Global oncology based molecular diagnostics market is expected to reach USD 3,391.0 million by 2022 according to a new report by Grand View Research Inc. The rising geriatric population base, increasing global prevalence of cancer, rise in sedentary lifestyle adoption levels, and rising awareness & patient education are the driving forces for the oncology based molecular diagnostics market growth over the forecast period.
Growing prevalence of cancer patients owing to adoption of sedentary lifestyles and decrease in immunity levels are estimated to increase industrial growth rate. Furthermore, large variations in both cancer incidence and mortality rates in different sub-regions of developing countries such as Brazil, Mexico, South Africa, and India are also anticipated to enhance the usage of molecular diagnostics to increase survival rates by early detection and validation.
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Further key findings from the study suggest:
• Breast cancer accounted for largest market share in 2014 with revenue estimated at around USD 170.0 million. Molecular diagnostic assays for breast cancer prognostic are expected to increase the adoption of molecular diagnostics in the near future.
• Colorectal cancer is estimated to witness lucrative growth over the forecast period owing to the availability of technologically advanced microarrays & assays such as miRNA microarrays.
• On the basis of product, reagents dominated the overall market with a share of over 55% in 2014 owing to high usage rates. Growing initiatives by researchers in this field for detection of disease related novel biomarkers for drug development purpose are estimated to be the key factors attributing to this segment’s growth
• Clinics and other establishments dominated the overall market in 2014 due to the presence of high procedure volumes and the extensive presence of ancillary support in terms of man power and infrastructure. PoC testing for oncology on the other hand is anticipated to witness significant growth supported by rapidly changing customer preferences.
• In situ hybridization was identified as the most preferred molecular diagnostic technique for breast cancer owing to the advantages associated with FISH technology such as accuracy, sensitivity, and speed. It held over 31.0% of the market in 2014. Whereas, PCR was the extensively preferred technique for lung cancer diagnosis in 2014.
• Sequencing is estimated to be the fastest growing segment with CAGR estimated at over 19.0% during 2015 to 2022. Development of next generation sequencing techniques providing high throughput analysis and sequencing of genomic data is one of the key drivers for significant growth.
Grand View Research has segmented the global oncology based molecular diagnostics market on the basis of product, application and region:
Global Oncology Based Molecular Diagnostics Type Outlook (Revenue, USD Million, 2015 – 2022)
• Breast cancer
• Prostate cancer
• Colorectal cancer
• Cervical cancer
• Liver cancer
• Lung cancer
• Blood cancer
Oncology Based Molecular Diagnostics Regional Outlook (Revenue, USD Million, 2015 – 2022)
• North America
• Asia Pacific
• Latin America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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