Major players in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen Probe (Hologic), Qiagen N. V. , Roche Diagnostics, and Siemens Healthcare.
New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oncology Molecular Diagnostics Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151682/?utm_source=GNW
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 market is expected to reach $9.56 billion in 2025 at a CAGR of 11%.
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.
The oncology molecular diagnostics market covered in this report is segmented by product into instruments, reagents, others. It is also segmented by technology into polymerase chain reaction (PCR), in-situ hybridization (ISH), isothermic nucleic acid amplification technology (INNAT), chips & microarrays, sequencing, mass spectroscopy, transcription mediated amplification (TMA), others and by end-user into hospitals, diagnostic centers, academic & research institutes, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high cost of molecular diagnostic tests is a key factor hampering the growth of the oncology molecular diagnostics market.The cost of molecular diagnostic testing is comparatively higher in cancer care and it also depends on the type of therapy.
For example, the cost of the molecular diagnostic test for non-small cell lung cancer monotherapy costs about $10,000 to $20,000 per month, and these costs are expected to increase in combination therapy. Therefore, the high cost of molecular diagnostic tests is expected to hamper the growth of the oncology molecular diagnostics market.
In February 2019, ICON plc, a US-based biotechnology company, acquired MolecularMD for an undisclosed amount.The acquisition enhances ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including next-generation sequencing, and immunohistochemistry (IHC).
MolecularMD is a US-based molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the oncology molecular diagnostics market. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the oncology molecular diagnostic market over the coming years.
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.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151682/?utm_source=GNW
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