Discover trends, market shifts, and competitive outlooks for the oncology molecular diagnostics industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What Are the Key Milestones in the Oncology Molecular Diagnostics Market’s Growth Trajectory From 2025 To 2034?

The market size for oncology molecular diagnostics has seen a significant increase in recent years. The prediction is that it will swell from $4.84 billion in 2024 to $5.65 billion in 2025, with a compound annual growth rate (CAGR) of 16.7%. The growth observed in the past period can be linked to the launch of early tests, advancements in genomic profiling, the advent of next-generation sequencing (NGS), early identification of biomarkers, as well as the development of targeted therapies.

The market size of oncology molecular diagnostics is anticipated to witness robust expansion in the coming years, expected to reach $8.99 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. The surge in this forecasted period is attributable to advances in liquid biopsy, the emergence of companion diagnostics, the incorporation of artificial intelligence (AI), the broadening of ngs applications, and the development of biomarker identification. Key trends expected in this forecast period encompass global accessibility, biomarker discovery and validation, fine-tuning of the regulatory framework, enhancements of technological platforms, and shifts towards patient-centric care models.

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Which Primay Drivers Are Accelerating Growth in the Oncology Molecular Diagnostics Market?

The global increase in cancer cases is expected to fuel the expansion of the oncology molecular diagnostics market. The American Cancer Society reports that there were approximately 1.9 million new cancer cases and 609,360 cancer-related fatalities in the U.S. in 2022. The predictions for 2023 show a similar trend, with roughly 1,958,310 new cancer diagnoses and 609,820 deaths from cancer. The four cancers with the highest prevalence worldwide are lung, prostate, bowel, and breast cancer in women. Consequently, the upward trend in global cancer occurrence rates is predicted to stimulate greater demand for the oncology molecular diagnostics market in the following years.

Which Primary Segments of the Oncology Molecular Diagnostics Market Are Driving Growth and Industry Transformations?

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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Which Regions Are Key Players in the Growth of the Oncology Molecular Diagnostics Market?

The countries covered in the oncology molecular diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

Which Technological Trends Are Reshaping the Oncology Molecular Diagnostics Industry Dynamics?

The oncology molecular diagnostics market is significantly influenced by the advancements in genomics technology. Progress in cancer genome sequence analysis, computational studies, tumor modelling and the development of modern cancer research practices facilitate timely cancer detection and mutation identification. Take the example of OncoHelix-CoLab, a Canada-based company specializing in precision oncology. They focus on genomic and immunologic profiling for cancer treatment, advanced molecular diagnostics and immune profile testing. In May 2024, they launched a leading-edge laboratory at Burjeel Medical City in UAE, in a collaboration with Burjeel Holdings. The laboratory undertakes complex tests locally, aiming for enhanced diagnostic precision and efficiency which negates the necessity of sending samples overseas. The lab’s services range from conducting intricate tests for a variety of cancers, including prostate cancer, partnering with firms like Nanostics for the ClarityDX Prostate test.

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What Parameters Are Used to Define the Oncology Molecular Diagnostics Market?

The oncology molecular diagnostics refers to a procedure for diagnosing cancers and related services. Molecular diagnostics are tests that diagnose genetic information, proteins, or related molecules and provide health or disease information.

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