The global oncology based molecular diagnostics market size was estimated at around USD 2.47 billion in 2022 and it is projected to hit around USD 7.77 billion by 2032, growing at a CAGR of 12.15% from 2023 to 2032.
Key Pointers
- North America led the market with a revenue share of over 41% in 2022.
- The Asia Pacific region is expected to expand at the highest CAGR of 15.84% between 2023 to 2032.
- By Technology, the polymerase chain reaction (PCR) technology segment contributed the largest market share of 32% in 2022.
- By Technology, the sequencing segment is expected to grow at the notable CAGR of 14.35% between 2023 to 2032.
- By Product, the reagents segment generated the maximum market share of 59% in 2022.
- By Product, the reagents segment is also anticipated to expand at a significant CAGR of 13.37% over the forecast period.
The oncology-based molecular diagnostics market is witnessing a paradigm shift in cancer diagnostics and treatment strategies, propelled by advancements in molecular technologies. This sector focuses on analyzing molecular and genetic markers, presenting a more precise understanding of tumors and revolutionizing personalized cancer care.
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Market Growth
The growth of the oncology-based molecular diagnostics market is underpinned by several key factors. Firstly, the increasing incidence of cancer worldwide has elevated the demand for advanced diagnostic tools, propelling the market forward. Additionally, the rising awareness and adoption of personalized medicine have augmented the significance of molecular diagnostics in tailoring treatment approaches. Ongoing research endeavors focused on biomarker discovery and genetic profiling contribute to the expansion of the market, enabling more accurate and targeted cancer diagnoses. The integration of innovative technologies, such as next-generation sequencing and liquid biopsy techniques, further amplifies the market’s growth trajectory by enhancing the speed and precision of molecular testing. As the market continues to evolve, these growth factors collectively position oncology-based molecular diagnostics as pivotal in reshaping the landscape of cancer care.
Report Scope of the Oncology Based Molecular Diagnostics Market
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 12.15% |
| Market Revenue by 2032 | USD 7.77 billion |
| Revenue Share of North America in 2022 | 41% |
| CAGR of Asia Pacific from 2023 to 2032 | 15.84% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Market Dynamics
Drivers
- Increasing Cancer Incidence: The consistently rising global incidence of cancer acts as a primary driver, creating a growing demand for advanced diagnostic solutions.
- Rising Awareness of Personalized Medicine: A heightened awareness and acceptance of personalized medicine contribute significantly to the adoption of molecular diagnostics, as they play a pivotal role in tailoring treatment strategies based on individual genetic profiles.
Restraints
- Data Security and Privacy Concerns: The sensitive nature of genetic and molecular data raises concerns about data security and patient privacy. Addressing these concerns is crucial to gaining and maintaining public trust in molecular diagnostics.
- Limited Reimbursement Policies: Limited or inconsistent reimbursement policies for molecular diagnostic tests hinder market growth, creating financial barriers for patients and reducing the economic viability for healthcare providers.
Opportunities
- Advancements in Biomarker Research: Ongoing research in biomarker discovery offers opportunities for the identification of new and more specific markers, enhancing the diagnostic capabilities of molecular testing and opening avenues for targeted therapies.
- Expanding Applications in Cancer Types: The continuous expansion of molecular diagnostics into various cancer types provides opportunities for market players to diversify their offerings, addressing the unique needs of different patient populations.
Type Insights
The main types of cancer studied under this segment include breast cancer, prostate cancer, colorectal cancer, cervical cancer, liver cancer, lung cancer, blood cancer, and kidney cancer, among others. Of these, breast cancer dominated the overall market in 2022 in terms of revenue share due to large test volumes and an extensive portfolio of commercialized products.
On the other hand, liver cancer and prostate cancer diagnostics markets are also estimated to witness significant growth, in addition to colorectal cancer, due to rising prevalence and increasing awareness levels among consumers. Broad avenues mark oncology-based molecular diagnostics for the development of diagnostic technology at molecular levels in personalized medicine for medication and new drug discovery.
Technology Insights
The polymerase chain reaction (PCR) technology segment held the highest revenue share of 32% in 2022. This can be attributed to its growing utilization in research labs and the increased need for enhanced diagnostics. The industry is segmented on the basis of technology into seven major types, which include polymerase chain reaction (PCR), In Situ Hybridization, Isothermal Nucleic Acid Amplification Technology (INAAT), Chips & Microarrays, Mass Spectrometry, Sequencing, and Transcription Mediated Amplification.
The sequencing segment is anticipated to witness a significant growth rate of 14.35% during the forecast period. The growth in demand for sequencing technology is augmented by an increase in research and development expenditure and the widespread use of sequencing technologies in clinical diagnosis, which is anticipated to provide a favorable environment for market expansion during the forecast period, due to its benefits such as quick turnaround times and speedier processing.
For instance, in 2021, BD introduced a brand-new, completely automated, high throughput molecular diagnostic platform for American laboratories called the “BD COR PX/GX” system. The method uses robotics and sample management software programs to set a new benchmark for automation in infectious disease molecular testing. High-throughput laboratories, which handle most cervical cancer screening specimens in the U.S., can access the BD Onclarity HPV test with enhanced genotyping for the BD COR system due to this development.
Product Insights
The reagents segment held the largest revenue share of 59% in 2022. This can be attributed to the high-volume usage of reagents for conducting tests and diagnostics in cancer research. The expansion in the field of molecular biology technology, progress in biotechnology advancements, rising demand for synthetic biology, and increasing investment in research and development by biotechnology companies are the main factors fueling the rapid growth of this industry segment.
The reagents segment is also anticipated to expand at a significant CAGR of 13.37% over the forecast period. The CE-IVD marked PD-L1 IHC 22C3 pharmDx assay from Agilent Technologies, Inc. was made available for esophageal cancer patients in August 2021. Using a cumulative positive score, this assay was employed to help identify individuals with esophageal cancer who would benefit from KEYTRUDA therapies.
Regional Insights
North America dominated the market with a revenue share of over 41% in 2022. The strong market growth in this region can be attributed to a well-established healthcare infrastructure, the constantly rising health-conscious population base, and high healthcare expenditure.
The Asia Pacific region is estimated to expand the fastest CAGR of 15.84% during the projection period. There has been an increasing incidence rate of tumors in low- and middle-income countries of the Asia-Pacific region, which can be attributed to the aging population and lifestyle changes associated with economic development and epidemiologic transitions. India, China, and Australia are expected to offer immense potential for this industry in the coming years, mainly due to improving economic conditions and high unmet needs.
Key Companies
- Abbott
- Bayer AG
- BD
- Cepheid
- Agilent Technologies, Inc.
- Danaher
- Hologic, Inc.
- Qiagen
- F. Hoffmann-La Roche Ltd.
- Siemens
- Sysmex
Oncology Based Molecular Diagnostics Market Report Segmentations:
By Type
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Cervical Cancer
- Liver Cancer
- Lung Cancer
- Blood Cancer
- Kidney Cancer
- Other Cancer
By Technology
- PCR
- In Situ Hybridization
- INAAT
- Chips and Microarrays
- Mass Spectrometry
- Sequencing
- TMA
- Others
By Product
- Instruments
- Reagents
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)