The global Oncology Molecular Diagnostics Market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report by Reports and Data. Government initiatives to promote molecular testing, increasing geriatric population, and rising cases of various infectious diseases across the world are key factors boosting global market revenue growth.
Increased investment in molecular diagnostics Research Development (RD) for development of advanced tools and methods for early diagnosis of cancer and other diseases is driving growth of molecular diagnostic market. Increase in funding by government across the globe for development of advanced testing kits instruments and infrastructural developments in healthcare sector are further supporting market revenue growth. With the ability to identify specific genetic variations in patients, molecular diagnostics represents an invaluable tool kit for current health professionals who can chart highly individualized treatment plans for their patients. Therefore, molecular diagnostic techniques have gained rapid traction over the last few years and are widely used in laboratories, research institutes, and hospitals for various purposes.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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Some Key Highlights from the Report
- In November 2021, Hoffmann-La Roche, a Switzerland-based company, launched cobas 5800 System, a new molecular laboratory instrument, in countries accepting the CE mark. It is built upon the innovation of the cobas® 6800 and cobas® 8800 systems, making molecular testing accessible to more patients around the world.
- In 2020 reagents kits segment accounted for largest revenue share. Increasing investments by market players to develop improved and effective kits to cater to rising diseases and high demand for reagents kits in research, clinical laboratories, and hospitals are fueling segment revenue growth.
- Polymerase chain reaction (PCR) segment revenue is expected to register significant growth rate over the forecast period because of increasing usage of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
- Infectious disease segment accounted for largest revenue share in 2020. As prevalence of infectious diseases worldwide is rising, need for early detection and treatment of these diseases is also increasing, which is boosting demand for molecular diagnostic kits.
- Diagnostic laboratories segment revenue is expected to register high growth rate during the forecast period due to constantly rising demand for molecular diagnostic tests to detect infectious diseases and cancer.
- Market in Asia Pacific is expected to register high revenue growth rate during the forecast period. Rapid revenue growth is attributed to growing awareness about early detection of disease, high patient pool, rapid developments in healthcare infrastructure and facilities, and ongoing research on diagnostic procedures.
- Companies profiled in the global market report includes Abbott, F. Hoffmann-La Roche Ltd, QIAGEN, Danaher, Hologic Inc., Becton Dickinson and Co (BD), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., and Cepheid.
For the purpose of this report, Reports and Data has segmented the Oncology Molecular Diagnostics Market based on product services, technology, application, end-use, and region:
Product Services Outlook (Revenue, USD Billion; 2018–2030)
- Reagents Kits
- Instruments
- Services Software
Technology Outlook (Revenue, USD Billion; 2018–2030)
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology
- DNA Sequencing Next-generation Sequencing (NGS)
- In Situ Hybridization
- DNA Microarray
- Other Technologies
Application Outlook (Revenue, USD Billion; 2018–2030)
- Infectious Diseases
- Hepatitis
- Human Immunodeficiency Virus (HIV)
- Chlamydia Trachomatis / Neisseria Gonorrhoeae(CT/NG)
- Healthcare-associated Infections (HAIS)
- Human Papillomavirus (HPV)
- Tuberculosis
- Influenza
- Other Infectious Diseases
- Oncology
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Tests
- Other Tests
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Hospitals
- Diagnostic Laboratories
- Others
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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