Market Trends of Molecular Cytogenetics Industry
This section covers the major market trends shaping the Molecular Cytogenetics Market according to our research experts:
Cancer Segment is Expected to Show Better Growth Over the Forecast Period
Molecular cytogenetics has played an important role in the rapid and precise characterization of cancer chromosome abnormalities. Oncology deals with the diagnosis and treatment of tumors and cancers. For instance, as per the Cancer Australia 2022 update, in 2022, it was estimated that 162,163 new cases of cancer were likely to be diagnosed in Australia (88,982 males and 73,181 females). Hence, a high prevalence of cancer is anticipated to utilize molecular cytogenetic tests to identify the severity, which thereby rises the segment growth over the forecast period.
Furthermore, as per the article published in March 2021 in PubMed, the Fluorescence in-situ hybridization (FISH) study has emerged as an indispensable tool for both basic and clinical research, as well as diagnostics, in leukemia and cancers. Chromosome abnormalities can be found via FISH by using fluorescently labeled DNA probes that target particular DNA sequences. Due to their ability to resolve complicated karyotypic abnormalities and perform a complete global scan for chromosomal imbalances, FISH-based procedures including multicolor karyotyping, comparative genomic hybridization (CGH), and array CGH have been used in growing clinical applications.
Moreover, workshops and seminars relating to cancer cytogenetics across the globe to advance cancer treatments are anticipated to boost market growth over the forecast period. For instance, European Cytogeneticists Association is planning to organize the '10th International Workshop on Cancer Genetic & Cytogenetic Diagnostics' in March 2023 focusing on all aspects concerning cancer cytogenetics in a diagnostic setting.
Hence, due to the surge in the different types of cancers, the increase in studies associated with molecular cytogenetics, and the rise in strategic alliances by the key players. the studied segment is anticipated to witness growth in the market over the forecast period.
North America is Expected to Hold a Significant Share in the Molecular Cytogenetics Market Over the Forecast Period
The molecular cytogenetics market is anticipated to witness significant growth in the North America region due to better healthcare infrastructure, effective government policies, a huge base of multinational companies, and a rise in genetic diseases. For instance, the Indiana Health Coverage Program module published in May 2022 covers chromosomal microarray analysis (CMA), also known as cytogenetic microarray analysis, when it is determined to be medically necessary for diagnosing a genetic abnormality in children with apparent nonsyndromic cognitive developmental delay/intellectual delay (DD/ID) or autism spectrum disorder (ASD), according to the latest accepted Diagnostic and Statistical Manual of Mental Disorders (DSM) guidelines.
Furthermore, as per the Canadian Cancer Society 2022 update, the estimated number of people diagnosed with cancer in 2022 was 233,900 in Canada. Breast, prostate, and colorectal cancers are the most prevalent cancers. Combined, they account for almost half of all prevalent cases. Thus, the high prevalence of cancer cases utilizes the applications offered by molecular cytogenetics in the North America region, which is therefore expected to drive the studied market over the forecast period.
Furthermore, in May 2022 Pfizer provided a medical grant which supports the global healthcare community's independent initiatives (e.g., research, quality improvement, or education) to improve patient outcomes in areas of unmet medical need that are aligned with Pfizer's medical and/or scientific strategies. The grant focused on the geographic scope of Canada and the grant was given for the study titled 'Improving Cytogenetic Testing & Treatment Guidance in Adult AML'.
Hence, due to the better healthcare infrastructure and surge in research funding in molecular cytogenetics, and the rise in strategic alliances by the key players, North America is anticipated to hold a significant share of the market over the forecast period.
