According to the latest report by IMARC Group, titled "Oncology Molecular Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global oncology molecular diagnostics market grew at a CAGR of around 12% during 2014-2019. Oncology molecular diagnostics is a part of laboratory medicine that involves analyzing biological markers for the detection of cancer cells in an individual. In this process, blood, saliva, and tumor tissue sample tests are performed on the patient for measuring specific genetic sequences in the DNA, RNA and cell proteins. They are utilized for performing rapid analysis of the condition and providing detailed critical information regarding it. The quantitative measurements offered by the diagnostics are essential in understanding the stage and available effective therapeutic options for cancer. This aids in determining the right course of personalized treatment for the patient by making informed medical decisions for a better outcome.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oncology Molecular Diagnostics Market Trends:
The market is primarily driven by the growing prevalence of different forms of cancer across the globe. This can be attributed to the sedentary lifestyles led by the majority of the population, along with the high tobacco and alcohol uptake by the masses. Consequently, there is a significant increase in the demand for efficient diagnostic solutions, thereby providing a thrust to the market growth. Apart from this, the rising awareness regarding early cancer detection among individuals is acting as another major growth-inducing factor. Moreover, there has also been a considerable increase in the geriatric population on the global level. This, along with the growing investments by numerous private and public organizations to develop the oncology infrastructure across healthcare facilities, is creating a positive outlook for the market. Numerous players have also introduced technologically advanced diagnostics products in the market. Since these products offer enhanced accuracy and speed in terms of diagnosis while being affordable, they are gaining widespread prominence across the healthcare sector. Some of the other factors catalyzing the market growth include the increasing penetration of healthcare insurance in numerous developing countries and the rising trend of medical tourism on the global level. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
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