BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Molecular Oncology Diagnostics Market - A Global and Regional Analysis.
According to this study, the market for global molecular oncology diagnostics was valued at $3.62 billion in 2021 and is projected to reach $12.13 billion by 2032.
The following factors are responsible for the increase in demand for molecular oncology diagnostics:
- Rising incidence of cancer cases
- Launch of innovative products in the molecular oncology diagnostics ecosystem
- Growth in biomarker identification and transformations in molecular techniques
The detailed study is a compilation of 3 market data tables and 206 figures spread through 264 pages.
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Analyst's Take on the Market Projection
According to Nitish Kumar, Principal Consultant, Healthcare, BIS Research, "Although there have been significant innovations for the enhancement of all the important areas of diagnostics, molecular diagnostics, particularly, has harbored phenomenal attention in recent years owing to the in-depth insights they bring to diagnosis and treatment. As the next frontier of precision medicine, the global molecular oncology diagnostics market is expected to showcase enormous potential to completely revolutionize patient care and overall wellness in general."
Impact of COVID-19
In response to the COVID-19 pandemic and the impact on medical research in the U.S., the National Institutes of Health (NIH) and the National Cancer Institute (NCI) both extended grant application deadlines, laid back reporting requirements, and offer flexibility in how to grant money is spent. COVID-19 drastically reduced fundraising possibilities for cancer-focused charitable research organizations, which provide up to half of all cancer research funding in the U.S. and frequently fund high-risk, high-reward projects even though the national government supported research work and offered medical researchers the flexibility to implement their skill set and knowledge to studying SARSCoV-2.
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Agilent Technologies, Inc., Abbott, Biocartis NV, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Thermo Fisher Scientific, Inc., Danaher, Guardant Health, HTG Molecular Diagnostics, Inc., Illumina, Inc., Invivoscribe, Inc., Myriad Genetics, Inc., Sysmex Corporation, and more.
Recent Developments in the Global Molecular Oncology Diagnostics Market
- In August 2022, Guardant Health expanded its Guardant Reveal usage, a liquid biopsy test for residual disease detection and recurrence monitoring, to include early-stage breast and lung cancers. It is the only tissue-free test used for colorectal cancer (CRC) and is now available for patients with breast and lung cancer.
- In December 2021, QIAGEN partnered with Denovo Biopharma to develop a companion diagnostic test for the treatment of diffuse large B-cell lymphoma. This test identified patients expressing Denovo genomic marker 1 (DGM1), which responded to Denovo's investigational cancer drug DB102.
- In September 2021, Illumina partnered with Merck to develop and commercialize research tests for use in identifying specific cancer genetic mutations used in the assessment of homologous recombination deficiency (HRD).
- In August 2021, Agilent Technologies, Inc. expanded its CE-IVD marked PD-L1 IHC 22C3 pharmDx assay usage in Europe. This assay was used as an aid in identifying esophageal cancer patients for treatments with KEYTRUDA using a combined positive score.
Following are the demand drivers for the global molecular oncology diagnostics market:
• Rising Incidence of Cancer Cases
• Launch of Innovative Products in Molecular Oncology Diagnostics Ecosystem
• Growth in Biomarker identification and Transformations in Molecular Techniques
The market is expected to face some limitations due to the following challenges:
• Lack of Qualified Professionals
• Opaque Regulatory Framework Delaying the Approval of New Molecular Diagnostic Tests
• High Cost of Equipment Hindering the Adoption Rate
Polymerase Chain Reaction Technology Type to Witness the Highest Market Growth
The global market for molecular oncology diagnostics (by technology) has been divided into six categories, i.e., next-generation sequencing (NGS), polymerase chain reaction (PCR), fluorescence in-situ hybridization (FISH), immunohistochemistry (IHC), flow cytometry, and others.
These rapidly evolving technologies have the potential to transform medical diagnoses and treatment for the better. Not only are developing diagnostic tools becoming more useful in a wider range of clinical scenarios, but they are also assisting in a more exploratory outlook in order to cater to a holistic approach to cancer treatment.
According to this study from BIS Research, the PCR segment dominated the technology market in 2021 with a cumulative value of $1.20 billion, and the trend is expected to continue during the forecast period 2022-2032.
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