Market Trends of Global Oncology Molecular Diagnostics Industry
This section covers the major market trends shaping the Oncology Molecular Diagnostics Market according to our research experts:
Polymerase Chain Reaction (PCR) is Anticipated to Observe a Significant Growth
Based on technology, polymerase chain reaction (PCR) is anticipated to witness significant growth. Presently, the polymerase chain reaction (PCR) is the most preferred technology for studying cancer. The major factors contributing to the increasing demand for PCR in oncology molecular diagnostics are greater sensitivity, quantification, ease, precision, and reproducibility, better process quality, fast analysis, and lower risk of contamination. It is a sensitive and rapid technique and is ideal for the detection of lymphoid malignancies. Several manufacturers are engaged in developing PCR-based diagnostic instruments and reagents for the detection of cancer. For instance, in June 2021, the AmoyDx Pan Lung Cancer PCR Panel was launched by Amoy Diagnostics Co. Ltd, Riken Genesis Co. Ltd, and Precision Medicine Asia Co. Ltd. It is approved by the Ministry of Health, Labour and Welfare (MHLW) for marketing and production in Japan. Thus, in view of the factors mentioned above, the market is anticipated to grow significantly over the forecast period.
North America is Anticipated to Observe a Significant Growth in Oncology Molecular Diagnostics Market
Within North America, the United States has held a major share of the market. The major factors contributing to the market growth are the presence of many market players engaged in manufacturing and expanding the portfolio of instruments and reagents for molecular diagnostic testing. The region also witnesses the presence of well-established healthcare diagnostic facilities. As per a 2020 report by the American Cancer Society, 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. Additionally, the increasing prevalence of cancer in the country contributes to the oncology molecular diagnostics market in the region. As per the 2020 Statistics by the National Cancer Institute (NCI), about 1,806,590 cases of cancer were diagnosed in the United States in 2020, and the number of cancer survivors is projected to reach 2.2 million by 2030. Moreover, as per the NCI, in 2021, the most prevalent cancer type is breast cancer, with 284,200 cases. These factors are leading to an increased demand for oncology molecular testing in the region. Thus, in view of the factors mentioned above, the market is expected to witness significant growth in the region over the forecast period.
