Oncology Molecular Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2029
According to Fortune Business Insights, Increasing Demand for Automated and Advanced Diagnostic Will Propel Growth, Rapid Adoption of Advanced Diagnostics Techniques Will Boost Growth in North America
Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) — The market size for Oncology Molecular Diagnostics is expected to be large and growing due to increasing incidences of cancer and the use of personalized medicine. It is also anticipated to be driven by the rising demand for minimally invasive procedures and increasing adoption of companion diagnostics. The market is segmented by Product, Cancer Type, Technology and end-user.
Rising Preference Towards Precision Medicine Will Fuel Demand for Oncology Molecular Diagnostics?
Oncology Molecular Diagnostics Market Size, Share and Worldwide Trend Analysis & Forecast 2023-2029. The increasing prevalence of various types of cancer around world is driving the global oncology molecular diagnostics market, says Fortune Business Insights in a report, titled “Oncology Molecular Diagnostics Market Size, Share and Global Trend By Product (Instruments, Reagents), By Cancer Type (Blood Cancer, Prostate Cancer, Colorectal Cancer, Skin Cancer, Cervical Cancer), By Technology (Polymerase Chain Reaction, Chips & Microarrays, Sequencing, Mass Spectroscopy, Transcription Mediated Amplification), By End User (Hospitals, Diagnostic Centers) and Geography Forecast till 2029.” The rising shift towards precision medicine is expected to enable the growth of the global oncology molecular diagnostics market.
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/sample/oncology-molecular-diagnostics-market-101145
Key Takeaways from the Oncology Molecular Diagnostics Market:
- According to the WHO, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to further fuel the global Market
- Among the segmentation, breast cancer segment is projected to hold a considerable share of the global Oncology Molecular Diagnostics market during the forecast period
- North America is anticipated to dominate the global oncology molecular diagnostics market over the forecast period
- The oncology molecular diagnostics market is highly competitive, with major players such as F. Hoffmann-La Roche AG, Dickinson and Company, Cepheid, Becton, Abbott and others.
- The global oncology molecular diagnostics market is expected to grow significantly in the coming years, driven by factors such as increasing incidences of cancer, advancements in molecular diagnostic technologies, and growing awareness about the early detection and personalized treatment of cancer
Major Leading Players Mentioned:
- Abbott
- Becton
- Dickinson and Company
- F. Hoffmann-La Roche Ltd
- Cepheid
- Bayer AG
- Agilent Technologies
- Danaher
- Hologic
- Sysmex Corporation
- Siemens Healthcare GmbH.
To get to know more about the short-term and long-term impact of COVID-19 on this market, visit:
Increasing Demand for Automated and Advanced Diagnostic Will Propel Growth
The increasing prevalence of numerous cancer is likely to back the growth of the global automated and advanced diagnostic market revenue. The rising shift towards precision medicine and increasing demand for preventive care is expected to boost the global oncology molecular diagnostics market growth. Further, increasing demand for automated and advanced diagnostic techniques for cancer is also expected to aid the global oncology molecular diagnostics market shares.
According to the World Health Organization, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to further fuel the global oncology molecular diagnostics market.
Furthermore, favourable health reimbursement policies are likely to foster the growth of the global oncology molecular diagnostics market. Moreover, Acquisition and mergers by key companies is predicted to stimulate the global oncology molecular diagnostics market growth during the forecast period.
For instance, cancer Genetics announced merger with NovellusDx as a result of which Cancer Genetics portfolio of oncology test and services will combine with next-generation sequencing and other technologies of NovellusDx. Similarly, Biodesix, Inc., announced the acquisition of Integrated Diagnostics, Inc. which resulted in acquisition of the company oncology product namely XL2 test.
Additionally, the launch of MammaTyper is also expected to propel growth of the global oncology molecular diagnostics market. For instance, BioNTech SE launched MammaTyper, a molecular diagnostic test for breast cancer which was developed in collaboration with Stratifyer.
However, high costs associated with molecular diagnostics, budgetary limitations, and the requirement of the sophisticated facility are the major factors predicted to hinder the growth of the global oncology molecular diagnostics Industry.
To Get This Report Customized, Visit:
Rapid Adoption of Advanced Diagnostics Techniques Will Boost Growth in North America
Geographically, the global oncology molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle and Africa. North America is expected to dominate the global oncology molecular diagnostics market during the forecast period owing to the rapid adoption of advanced diagnostics techniques and sedentary lifestyles.
According to the American Cancer Society (ACS), melanoma or skin cancer is the most common type of cancer occurring in the U.S. and is estimated that approximately 91,270. Favourable health reimbursement policies will further augment growth in the region. In Asia Pacific, the oncology molecular diagnostics market is predicted to grow at a significant rate owing to the growing geriatric population and rising research on precision medicines. The high unmet cancer needs are also expected to enable growth in Asia Pacific.
Speak to Analyst:
https://www.fortunebusinessinsights.com/enquiry/queries/oncology-molecular-diagnostics-market-101145
Explore Our Trending Reports of Fortune Business Insight’s Healthcare Market Reports :
Short Bowel Syndrome Market Size – At a CAGR of 14.4% over the forecast period, the market for short bowel syndrome is expected to increase from $865.3 million in 2022 to $2,213.5 million in 2029.
Brain Tumor Drugs Market Share– The market for drugs to treat brain tumours is anticipated to increase from $2.43 billion in 2022 to $4.43 billion in 2029, at a projected CAGR of 9.0% for the forecast period of 2022-2029.
Immunology Market Growth – At a projected CAGR of 8.5% over the forecast period of 2022-2029, the global immunology market is expected to increase from $104.12 billion in 2022 to $184.21 billion by 2029.
Breast Pump Market Demand – In the forecast period of 2022-2029, the size of the global breast pump market is anticipated to increase from $1.68 billion in 2022 to $2.92 billion, at a CAGR of 8.2%.
U.S. Speech Therapy Market Trends – The U.S. speech therapy market is anticipated to increase at a 6.0% CAGR from 2022 to 2029, rising from $4.35 billion in 2022 to $6.52 billion in 2029.
About Us:
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower,
Baner – Mahalunge Road,
Baner, Pune-411045,
Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
