According to a research report published by Spherical Insights & Consulting, the Global Oncology Based Molecular Diagnostics Market Size is Expected to Grow from USD 2.74 Billion in 2023 to USD 8.48 Billion by 2033, at a CAGR of 11.96% during the forecast period 2023-2033.

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Oncology molecular diagnostics is a procedure that analyzes biological molecules to identify cancer cells. Several assays are performed on blood, saliva, and tumor tissue samples to identify and quantify specific genetic sequences in DNA, RNA, and cell proteins. Oncology molecular diagnostics’ fast evaluation and thorough information enable personalized cancer treatment for each patient. To discover and predict infectious diseases, cancer, and other genetic abnormalities, multiple techniques are being used to identify specific DNA or RNA sequences connected to the condition. These methods include deletions, rearrangements, insertions, and single nucleotide polymorphisms. Cancer molecular diagnostics are used to detect cancer early and determine the best therapy options. Molecular diagnostics in oncology are critical for the detection, treatment, surveillance, and prevention of a wide range of tumors. Furthermore, oncology molecular diagnostics play an important role in cancer patient care by providing personalized treatment plans, optimal drug selection, and more accurate, efficient, and tailored therapy techniques, all of which improve patient outcomes and quality of life. The market for oncology molecular diagnostics is expanding due to increased demand for diagnoses caused by the world’s rising cancer patient population. However, the high cost of molecular diagnostic testing is one of the primary barriers to the oncology molecular diagnostic market’s expansion.

Browse key industry insights spread across 211 pages with 120 Market data tables and figures & charts from the report on the Global Oncology Based Molecular Diagnostics Market Size, Share, and COVID-19 Impact Analysis, By Product (Instruments and Reagents), By Technology (Polymerase Chain Reaction, Chips & Microarrays, Sequencing, Mass Spectroscopy, Transcription Mediated Amplification), By Application (Breast Cancer, Prostate Cancer, Colorectal Cancer, Skin Cancer, Cervical Cancer), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

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The reagents segment leads the market with the largest market share during the projected period.

On the basis of the product, the global oncology molecular diagnostics market is divided into instruments and reagents. Among these, the reagents segment leads the market with the largest market share during the projected period. This is attributed to the reagents play an important role in molecular diagnostics. These include nucleotide probes, PCR and sequencing reagents, and DNA and RNA extraction kits. The advancement of molecular biology technology is the fundamental engine of the sector’s tremendous expansion.

The sequencing segment is estimated to grow at the rapid CAGR growth throughout the projected period.

On the basis of the technology, the global oncology based molecular diagnostics market is categorized into a polymerase chain reaction, chips & microarrays, sequencing, mass spectroscopy, and transcription-mediated amplification.  Among these, the sequencing segment is estimated to grow at the rapid CAGR growth throughout the projected period. This is attributed to the rising usage of sequencing technologies in clinical diagnostics, as well as increased R&D spending, is driving up demand for this technology.

The breast cancer segment is expected for the largest revenue share throughout the projected period.

On the basis of the application, the global oncology based molecular diagnostics market is categorized into breast cancer, prostate cancer, colorectal cancer, skin cancer, and cervical cancer. Among these, the breast cancer segment is expected for the largest revenue share throughout the projected period. This is attributed to the breast cancer is becoming more common, and public awareness of the disease and women’s health is growing. These findings are expected to reinforce the need for molecular diagnostics for breast cancer.

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North America is estimated to hold the largest share of the global oncology based molecular diagnostics market over the predicted timeframe.

North America is estimated to hold the largest share of the global oncology based molecular diagnostics market over the prognosticated timeframe. Several reasons contribute to this region’s rapid growth, including a well-developed healthcare infrastructure, an expanding number of health-conscious individuals, and significant healthcare spending. The American Disease Society (ACS) reports that the most common disease in the United States is melanoma, also known as skin cancer.

Asia Pacific is anticipated to grow at the largest CAGR growth of the global oncology based molecular diagnostics market throughout the projected period. Tumor incidence rates have increased in Asia-Pacific’s low- and middle-income countries, which can be ascribed to lifestyle changes brought about by economic development, epidemiologic trends, and an aging population.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global oncology based molecular diagnostics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global oncology based molecular diagnostics market are Abbott, BD, Bayer AG, Cepheid, Agilent Technologies, Inc., Danaher, Biocartis Group NV, Hologic, Inc., Qiagen, F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Sysmex Europe GmbH, BioMérieux SA, Veracyte Inc, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In November 2023, Abbott acquired FDA approval for its molecular human papillomavirus (HPV) screening test in the Alinity m family of in-vitro diagnostics.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global oncology based molecular diagnostics market based on the below-mentioned segments:

Global Oncology Based Molecular Diagnostics Market, By Product

• Instruments
• Reagents

Global Oncology Based Molecular Diagnostics Market, By Technology

• Polymerase Chain Reaction
• Chips & Microarrays
• Sequencing
• Mass Spectroscopy
• Transcription Mediated Amplification

Global Oncology Based Molecular Diagnostics Market, By Application

• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Skin Cancer
• Cervical Cancer

Global Oncology Based Molecular Diagnostics Market, By Regional Analysis

• North America

• • US
  • Canada
  • Mexico

• Europe

• • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America

• • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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