Oncology Based Molecular Diagnostics Market - By Product Type (Instruments, Reagents & Kits), Technology (PCR, INAAT, Sequencing, In-situ Hybridization, Chips & Microarrays, Mass Spectrometry), Application, End-use – Global Forecast (2024 – 2032)

Oncology Based Molecular Diagnostics Market - By Product Type (Instruments, Reagents & Kits), Technology (PCR, INAAT, Sequencing, In-situ Hybridization, Chips & Microarrays, Mass Spectrometry), Application, End-use – Global Forecast (2024 – 2032)

Oncology Based Molecular Diagnostics Market Size

Oncology Based Molecular Diagnostics Market size was valued at around USD 2.2 billion in 2023 and is estimated to reach over USD 3.3 billion by 2032. Oncology-based molecular diagnostics entails the utilization of molecular biology techniques to detect, diagnose, and monitor cancer by analyzing the genetic, molecular, and biochemical features of cancer cells. This process provides valuable insights into tumor development, progression, and treatment response.

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The global burden of cancer continues to increase, driven by factors such as population aging, lifestyle changes, environmental factors, and the rising prevalence of risk factors such as smoking and obesity. According to the World Health Organization (WHO), breast cancer accounted for 670,000 deaths worldwide in 2022, making it the most prevalent cancer among women in 157 out of 185 countries.

Additionally, cervical cancer ranked as the fourth most common cancer in women globally, with approximately 660,000 new cases and around 350,000 fatalities reported in the same year. Thus, this growing incidence of cancer necessitates effective diagnostic tools such as molecular diagnostics which is estimated to reach USD 36 billion by 2032, for early detection, accurate diagnosis, and monitoring of the disease.

Point-of-care testing (POCT) refers to medical diagnostic testing conducted outside the traditional laboratory setting, often in close proximity to the patient. In oncology, there is a rising demand for POCT to expedite swift and precise diagnosis, facilitate treatment monitoring, and streamline disease management processes. Molecular diagnostics technologies are progressively being tailored for POCT applications, allowing for faster turnaround times and ultimately leading to enhanced patient outcomes.

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Oncology Based Molecular Diagnostics Market Trends

Continuous advancements in molecular biology technologies, such as polymerase chain reaction (PCR), next-generation sequencing (NGS), digital PCR, and DNA microarray, have significantly enhanced the sensitivity, specificity, and throughput of molecular diagnostic assays. These technological innovations enable the detection of specific genetic alterations, biomarkers, and molecular signatures associated with different types of cancer. Additionally, developments in automation, miniaturization, and bioinformatics have streamlined workflows, reduced turnaround times, and improved the accuracy and reliability of molecular diagnostic tests propelling the market growth.

• There is a paradigm shift towards precision medicine in oncology, driven by the recognition of the molecular heterogeneity of cancer and the importance of targeting specific molecular alterations for effective treatment.
• Molecular diagnostics play a pivotal role in guiding treatment decisions by providing molecular profiling, biomarker testing, and predictive genetic testing to identify optimal therapeutic strategies for individual patients.

Oncology Based Molecular Diagnostics Market Analysis

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Based on product type, the market is segmented into instruments, reagents and kits, and other products. The reagents and kits segment is estimated to account for USD 2 billion by 2032.

• Reagents and kits are indispensable components for molecular diagnostic assays, essential for processes like DNA extraction, amplification, and sequencing.
• Moreover, technological advancements in nucleic acid amplification testing and sequencing techniques have spurred the demand for more sophisticated and efficient reagents and kits.
• The escalating global incidence of cancer further fuels the need for accurate diagnostic tools including reagents and kits, with molecular diagnostics offering superior sensitivity and specificity.

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Based on technology, the oncology based molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), sequencing, in-situ hybridization, chips and microarrays, mass spectrometry, and other technologies. The polymerase chain reaction (PCR) segment held a substantial revenue of USD 1.5 billion in 2023.

• PCR technology is widely recognized for its unparalleled sensitivity, specificity, and versatility in amplifying and detecting nucleic acids, making it an indispensable tool in cancer diagnostics.
• Its ability to detect minimal amounts of genetic material enables the early detection of cancer biomarkers and genetic mutations, facilitating timely diagnosis and treatment decisions.
• Furthermore, ongoing advancements in PCR technology, such as real-time PCR and digital PCR, have enhanced its accuracy, speed, and automation, further expanding its applications in cancer diagnostics.
• Thus, with the increasing global burden of cancer and the growing demand for precise and personalized diagnostic solutions, the PCR segment continues to witness substantial growth, cementing its position as a cornerstone technology in the market.

Based on application, the oncology based molecular diagnostics market is segmented into breast cancer, prostate cancer, colorectal cancer, cervical cancer, liver cancer, lung cancer, blood cancer, kidney cancer, and other applications. The breast cancer segment held a substantial revenue of USD 401.7 million in 2023.

• Breast cancer is one of the most prevalent forms of cancer globally, affecting millions of individuals each year. In 2023, female breast cancer stood as the second most common cancer in U.S. women, with an estimated 297,790 new cases and approximately 43,170 expected deaths. This represents 15.2% of all new cancer cases, highlighting its substantial impact on public health and the need for urgent attention.
• Thus, there is a significant demand for accurate and reliable diagnostic tools to aid in the early detection, prognosis, and treatment monitoring of breast cancer patients.
• Molecular diagnostics offer several advantages over traditional methods in this regard, including the ability to detect specific genetic mutations, biomarkers, and expression patterns associated with breast cancer subtypes.
• Additionally, the development of targeted therapies and personalized treatment approaches for breast cancer further underscores the importance of molecular diagnostics in guiding treatment decisions.

Based on end-use, the oncology based molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, and other end-users. The hospitals and clinics segment is anticipated to reach USD 1.9 billion by 2032.

• Hospitals and clinics serve as primary points of care for cancer patients, where diagnosis, treatment, and monitoring occur. As molecular diagnostics become increasingly integral to cancer management, these healthcare facilities require advanced diagnostic tools to provide accurate and timely results.
• The rising prevalence of cancer worldwide necessitates a heightened focus on early detection and personalized treatment, further stimulating the adoption of molecular diagnostics in hospital settings.
• Moreover, advancements in technology and increased awareness among healthcare professionals contribute to the growing demand for molecular diagnostic assays in hospitals and clinics, solidifying the segment's anticipated growth in the market.

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In 2023, North America held a significant market share of 40.6% in the oncology based molecular diagnostics market and is predicted to witness substantial market growth over the analysis timeline.

• The high prevalence of cancer in North America fuels demand for early and accurate diagnostics, while a growing emphasis on personalized medicine promotes adoption of molecular diagnostics.
• The robust healthcare infrastructure, skilled professionals, and supportive regulatory environment further contribute to market expansion. Moreover, significant investments in research and development foster innovation, with collaborations between academic, research, and biotech sectors stimulating the development of novel diagnostic solutions.
• Collectively, these factors underline North America's pivotal role in shaping the trajectory of oncology-based molecular diagnostics, ensuring continued growth and innovation in the sector.

Oncology Based Molecular Diagnostics Market Share

The oncology based molecular diagnostics industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products and services based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.

Oncology Based Molecular Diagnostics Market Companies

Some of the eminent market participants operating in the oncology based molecular diagnostics industry include

• Abbott Laboratories
• Agilent Technologies, Inc.
• Becton, Dickinson and Company
• Biocartis Group NV
• bioMerieux S.A.
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• F. Hoffmann La Roche Ltd.
• Hologic, Inc.
• Illumina, Inc.
• QIAGEN N.V.
• Siemens Healthineers AG
• Sysmex Corporation
• Thermo Fisher Scientific Inc.

Oncology Based Molecular Diagnostics Industry News

• In November 2023, Abbott had received U.S. FDA approval for its molecular human papillomavirus (HPV) screening test in the Alinity m family of in-vitro diagnostics. This approval had facilitated the expansion of the company's product portfolio, strengthening sales and revenue.
• In June 2022, Agilent had announced the acquisition of Resolution Bioscience in a deal intended to expand the buyer’s precision medicine offerings by complementing and expanding its capabilities in next-generation sequencing (NGS)-based cancer diagnostics. This acquisition had demonstrated Agilent's commitment to expanding its presence in the liquid biopsy space and advancing its capabilities in the development of in vitro diagnostic tests.

The oncology based molecular diagnostics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments

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Market, By Product Type

• Instruments
• Reagents and kits
• Other product types

Market, By Technology

• Polymerase chain reaction (PCR)
• Isothermal nucleic acid amplification technology (INAAT)
• Sequencing
• In-situ hybridization
• Chips and microarrays
• Mass spectrometry
• Other technologies

Market, By Application

• Breast cancer
• Prostate cancer
• Colorectal cancer
• Cervical cancer
• Liver cancer
• Lung cancer
• Blood cancer
• Kidney cancer
• Other applications 

Market, By End-use

• Hospitals and clinics
• Diagnostic laboratories
• Other end-users 

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa