Oncology Molecular Diagnostics Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What fueled the previous growth in the oncology molecular diagnostics market?
The market size for oncology molecular diagnostics has experienced swift expansion in recent years. It is projected to rise from $4.84 billion in 2024 to $5.65 billion in 2025, with a compound annual growth rate (CAGR) of 16.7%. The notable growth witnessed in the past is due to the entry of early tests into the market, advances in genomic profiling, the introduction of next-generation sequencing (NGS), earlier identification of biomarkers and the development of targeted therapies.
What will be the oncology molecular diagnostics market size in the future?
Expectations are high for a substantial increase in the size of the oncology molecular diagnostics market in the upcoming years. Projections show that it will expand to $8.99 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. This growth within the forecast period can be tied to the advancement in liquid biopsy, the emergence of companion diagnostics, the integration of artificial intelligence (AI), increased applications of ngs and progress in biomarker identification. Key trends anticipated during this forecast period involve worldwide accessibility, the discovery and validation of biomarkers, fine-tuning of the regulatory framework, technological platform improvements, and development of patient-centric care models.
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What main drivers are fueling expansion in the oncology molecular diagnostics market?
The oncology molecular diagnostics market is predicted to expand due to the increasing global incidences of cancer. As reported by the American Cancer Society, approximately 1.9 million new cancer cases and 609,360 cancer-related deaths are expected in the U.S. in 2022. Similar numbers are predicted for 2023, with roughly 1,958,310 new cases of cancer and 609,820 fatalities as a result of cancer. The four most common types globally are lung, prostate, bowel, and female breast cancer. Thus, the surge in global cancer cases is expected to enhance the demand for the oncology molecular diagnostics market in the foreseeable future.
What key areas define the segmentation of the global oncology molecular diagnostics market?
The oncology molecular diagnostics market covered in this report is segmented –
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
Subsegments:
1) By Instruments: PCR (Polymerase Chain Reaction) Machines, Sequencers, Microarray Platforms, Fluorescence In Situ Hybridization (FISH) Instruments
2) By Reagents: DNA And RNA Extraction Kits, PCR Reagents And Kits, NGS Library Preparation Kits, Diagnostic Assay Reagents
3) By Other Products: Software For Data Analysis And Interpretation, Quality Control And Calibration Products, Consumables, For Molecular Testing, Biomarkers For Oncology Testing
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Who are the dominant players expanding their reach in the oncology molecular diagnostics market?
Major companies operating in the oncology molecular diagnostics market include F. Hoffmann-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthcare AG, Becton Dickinson and Company, Agilent Technologies Inc., HTG Molecular Diagnostics Inc., Hologic Inc., Illumina Inc., bioMérieux SA, Beckman Coulter Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., Qiagen N.V., Exact Sciences Corp., Bio-Techne Corporation, OPKO Health Inc., Myriad Genetics Inc., Guardant Health AMEA, Veracyte Inc., Adaptive Biotechnologies Corp., Foundation Medicine Inc., Pacific Biosciences of California Inc., NanoString Technologies Inc., Genomic Health Inc.
How are evolving market trends shaping oncology molecular diagnostics Strategies?
The proliferation of advanced genomics technology is a significant trend in the oncology molecular diagnostics market. This is boosted by developments in cancer genome sequencing technology, computational analysis, tumor models, and the innovation of contemporary cancer research techniques, all of which enable earlier detection of cancer and its mutation. For example, in May 2024, OncoHelix-CoLab, a company based in Canada specializing in precision oncology with an emphasis on genomic and immunologic profiling for cancer treatment, partnered with Burjeel Medical City in the UAE to launch an advanced molecular diagnostics and immune profile testing laboratory. This state-of-the-art facility, a joint venture between Burjeel Holdings and OncoHelix, boasts a wide range of capabilities in molecular, cellular immunology, and transplant diagnostics. By conducting intricate tests locally, the lab seeks to enhance diagnostic precision and efficiency, thus, eliminating the requirement to send samples overseas. Furthermore, its competencies encompass advanced tests for various forms of cancer, such as prostate cancer, made possible through collaborations like the one with Nanostics for the ClarityDX Prostate test.
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Which regions are emerging as leaders in the oncology molecular diagnostics market?
North America was the largest region in the oncology molecular diagnostics market in 2024. Western Europe was the second largest region in the global oncology molecular diagnostics market report. The regions covered in the oncology molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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