Molecular Oncology Diagnostics Market to increase at an annual CAGR of 11.43% between 2022-2032

The field of genomics has significantly positioned itself as a hotspot of academic scientific research and clinical medicine. Technological developments, such as precision medicine and next-generation sequencing (NGS), have encouraged significant advances in science and technology and simultaneously opened avenues for public healthcare. For precision medicine to prosper, genomic sequencing and long-read sequencing are of utmost importance, and since 2003 (after the completion of the Human Genome Project), genomic sequencing has attained great strides in terms of both cost and time. Since then, many genomic research projects and initiatives have been undertaken by developed and developing countries worldwide, with massive fund infusions aimed toward establishing precision medicine in routine healthcare procedures.

The Molecular Oncology Diagnostics Market was valued at $3,620.6 million in 2021 and is anticipated to reach $12,130.5 million by 2032, witnessing a CAGR of 11.43% during the forecast period 2022-2032. The growth in the global molecular oncology diagnostics market is expected to be driven by the rising prevalence of cancers and increased transformations in biomarker identification.

Impact of COVID-19

Cancer screening is crucial for early cancer detection; however, COVID-19 slowed the cancer screening infrastructure greatly. Many cancer organizations have championed the idea of suspending cancer screening services to patients to alter the provision of health care resources. According to the declaration of a national emergency in the U.S. on March 13th, 2020, organizations such as the American Cancer Society advised people to put their cancer screening plans on hold until further notice during the COVID-19 outbreak. Cancer screening services have been severely disrupted because of this proposal, as well as other contextual circumstances (e.g., social exclusion measures).

In response to the COVID-19 pandemic and the impact on medical research in the U.SThe National Institutes of Health (NIH) and the National Cancer Institute (NCI) both extended grant application deadlines, laid back reporting requirements, and offered flexibility in how grant money is spent. COVID-19 drastically reduced fundraising possibilities for cancer-focused charitable research organizations, which provide up to half of all cancer research funding in the U.S. and frequently fund high-risk, high-reward projects even though the national government supported research work and offered medical researchers the flexibility to implement their skill set and knowledge to studying SARSCoV-2.

Market Segmentation:

Segmentation 1: by Product

•    Kits and Assays

•    Instruments

•    Software

Based on products, the global molecular oncology diagnostics market is expected to be dominated by kit and assay. This is due to the high number of applications performed by kits and their ease of integration with other systems.

Segmentation 2: by Technology

•    Next-Generation Sequencing (NGS)

•    Polymerase Chain Reaction (PCR)

•    Immunohistochemistry (IHC)

•    Fluorescence In-Situ Hybridization (FISH)

•    Flow Cytometry

•    Other Technologies

Based on technology, the global molecular oncology diagnostics market is dominated by polymerase chain reaction (PCR). However, next-generation sequencing (NGS) is expected to be the fastest-growing segment in the market. This is because PCR techniques play an important role in targeted NGS sequencing because they allow for the simultaneous production of several NGS libraries and the sequencing of numerous targeted regions.

Segmentation 3: by Application

•    Clinical Diagnostic

•    Research Use

Based on applications, the global molecular oncology diagnostics market is expected to be dominated by the clinical diagnostic segment. This is due to the high usage of technologies such as companion diagnostics and liquid biopsy emerge..

Segmentation 4: by Cancer Type

•    Solid Tumor

        o    Breast Cancer

        o    Lung Cancer

        o    Colorectal Cancer

        o    Prostate Cancer

        o    Ovarian Cancer

        o    Other Solid Tumors

•    Hematological Malignancy

        o    Lymphoma

        o    Leukemia

        o    Multiple Myeloma

        o    Other Hematological Malignancies

Based on cancer type, the global molecular oncology diagnostics market is dominated by solid tumor cancer type, where breast cancer is expected to be the leading segment. The growth of advanced solid tumor testing has mostly focused on the treatment of distinct cancer kinds, indications, and indication subtypes. The hematological malignancy segment is expected to show a fast growth rate during the forecast period.

Segmentation 5: by End User

•    Hospitals and Diagnostic Centers

•    Reference Laboratories

•    Pharmaceutical and Biotechnology Companies

•    Academic and Research Institutes

Based on end users, global molecular oncology diagnostics was dominated by the hospitals and diagnostic centers segment. The growth of this segment is primarily attributed to the high use of molecular diagnostic tests by hospitals in these fields.

Segmentation 6: by Region

•    North America

•    Europe

•    Asia-Pacific

•    Rest-of-the-World

North America dominated the global market with a revenue of $1,588.6 in 2021. However, the Asia-Pacific region, constituting several emerging economies, is expected to register the highest CAGR of 12.60% during the forecast period 2022-2032.

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Key Questions Answered in the Report 

▪ What are the major market drivers, challenges, and opportunities and their respective impacts in the global molecular oncology diagnostics market? 

▪ What are the underlying structures resulting in the emerging trends within the global molecular oncology diagnostics market? 

▪ What is the current market demand, along with future expected demand for the global molecular oncology diagnostics market? 

▪ What are the key development strategies that have been implemented by the major players in order to sustain the competitive market? 

▪ Which potential entry barriers are expected to be faced by the companies willing to enter the global molecular oncology diagnostics market? 

▪ How is each segment of the market expected to grow during the forecast period from 2022 to 2032 based on each segment? 

▪ Following are the segment types: 

▪ Product (Kits and Assays, Instruments, and Software) 

▪ Technology (Next-Generation Sequencing, Polymerase Chain Reaction, Immunohistochemistry, Fluorescence In-Situ Hybridization, Flow Cytometry, Other Technologies) 

▪ Application (Clinical Diagnostic and Research Use) 

▪ Cancer Type (Solid Tumor and Hematological Malignancy) 

▪ Solid Tumor (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Ovarian Cancer, and Other Solid Tumors)

▪ Hematological Malignancy (Lymphoma, Leukemia, Multiple Myeloma, Other Hematological Malignancies) 

▪ End User (Hospitals and Diagnostic Centers, Reference Laboratories, Pharmaceutical and Biotechnology Companies, and Academic and Research Institutes) 

▪ Region (North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)) 

▪ Who are the leading players with significant offerings to the global molecular oncology diagnostics market, and what is the expected market dominance for each of these leading players? 

▪ Which companies are anticipated to be highly disruptive in the future, and why? 

▪ What are the growth opportunities for the companies in the region of their operation? 

▪ What are the key regulatory implications in developed and developing regions for molecular oncology diagnostics?

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