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LONDON, GREATER LONDON, UNITED KINGDOM, November 5, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The oncology molecular diagnostics market has expanded significantly in recent years. It is projected to increase from $4.19 billion in 2023 to $4.84 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.6%. The growth during the historical period can be attributed to the introduction of early tests, advancements in genomic profiling, the launch of next-generation sequencing (NGS), early biomarker identification, and the development of targeted therapies.
What Is the Estimated Growth Rate and Market Size of the Global Oncology Molecular Diagnostics Market?
The oncology molecular diagnostics market is anticipated to experience substantial growth in the coming years. It is projected to reach $7.99 billion by 2028, with a compound annual growth rate (CAGR) of 13.3%. This growth during the forecast period can be linked to advancements in liquid biopsy, the increasing use of companion diagnostics, the integration of artificial intelligence (AI), the expansion of next-generation sequencing (NGS) applications, and the evolution of biomarker identification.
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What Are The Significant Drivers Behind The Growth Of The Oncology Molecular Diagnostics Market?
The rising demand for personalized medicine is anticipated to drive the growth of the oncology molecular diagnostics market in the future. Personalized medicine is a cutting-edge approach to healthcare that customizes medical decisions, practices, interventions, and drug therapies to the individual patient. Oncology molecular diagnostics play a crucial role in the era of personalized medicine for cancer patients by offering tailored treatment plans, optimized drug selection, and more precise, effective, and individualized treatment strategies, ultimately enhancing patient outcomes and quality of life.
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Which Top Companies Are Shaping The Growth Of The Oncology Molecular Diagnostics Market?
Key players in the oncology molecular diagnostics market include F. Hoffmann-La Roche AG, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthcare AG, Becton Dickinson and Company, Agilent Technologies Inc., HTG Molecular Diagnostics Inc., Hologic Inc., Illumina Inc., bioMérieux SA, Charles River Laboratories India Pvt. Ltd., Beckman Coulter Inc., Sysmex Corporation, Bio-Rad Laboratories Inc.vv
Which Emerging Trends Are Reshaping the Oncology Molecular Diagnostics Market Size?
Key players in the oncology molecular diagnostics market are concentrating on developing innovative products, including oncology liquid biopsy solutions, to boost their revenues. Oncology liquid biopsy products are advanced diagnostic tools and tests that facilitate the non-invasive detection and monitoring of cancer by analyzing various biomarkers and genetic material.
What Are The Segments In The Global Oncology Molecular Diagnostics Market?
1) By Product: Instruments, Reagents, Other Products
2) By Technology: Polymerase Chain Reaction (PCR), In-situ Hybridization (ISH), Isothermic Nucleic Acid Amplification Technology (INNAT), Chips & Microarrays, Sequencing, Mass Spectroscopy, Transcription Mediated Amplification (TMA), Other Technologies
3) By End User: Hospitals, Diagnostic Centers, Academic & Research Institutes, Other End Users
North America: Largest Region in the Oncology Molecular Diagnostics Market
North America was the largest region in the market in 2023. Western Europe was the second largest region in the report. The regions covered in the oncology molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is The Oncology Molecular Diagnostics Market Defined?
Oncology molecular diagnostics refers to procedures used for diagnosing cancers and associated services. Molecular diagnostics involve tests that analyze genetic information, proteins, or related molecules, offering insights into health conditions or diseases.
The Oncology Molecular Diagnostics Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Oncology Molecular Diagnostics Market Report: Trends, Opportunities, Strategies, and More
The Oncology Molecular Diagnostics Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into oncology molecular diagnostics market size, oncology molecular diagnostics market drivers and trends, oncology molecular diagnostics competitors' revenues, and oncology molecular diagnostics market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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