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The oncology molecular diagnostics market consists of sales of molecular diagnostic instruments, kits and reagents used for diagnosing cancers and related services by entities (organizations, sole traders and partnerships) that produce molecular diagnostic equipment for diagnosing cancer. Molecular diagnostics are tests that diagnose genetic information, proteins or related molecules and provide health or disease information. This study is most usually performed on blood, saliva, or tumor tissue samples.
Global Oncology Molecular Diagnostics Market Size And Drivers:
The global oncology molecular diagnostics market is expected to grow from $5.59 billion in 2020 to $6.25 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oncology molecular diagnostics market is expected to reach $9.56 billion in 2025 at a CAGR of 11%. The rise in the number of cancer cases across the globe is likely to contribute to the growth of the oncology molecular diagnostics market.
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Trends In The Global Oncology Molecular Diagnostics Market
The advanced technology in genomics is a key trend in the oncology molecular diagnostics market. Advancements in cancer genome sequencing technology, computational analysis, tumor models, and innovation of modern cancer research methods promote early detection of cancer and its mutation. For instance, Roche Molecular Systems, Inc., a US-based company, developed Cobas EGFR Mutation Test for non-small cell lung cancer patients. This test is a real-time test that detects 42 mutations of the epidermal growth factor receptor (EGFR) gene, along with the resistant mutation of cancer. In June 2020, FDA approved Cobas EGFR Mutation Test.
Global Oncology Molecular Diagnostics Market Segments:
The global oncology molecular diagnostics market is further segmented –
By Product: Instruments, Reagents, 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: The global oncology molecular diagnostics market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Oncology Molecular Diagnostics Market At:
https://www.thebusinessresearchcompany.com/report/oncology-molecular-diagnostics-global-market-report-2020-30-covid-19-growth-and-change
Oncology Molecular Diagnostics Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oncology molecular diagnostics market overviews, analyzes and forecasts market size and growth for the global oncology molecular diagnostics market, oncology molecular diagnostics market share, oncology molecular diagnostics market players, oncology molecular diagnostics market segments and geographies, oncology molecular diagnostics market’s leading competitors’ revenues, profiles and market shares. The oncology molecular diagnostics market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
