Oncology Molecular Diagnostics Market Envisioned to Generate a CAGR of 12% from 2022-2031

Oncology Molecular Diagnostics Market Some of the key players in the market are Danaher Corporation (Cepheid), Veracyte, Inc, Abbott Laboratories, F-Hoffmann La-Roche Ltd and Thermo Fisher Scientific Inc.

The oncology molecular diagnostics market is expected to register a CAGR of more than 12 % during the forecast period.

The COVID-19 pandemic has significantly impacted the oncology molecular diagnostics market. As per the Association for Molecular Pathology (AMP), 2021 survey of 163 laboratories worldwide, 85% of the respondents reported that molecular testing for cancer decreased during April-June 2020. In addition, more than half of the respondents revealed that oncology testing for clinical trials decreased due to lower enrollment, reluctance to travel, and the ability to perform testing. The survey results also indicate that the pandemic will continue to have long-term effects on molecular diagnostic testing for cancer. In addition, laboratories and universities engaged in the research and development of cancer have also witnessed a halt in activities across the globe. Moreover, the government funding from various organizations for the research is also on hold in several regions of the world.

The studied market growth can be largely attributed to the factors such as the rising prevalence of cancer worldwide, technological advancements in diagnostic testing, and increasing demand for point-of-care testing. These factors are leading to increasing demand for oncology molecular diagnostics.

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The rising prevalence of cancer cases across the globe is contributing to the increasing demand for diagnosis which is boosting the oncology molecular diagnostics market. According to the World Health Organization (WHO), cancer accounted for approximately 10 million deaths in 2020. In addition, as per the 2021 statistics by the American Cancer Society, by 2040, the global burden of cancer is expected to grow to 27.5 million new cases and 16.3 million cancer deaths. Such high numbers indicate that the estimated rising prevalence of cancer is contributing to the increasing need for early diagnosis and preventive medicine. Thus, in view of the aforementioned factors, the demand for oncology molecular diagnostic tests is consistently increasing.

Also, due to the increasing technological advancements in diagnostic testing, there is a growing usage of molecular diagnostics tests for oncology. Several advancements are being made in cancer genome sequencing, computational analysis, tumor models, and innovative cancer research methods. For instance, Roche Molecular Systems, Inc. developed Cobas EGFR Mutation Test for non-small cell lung cancer patients and received approval from the United States Food and Drug Administration (USFDA) in 2020 and is a real-time PCR test to detect 42 mutations of the epidermal growth factor receptor (EGFR) gene. In addition, in March 2021, Cancer Research UK and Capital Enterprises, and Roche UK have together launched the Cancer Tech Accelerator program. The new initiative will aid researchers to translate their ideas and lifesaving innovations. Thus, in view of the aforementioned factors, the market is anticipated to witness a significant growth over the forecast period.

However, high cost of molecular diagnostic tests, lack of skilled workforce and stringent regulatory framework are some of the factors impeding the market growth.

Key Market Trends

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 aforementioned factors, the market is anticipated to grow significantly over the forecast period.

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