Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the global oncology molecular diagnostic market was estimated at US$ 1.3 Bn in 2016 and is anticipated to expand at a CAGR of 11% from 2021 to 2031.
Mounting Demand for PCR Diagnostic Technology Anticipated to Incur Opportunities in Oncology Molecular Diagnostic Market; Fact.MR
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the global oncology molecular diagnostic market was estimated at US$ 1.3 Bn in 2016 and is anticipated to expand at a CAGR of 11% from 2021 to 2031. Demand for oncology molecular diagnostics is driven by increasing prevalence of infectious diseases and cancer, rising funding towards R&D, increase in PoC (point of care) testing devices, and various technological advancements.
The market is being driven by sales of oncology molecular diagnostic instruments, kits, and reagents used for diagnosing cancer.
Key Takeaways from Oncology Molecular Diagnostic Market Study
- Global oncology molecular diagnostic market is expected to grow 2.3X in value by 2031.
- Demand for reagents & kits to expand at a CAGR of 12.8% over next ten years.
- Market in China anticipated to reach a valuation of US$ 670 Mn by 2031.
- Markets in Japan and Canada forecasted to grow 8% and 9%, respectively.
- Demand for PCR diagnostic technology to dominate the market over next ten years.
Leading market players in oncology molecular diagnostics are also entering into collaborations with top oncology molecular diagnostic instrument brands, for development of companion diagnostic pertaining to cancer.
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Some of the key developments are:
- In September 2015; Roche launched the Cobas EGFR Mutation Test v2, which is used for diagnosis of Non-Small Cell Lung Cancer (NSCLC), which is expected to drive the growth of this market.
- Qiagen and Lilly announced their plans to co-develop companion diagnostics for targeting common cancer biomarkers.
- In February 2019, ICON plc, a US-based biotechnology company, acquired MolecularMD for an undisclosed amount. The acquisition enhances ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including next-generation sequencing, and immunohistochemistry (IHC).
Key Segments Covered in Oncology Molecular Diagnostic Industry Research
By Product
- Oncology Molecular Diagnostic Reagents & Kits
- Oncology Molecular Diagnostic Instruments
- Oncology Molecular Diagnostic Tabletop Instruments
- Oncology Molecular Diagnostic Portable & PoC Instruments
- Oncology Molecular Diagnostic Services & Software
By Technology
- Polymerase Chain Reaction (PCR) in Oncology Molecular Diagnostics
- Isothermal Nucleic Acid Amplification Technology (INAAT) for Oncology Molecular Diagnostics
- DNA Sequencing & Next-Generation Sequencing (NGS) for Oncology Molecular Diagnostics
- In Situ Hybridization (ISH) Technology for Oncology Molecular Diagnostics
- DNA Chips and Microarrays for Oncology Molecular Diagnostics
By End User
- Oncology Molecular Diagnostic Used in Diagnostic Laboratories
- Oncology Molecular Diagnostic Used in Hospitals & Clinics
“Increasing awareness towards early detection of cancer using molecular diagnostics to nudge demand for oncology molecular diagnostics over coming years,” says a Fact.MR analyst.
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Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current Asia-Pacific oncology molecular diagnostics market trends and forecast estimations from 2018 to 2026, which assists to identify the prevailing oncology molecular diagnostics market opportunities.
- An in-depth oncology molecular diagnostics market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
- Country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2019 to 2026, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the oncology molecular diagnostics market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of Asia-Pacific oncology molecular diagnostics market.
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Source: Fact.MR