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Oncology Based Molecular Diagnostics Market Trends

Report ID: GMI8602
Published Date: Mar 2024
Report Format: PDF

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Oncology Based Molecular Diagnostics Market Trends

Continuous advancements in molecular biology technologies, such as polymerase chain reaction (PCR), next-generation sequencing (NGS), digital PCR, and DNA microarray, have significantly enhanced the sensitivity, specificity, and throughput of molecular diagnostic assays. These technological innovations enable the detection of specific genetic alterations, biomarkers, and molecular signatures associated with different types of cancer. Additionally, developments in automation, miniaturization, and bioinformatics have streamlined workflows, reduced turnaround times, and improved the accuracy and reliability of molecular diagnostic tests propelling the market growth.

There is a paradigm shift towards precision medicine in oncology, driven by the recognition of the molecular heterogeneity of cancer and the importance of targeting specific molecular alterations for effective treatment.
Molecular diagnostics play a pivotal role in guiding treatment decisions by providing molecular profiling, biomarker testing, and predictive genetic testing to identify optimal therapeutic strategies for individual patients.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Oncology based molecular diagnostics market size was USD 2.2 billion in 2023 and is expected to reach over USD 3.3 billion by 2032 owing to the rising cases of cancer from population aging, lifestyle changes, and the rising prevalence of risk factors such as smoking and obesity worldwide.

The reagents and kits segment is expected to reach USD 2 billion by 2032 due to reagents and kits being indispensable components for molecular diagnostic assays.

North America oncology based molecular diagnostics industry recorded 40.6% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to high prevalence of cancer in the region.

Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann La Roche Ltd., Hologic, Inc., Illumina, Inc., QIAGEN N.V., Siemens Healthineers AG, Sysmex Corporation, and Thermo Fisher Scientific Inc., are some of the major oncology based molecular diagnostics companies worldwide.