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The oncology molecular diagnostics market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 14%, as per The Business Research Company’s market report!

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The Oncology Molecular Diagnostics Market Size In 2022 And Forecast

The global oncology molecular diagnostics market is expected to grow from $3.22 billion in 2021 to $3.66 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The oncology molecular diagnostics market is expected to grow to $6.34 billion in 2026 at a CAGR of 14.7%.

The oncology molecular diagnostics market consists of sales of molecular diagnostic instruments, kits, and reagents used for diagnosing cancers and related services by entities (organizations, sole traders, and partnerships) that produce molecular diagnostic equipment for diagnosing cancer.

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Rise In The Number Of Cancer Cases Globally Is Driving The Growth Of The Oncology Molecular Diagnostics Market

According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the oncology molecular diagnostic market over the coming years.

Competitive Landscape And The Regional Analysis Of The Oncology Molecular Diagnostics Market

Major players in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen-Probe (Hologic), Qiagen N.V., Roche Diagnostics, and Siemens Healthcare.

The Oncology Molecular Diagnostics Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oncology molecular diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the oncology molecular diagnostics market.

Technology Advancement In Genomics – A Key Trend In The Oncology Molecular Diagnostics Market

Advancements in cancer genome sequencing technology, computational analysis, tumor models, and innovation of modern cancer research methods promote early detection of cancer and its mutation.

Oncology Molecular Diagnostics Market Segmentation By The Business Research Company

1) By Product: Instruments, Reagents, Other Products

2) By Technology: Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Isothermic Nucleic Acid Amplification Technology (INNAT), Chips & Microarrays, Sequencing, Mass Spectroscopy, Transcription Mediated Amplification (TMA), Other Technologies

3) By End User: Hospitals, Diagnostic Centers, Academic & Research Institutes, Other End Users

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