sensitive and reliable diagnostics for early diagnosis of cancer. Molecular and companion diagnostics are common methods for detecting different types of cancer. The rise in cancer cases will lead to raised demand and utilization of oncology molecular diagnostics products, which is expected to boost the growth of the market during the forecast period.
Integration of next-generation sequencing in oncology molecular diagnostics is the key trend driving the growth of the global oncology molecular diagnostics market. NGS technology has revolutionized molecular diagnostics by enabling comprehensive analysis of genetic information. NGS enables simultaneous analysis of multiple genes or the entire genome, providing a comprehensive genetic profile for cancer diagnosis, prognosis, and treatment selection. The consolidation of NGS in these fields will raise the demand for molecular oncology diagnostics as researchers and pharmaceutical companies depend on NGS-based tests to support the (R&D) of precision medicine treatments such as cancer.
Moreover, NGS technology has expanded test menus, improved diagnostic accuracy, facilitated personalized medicine, supported research and drug development, and reduced costs. These factors have collectively contributed to the rising demand for molecular diagnostics in clinical and research settings, which is expected to drive the growth of the market during the forecast period.
The lack of skilled medical professionals performing oncology molecular diagnostics tests is the key challenge to the growth of the market. Several advanced cancer diagnostic methods are inherently complex and require a thorough understanding of the device's mechanism for effective application. Additionally, without proper training, it can be difficult to obtain data from the systems. The lack of technical expertise of medical professionals using these devices poses operational and technical problems. A shortage of professionals such as laboratory technicians and pathologists can limit testing capacity. This can lead to longer test results, delayed diagnosis, and reduced patient access to molecular diagnostic testing.
Moreover, a shortage of skilled professionals may also affect the adoption of advanced molecular diagnostic techniques. Additional training and expertise may be required to effectively use these new technologies in clinical practices. The introduction and integration of advanced molecular diagnostics can be slowed without a sufficient number of skilled professionals. Hence, the lack of skilled medical professionals will impede the growth of the global oncology molecular diagnostics market during the forecast period.
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The market 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 growth strategies.
Global Oncology Molecular Diagnostics Market Customer Landscape
The oncology molecular diagnostics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Oncology Molecular Diagnostics Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.82% |
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Market growth 2023-2027 |
USD 2,980.87 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.87 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, France, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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