The Global Oncology Molecular Diagnostics Market report is a comprehensive analysis of the Technique, market, and key players. The report has covered the market by demand and supply-side by segments. The Oncology Molecular Diagnostics Market report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Oncology Molecular Diagnostics Market
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Global Oncology Molecular Diagnostics Market Overview:
Molecular diagnostics process is an assembly of techniques used to examine biological indicators in the genome and proteome, and how their cells direct their genes as proteins, smearing molecular biology to medical testing.
Global Oncology Molecular Diagnostics Market Dynamics:
The global Oncology Molecular Diagnostics Market was valued at USD 1.72 billion in 2020 and is estimated to reach USD 3.7 billion by 2026 at a CAGR of 12.5% in the forecast period of 2020-2026.
The demand for the Oncology Molecular Diagnostics market is anticipated to grow in the forecast period due to growing investment in research and development and testing techniques. Moreover, growing life science is further boosting the market of Oncology Molecular Diagnostics. Increasing Demand for Automated and Advanced Diagnostic is likely to Push Growth of the testing technique market. The demand for automated and advanced diagnostic techniques in cancer treatment is supporting the growth of global oncology molecular diagnostics market shares. As per the World Health Organization (WHO), in 2018, 18.0 million cancer cases were reported, this further fuels the global oncology molecular diagnostics market.
Moreover, the growing occurrence of various cancer is further boosting the growth of the global automated and advanced diagnostic market in terms of revenue in the forecast period. The lift in the meticulousness of medicine and collective demand for efficient care is likely to lift the global oncology molecular diagnostics market growth in the forecast period of 2020-2026. The cost of a molecular diagnostic is expensive and middle-class people cannot afford this treatment. For example, molecular diagnostic tests for non-small lung cancer monotherapy cost about USD 10,000 -25,000 per month, and the expense increases with the combination therapy of medicines and other treatments like radiation and chemotherapy. Hence this factor can hamper the growth of the market.
Additionally, the rising research and development in clinical trials with government authorization and regulatory affairs are creating more opportunities in the market. As research and development are focusing on reducing the cost of processing and testing kits, and operating costs with easy patient recruitment is further boosting the demand of the Oncology Molecular Diagnostics market in the forecast period. Moreover, the developing healthcare system is further boosting the diagnostic treatment market in the forecast period of 2020-2026.
Global Oncology Molecular Diagnostics Market Segment Analysis:
By Cancer Type, Lung cancer and breast Cancer are dominating the cancer type segment of the oncology molecular diagnostics market in the forecast period. Breast cancer is most common in American women. The average risk of women developing breast cancer is 13% that is the chances of 1 in 8 women. Lung cancer is by far leading in the cancer type segment together with all other types of cancer. 25% of deaths are caused by lung cancer globally.
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By Technique, the Global Oncology Molecular Diagnostics Market segmented as 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), Others. The polymerase chain reaction is dominating the technique segment of oncology molecular diagnostics.
By Product, the Global Oncology Molecular Diagnostics Market segmented as Instruments, Reagents, Others. The reagent segment is dominating the oncology molecular diagnostic market by product segment. Regents are used for the detection purpose, or to carry out a chemical reaction, and to make other substrates. In the year 2019 reagent market accounted for a market share of USD XX billion due to wider utilization in cancer research and treatment.
By End-User, the Global Oncology Molecular Diagnostics Market segmented as Hospitals, and Clinics, Reference Laboratories, Others. Hospitals are dominating the end-user segment of the Oncology Molecular Diagnostic Market. As hospitals are well equipped with the machinery and have high exposure of the patient. Moreover, hospitals have high capital investment and provide maintenance with trained technicians. Moreover, Oncology Molecular Diagnostic in hospitals offers quick access to the patient for the testing and diagnosis to avoid traveling from one place to another for the pathology labs. Moreover, the quick availability of results is made and the treatment can be initiated. Diagnostic laboratories are second dominating in the end-user segment of the pathology imaging system market
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Global Oncology Molecular Diagnostics Market Regional Insights:
North America is dominating the Oncology Molecular Diagnostics market of the regional segment and accounting for 34% of the market share in the 2020. Also high adoption of the latest technologies in the region moreover the research studies in the biopharmaceuticals and well-equipped healthcare infrastructure is further boosting the market. Moreover, Biopharmaceuticals export in the US was estimated to be USD 60.3 million in 2019 with a growing CAGR of XX% during the forecast period. The US spends 22% of total revenue in the pharmaceutical industry for the research and development of novel medicines. Further, the US healthcare and pharmaceutical industry spends 8.34 million in digital advertisement to increase the awareness in consumers about the latest technologies and advanced testing. The oncology molecular diagnostic market in the US accounts for 29% of the global market and valued at USD 497.8 Million in 2020 and Canada is likely to grow by 9.7%.
The Asia Pacific is second dominating in the oncology molecular diagnostics and ranks number one in breast cancer. China is dominating in the Asia Pacific and accounted for 15.1% of CAGR during the forecast period of 2020-2026 and Japan is anticipated to grow by 7.6%.
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The objective of the report is to present a comprehensive analysis of the global Oncology Molecular Diagnostics Market to the stakeholders in the Technique. The past and current status of the Technique with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Technique with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Technique to the decision-makers.
The report also helps in understanding the global Oncology Molecular Diagnostics Market dynamics, structure by analyzing the market segments and project the global Oncology Molecular Diagnostics Market size. Clear representation of competitive analysis of key players by Cancer Type price, financial position, Cetyl Myristoleate portfolio, growth strategies, and regional presence in the global Oncology Molecular Diagnostics Market make the report investor’s guide.
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Global Oncology Molecular Diagnostics Market, by Region
• North America
• Asia Pacific
• The Middle East and Africa
• South America
Global Oncology Molecular Diagnostics Market Key Players
• Abbott Laboratories
• Bayer Healthcare AG
• Beckman Coulter, Inc.
• Becton, Dickinson, and Company
• Cepheid, Inc.
• Danaher Corporation
• Hologic, Inc.
• Leica Biosystems Inc.
• Qiagen NV
• Roche Diagnostics (Schweiz) AG
• Siemens Healthineers
• Sysmex Corporation
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