Oncology Molecular Diagnostics Global Market To Reach Value Of About $ 7.41 Billion In 2023
The global oncology molecular diagnostics market is expected to decline from $5.58 billion in 2019 to $5.25 billion in 2020 at a compound annual growth rate (CAGR) of -5.81%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.41 billion in 2023 at a CAGR of 12.13%.
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.
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The global oncology molecular diagnostics market is further segmented based on type and geography.
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. Among these regions, the North America oncology molecular diagnostics market accounts for the largest share in the global oncology molecular diagnostics market.
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Trends In The 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.
Oncology Molecular Diagnostics Global Market Report 2020 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.