Global Oncology Molecular Diagnostics Market to Grow at 13% During 2024-2032, Fostered by Growing Awareness Regarding Early Cancer Detection

According to the latest report by IMARC Group, titled "Oncology Molecular Diagnostics Market Report by Cancer Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, Lung Cancer, Blood Cancer, and Others), Product (Instruments, Reagents, and Others), Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization, Chips and Microarrays, Isothermal Nucleic Acid Amplification Technology (INAAT), Mass Spectrometry, DNA and NGS Sequencing, Transcription Mediated Amplification (TMA), and Others), End-User (Hospitals and Clinics, Reference Laboratories, and Others), and Region 2024-2032," the global oncology molecular diagnostics market reached a value of US$ 4.2 Billion in 2023. 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.

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 grow at a CAGR of 13% during 2024-2032.

Marker Summary:

• On the basis of the cancer type, the market has been divided into breast, prostate, colorectal, cervical, liver, lung, blood and other forms of cancer.
• Based on the product, the market has been classified into instruments, reagents and others.
• On the basis of the technology, the market has been categorized into polymerase chain reaction (PCR), in situ hybridization, chips and microarrays, isothermal nucleic acid amplification technology (INAAT), mass spectrometry, DNA and NGS sequencing, transcription mediated amplification (TMA) and others.
• Based on the end-user, the market has been segmented into hospitals and clinics, reference laboratories, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Agilent Technologies, Inc., Abbott Laboratories, Bayer AG, Becton, Dickinson and Company, Danaher Corporation, F. Hoffmann-La Roche AG, Hologic, Inc., Qiagen N.V., Siemens Healthcare and Sysmex Corporation.

Report Scope:

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