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Oncology Molecular Diagnostics Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

 

Oncology Molecular Diagnostics Market
1. Oncology Molecular Diagnostics Market Overview
The Oncology Molecular Diagnostics (OMD) market is rapidly evolving with the advent of new technologies and the launch of several new products in the past few years. The market is expected to grow at a CAGR of 9.4% during the forecast period (2018-2023).

The key players in the market are Abbott Laboratories, Agilent Technologies, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc., and Qiagen N.V.

The global oncology molecular diagnostics market is segmented based on technology, application, and geography.

Based on technology, the market is categorized into polymerase chain reaction (PCR), immunohistochemistry (IHC), next-generation sequencing (NGS), in situ hybridization (ISH), and others.

The applications of OMD are segmented into hematological cancers, solid tumors, and others.

Geographically, the market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Some of the key drivers for the growth of the oncology molecular diagnostics market are the rising incidence of cancer, the increasing demand for personalized medicine, and the growing number of biomarker-based clinical trials.

However, the high cost of OMD tests and the lack of reimbursement are the major challenges faced by the market players.

The Oncology Molecular Diagnostics (OMD) market is rapidly evolving with the advent of new technologies and the launch of several new products in the past few years. The market is expected to grow at a CAGR of 9.4% during the forecast period (2018-2023).

The key players in the market are Abbott Laboratories, Agilent Technologies, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc., and Qiagen N.V.

The global oncology molecular diagnostics market is segmented based on technology, application, and geography.

Based on technology, the market is categorized into polymerase chain reaction (PCR), immunohistochemistry (

2. Oncology Molecular Diagnostics Market Growth Drivers
The oncology molecular diagnostics market is projected to grow at a CAGR of 9.8% from 2018 to 2023. The major drivers for the growth of this market include the increasing prevalence of cancer, technological advancements, and the rising number of government initiatives.

The increasing prevalence of cancer is one of the major drivers for the growth of the oncology molecular diagnostics market. As per the World Health Organization (WHO), the global cancer cases are expected to rise from 14 million in 2012 to 22 million by 2032. The rising incidence of cancer is driving the demand for early and accurate diagnosis, which is expected to propel the growth of the oncology molecular diagnostics market.

Technological advancements in molecular diagnostics are another factor driving the growth of the oncology molecular diagnostics market. The introduction of next-generation sequencing (NGS) and other advanced technologies has resulted in the development of new and more sensitive diagnostic tests. These tests are able to detect even the slightest alterations in the DNA, which helps in the early diagnosis of cancer.

The rising number of government initiatives is another driver for the growth of the oncology molecular diagnostics market. Various government organizations are providing financial support for the development and commercialization of new cancer diagnostic tests. For instance, the National Cancer Institute (NCI) provides funding for the development of cancer diagnostic tests through its Early Detection Research Network (EDRN).

3. Oncology Molecular Diagnostics Market Challenges
Molecular diagnostics is a rapidly growing field with great potential to improve the detection and treatment of cancer. However, there are several challenges that need to be addressed before this potential can be fully realized.

1. Cost

Molecular diagnostics is still a relatively new field, and as such, the tests are often quite expensive. This can be a barrier to adoption, especially in developing countries where healthcare budgets are already stretched thin.

2. Accessibility

Another challenge is that molecular diagnostic tests are not always readily available. They may need to be ordered from a specialized laboratory, which can take time and delay treatment.

3. Interpretation

Molecular diagnostic tests can generate a lot of data that can be difficult to interpret. This can be a challenge for clinicians, who may not have the training or experience to understand all the results.

Despite these challenges, molecular diagnostics is a promising field with great potential to improve the detection and treatment of cancer. With continued research and development, the challenges will likely be addressed and the full potential of this field will be realized.

4. Oncology Molecular Diagnostics Market Opportunities
There are many opportunities for those in the oncology molecular diagnostics market. Here are four of them:

1. Developing new and better ways to diagnose cancer.

2. Developing new and better ways to treat cancer.

3. Developing new and better ways to prevent cancer.

4. Helping people manage their cancer risk.

5. Oncology Molecular Diagnostics Market Future Outlook
The oncology molecular diagnostics market is expected to grow significantly in the next few years. This is primarily due to the increasing prevalence of cancer and the need for early diagnosis and treatment of the disease. Molecular diagnostics is a rapidly evolving field that uses specific DNA or RNA sequences to identify the presence of a particular disease. Oncology molecular diagnostics tests help in the early detection of cancer, which is crucial for effective treatment.

There are a number of factors that are driving the growth of the oncology molecular diagnostics market. Firstly, the increasing incidence of cancer is leading to a greater demand for early diagnosis and treatment of the disease. Secondly, the improving healthcare infrastructure in developed countries is making it easier for patients to access molecular diagnostics tests. Thirdly, the increasing awareness about the benefits of molecular diagnostics is leading to a greater demand for these tests. Fourthly, the launching of new and innovative products is providing a boost to the market growth.

The major players in the oncology molecular diagnostics market are Myriad Genetics, Inc., Abbott Laboratories, Roche Diagnostics, Qiagen N.V., and Thermo Fisher Scientific, Inc. These companies are engaged in the development of new and innovative products to cater to the growing demand for oncology molecular diagnostics.

Key Players Covered

 

Abbott, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, Cepheid, Bayer AG, Agilent Technologies, Inc., Danaher, Hologic Inc., Sysmex Corporation, and Siemens Healthcare GmbH.

 

SEGMENTATION

 

SEGMENTATION

 

 DETAILS
 

By Product

 

 

· Instruments

 

· Reagents

 

· Others

 

 

By Cancer Type

 

 

· Blood Cancer

· Breast Cancer

· Prostate Cancer

· Colorectal Cancer

· Liver Cance

· Lung Cancer

· Skin Cancer

· Cervical Cancer

· Others

 

 

By Technology

 

 

· Polymerase Chain Reaction (PCR)

· In-situ Hybridization (ISH)

· Isothermic Nucleic Acid Amplification Technology (INNAT)

· Chips & Microarrays

· Sequencing

· Mass Spectroscopy

· Transcription Mediated Amplification (TMA)

· Others

 

 

By End User

 

 

· Hospitals

· Diagnostic Centers

· Academic & Research Institutes

· Others

 

 

By Geography

 

 

· North America (USA and Canada)

· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

· Latin America (Brazil, Mexico and Rest of Latin America)

· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

 

 

 

By Product

 

 

· Instruments

 

· Reagents

 

· Others

 

 

By Cancer Type

 

 

· Blood Cancer

· Breast Cancer

· Prostate Cancer

· Colorectal Cancer

· Liver Cance

· Lung Cancer

· Skin Cancer

· Cervical Cancer

· Others

 

 

By Technology

 

 

· Polymerase Chain Reaction (PCR)

· In-situ Hybridization (ISH)

· Isothermic Nucleic Acid Amplification Technology (INNAT)

· Chips & Microarrays

· Sequencing

· Mass Spectroscopy

· Transcription Mediated Amplification (TMA)

· Others

 

 

By End User

 

 

· Hospitals

· Diagnostic Centers

· Academic & Research Institutes

· Others

 

Abbott, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, Cepheid, Bayer AG, Agilent Technologies, Inc., Danaher, Hologic Inc., Sysmex Corporation, and Siemens Healthcare GmbH.

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