The oncology molecular diagnostics market size is expected to grow by USD 2.98 billion from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of 11.82% during the forecast period, according to Technavio Research. North America is estimated to account for 41% of the global market during the forecast period. The increasing prevalence of cancer and advancements in technology, such as NGS technologies, have led to a high demand for molecular diagnostics in North America. The growth of the market is driven by the rising adoption of personalized medicine, the need for early cancer detection, and the development of mainly targeted therapies. In addition, national governments in the region are working to raise awareness of oncology molecular diagnostics and their role in the early detection and treatment of disease. Many hospitals and clinics have already started implementing these diagnostics, which has resulted in the introduction of many new products to the market. Therefore, it is expected that the oncology molecular diagnostics market will experience significant growth in the region during the forecast period.
Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Co., Biocartis NV, bioMerieux SA, Danaher Corp., DiaSorin SpA, Exact Sciences Corp., F. Hoffmann La Roche Ltd., Grifols SA, Hologic Inc., HTG Molecular Diagnostics Inc., Illumina Inc., MDXHEALTH SA, Myriad Genetics Inc., QIAGEN NV, QuidelOrtho Corp., Siemens Healthineers AG, Sysmex Corp., TBG Diagnostics Ltd., Thermo Fisher Scientific Inc., and Veracyte Inc.
Oncology molecular diagnostics market: Driver & trend:
The increasing prevalence of cancer worldwide is notably driving the growth of the global oncology molecular diagnostics market. Unhealthy eating habits, lack of exercise, and excessive tobacco and alcohol consumption can cause cancer of the lungs, stomach, kidneys, head, neck, and larynx. Exposure to ionizing radiation, chemical mutagens, infectious micro-organisms, and environmental pollutants can also lead to cancer. The number of cancer cases is increasing worldwide. To improve treatment options, medical institutions need sensitive and reliable methods for early cancer diagnosis. Molecular and companion diagnostics are common ways to detect different types of cancer. The rise in cancer cases will increase demand for oncology molecular diagnostics products, which in turn boost the market growth during the forecast period.
The key trend driving the growth of the global oncology molecular diagnostics market is the integration of next-generation sequencing in oncology molecular diagnostics. Technavio