Molecular Oncology Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Instruments, Kits and Assays, Software), By Technology (Fluorescence In-Situ Hybridization (FISH), Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), Flow Cytometry, and Other Technologies), By Applica

According to Global Cancer Observatory, in 2020, around 19,292,789 new cancer cases were reported worldwide among which the males and females accounted for 10,065,305 and 9 227,484 cases respectively.

Rising Prevalence of Cancer

Cancer is one of the most common causes of death in the world. The global increase in cancer cases is probably a factor in the oncology molecular diagnostics market's growth. In the United States of America in 2021, there were 1.8 million new instances of cancer and 0.6 million cancer deaths, according to the American Cancer Society. Due to the proliferation of cancerous cells, the medical professionals are increasing their research and development efforts to develop treatments and diagnostics services to aid prevention and treatment of the cancer. Lung, prostate, bowel, and female breast cancer make up the top four cancer types worldwide, accounting for 43% of all new cancer cases, according to the American Cancer Society. For instance, the American Cancer Society estimates that there will be 106,180 new instances of colon cancer and 44,850 new cases of rectal cancer in the United States by the year 2022. Additionally, several professional associations, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), and the College of American Pathologists (CAP), have developed biomarker testing and treatment guidelines, according to the American Cancer Society's 2020

Advancement in Technology

The advanced technology constitutes the sequencing techniques of genomics. For instance, the advancement in cancer genome sequencing technology, computational analysis, tumor models, and innovation and research going on in modern cancer research institutes promote early detection of cancer and its mutation. For instance, in June 2020, the United States Food and Drug Administration (FDA) had given approval to Cobas EGFR Mutation Test, a mutation test for testing patients with non-small cell lung cancer is a real-time test that can identify cancer resistance mutations and 42 mutations in the EGFR gene, which codes for the epidermal growth factor receptor. This molecular test was developed by US-based company namely Roche Molecular Systems, Inc.

Recent Developments & Product Launches

Rapid advancements in research and development (R&D) practices and activities are propelling the growth of the market on account of growing need for developing novel diagnostic solutions for the treatment of different life-threatening diseases like cancer

Market Segmentation

Global Molecular Oncology Diagnostics Market can be segmented by product type, technology, application, cancer type, end user, region and company. Based on product type, the market can be segmented into instruments, kits and assays, software. Based on technology, the market is fragmented into fluorescence in-situ hybridization (FISH), next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), flow cytometry, and other technologies. Based on application, the market is fragmented into Research, and Clinical. Based on cancer type, the market is fragmented into solid tumors and blood cancers. Based on end user, the market is segmented into hospitals and diagnostic centers, reference laboratories, pharmaceutical and biotechnology companies, academic and research institutes.

Advancement in Technology and Product Launch

The market players in Global Molecular Oncology Diagnostics Market are adopting various natural and modified strategies for market growth and development. For instance, a 5-year extension of their US supply agreement for the Insured ONE (FIT) fecal immunochemistry test was announced in January 2022 by Clinical Genomics, an innovator in the development of colorectal cancer testing, and Quest Diagnostics (NYSEDGX), the world's largest provider of diagnostic information services. By delivering InSure FIT and the new InSure ONE FIT for colorectal cancer diagnostic programmes, this arrangement improves on an ongoing partnership. Amgen and Plexium established a multi-year partnership to find new targeted protein degradation treatments in February 2022. The multi-year partnership aids in the development of innovative molecular glue therapies by utilising knowledge gained from Amgen's experience creating multi-specific compounds. Furthermore, several strategies like collaboration, partnerships, mergers, acquisitions, product launches, and technology development propell the growth of Global Molecular Oncology Diagnostic Market.

Company Profiles

Sysmex Corporation, F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., HTG Molecular Diagnostics, Inc., Danaher Corporation, QIAGEN N.V., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., QIAGEN N.V., Illumina, Inc. etc. are some of the key players operating in the global molecular oncology diagnostics market.