Global Molecular Oncology Diagnostics Market is anticipated to witness a steady CAGR in the forecast period, 2024-2028. This can be ascribed to the rising prevalence of various chronic diseases such as cancer, cardiovascular diseases, and diabetes, among others. According to Global Cancer Observatory, in 2020, around 19,292,789 new cancer cases were reported worldwide, among which the males and females accounted for 10,065,305 and 9 227,484 cases, respectively. Cancer is caused due to uncontrolled proliferation of cancer cells that starts from the inner lining to the outer region. Molecular oncology diagnostics refers to the tests for diagnosing cancer. These tests are used to identify the genetic material, proteins, or associated chemicals and provide information on health or disease. However, there is a need for developing new diagnostic methods and instruments, which is further expected to drive the growth of the Molecular Oncology Diagnostics Market.
The growing prevalence of cancer cases, the advanced technological advancement with the highest accuracy and precision, and the growing awareness amongst the population globally are projected to propel the growth of the market. Additionally, the high cost of molecular diagnostic techniques is expected to hamper the growth of the Global Molecular Oncology Diagnostics Market in the forecast years.
Rising Prevalence of Cancer
Cancer is one of the most common causes of death in the world. The global increase in cancer cases is probably a factor in the oncology molecular diagnostics market’s growth. In the United States of America in 2021, there were 1.8 million new instances of cancer and 0.6 million cancer deaths, according to the American Cancer Society. Due to the proliferation of cancerous cells, medical professionals are increasing their research and development efforts to develop treatments and diagnostics services to aid the prevention and treatment of cancer. Lung, prostate, bowel, and female breast cancer make up the top four cancer types worldwide, accounting for 43% of all new cancer cases, according to the American Cancer Society. For instance, the American Cancer Society estimates that there will be 106,180 new instances of colon cancer and 44,850 new cases of rectal cancer in the United States by the year 2022. Additionally, several professional associations, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), and the College of American Pathologists (CAP), have developed biomarker testing and treatment guidelines, according to the American Cancer Society’s 2020 report. Therefore, their treatment or diagnostic imaging is responsible for propelling the growth of Global Molecular Oncology Diagnostic Market.
Advancement in Technology
The advanced technology constitutes the sequencing techniques of genomics. For instance, the advancement in cancer genome sequencing technology, computational analysis, tumor models, and innovation and research going on in modern cancer research institutes promote early detection of cancer and its mutation. For instance, in June 2020, the United States Food and Drug Administration (FDA) gave approval to Cobas EGFR Mutation Test, a mutation test for testing patients with non-small cell lung cancer is a real-time test that can identify cancer resistance mutations and 42 mutations in the EGFR gene, which codes for the epidermal growth factor receptor. This molecular test was developed by a US-based company, namely Roche Molecular Systems, Inc.
Recent Developments & Product Launches
Rapid advancements in research and development (R&D) practices and activities are propelling the growth of the market on account of the growing need for developing novel diagnostic solutions for the treatment of different life-threatening diseases like cancer. For instance, in August 2022, Guardant Health expanded its Guardant Reveal test usage and developed a liquid biopsy test for residual disease detection and recurrence monitoring, including early-stage breast and lung cancers. It is currently accessible to patients with breast and lung cancer and is the only tissue-free test for colorectal cancer (CRC).
Additionally, in December 2021, QIAGEN, in partnership with Denovo Biopharma, developed a companion diagnostic test for the treatment of diffuse large B-cell lymphoma. This test identified people who have the Denovo genomic marker 1 (DGM1), which responded to the Denovo cancer drug DB102.
Global Molecular Oncology Diagnostics Market can be segmented by product type, technology, application, cancer type, end user, region, and company. Based on product type, the market can be segmented into instruments, kits and assays, and software. Based on technology, the market is fragmented into fluorescence in-situ hybridization (FISH), next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), flow cytometry, and other technologies. Based on application, the market is fragmented into Research and Clinical. Based on cancer type, the market is fragmented into solid tumors and blood cancers. Based on end users, the market is segmented into hospitals and diagnostic centers, reference laboratories, pharmaceutical and biotechnology companies, and academic and research institutes.
Advancement in Technology and Product Launch
The market players in Global Molecular Oncology Diagnostics Market are adopting various natural and modified strategies for market growth and development. For instance, a 5-year extension of their US supply agreement for the Insured ONE (FIT) fecal immunochemistry test was announced in January 2022 by Clinical Genomics, an innovator in the development of colorectal cancer testing, and Quest Diagnostics (NYSE: DGX), the world’s largest provider of diagnostic information services. By delivering InSure FIT and the new InSure ONE FIT for colorectal cancer diagnostic programs, this arrangement improves an ongoing partnership. Amgen and Plexium established a multi-year partnership to find new targeted protein degradation treatments in February 2022. The multi-year partnership aids in the development of innovative molecular glue therapies by utilizing knowledge gained from Amgen’s experience in creating multi-specific compounds. Furthermore, several strategies like collaboration, partnerships, mergers, acquisitions, product launches, and technology development propel the growth of Global Molecular Oncology Diagnostic Market.
Sysmex Corporation, F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., HTG Molecular Diagnostics, Inc., Danaher Corporation, QIAGEN N.V., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., QIAGEN N.V., Illumina, Inc., etc. are some of the key players operating in the global molecular oncology diagnostics market.
In this report, Global Molecular Oncology Diagnostics Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Molecular Oncology Diagnostics Market, By Product Type:
• Kits and Assays
• Molecular Oncology Diagnostics Market, By Technology:
• Fluorescence In-Situ Hybridization (FISH)
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Immunohistochemistry (IHC)
• Flow Cytometry
• Other Technologies
• Molecular Oncology Diagnostics Market, By Application:
• Molecular Oncology Diagnostics Market, By Cancer Type:
• Solid Tumor
• Blood Cancers
• Molecular Oncology Diagnostics Market, By End User:
• Hospitals and Diagnostic Centers
• Reference Laboratories
• Pharmaceutical and Biotechnology Companies
• Academic and Research Institutes
• Molecular Oncology Diagnostics Market, By Region:
• North America
· United States
· United Kingdom
· South Korea
• South America
• Middle East & Africa
· Saudi Arabia
· South Africa
Company Profiles: Detailed analysis of the major companies present in Global Molecular Oncology Diagnostics Market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).