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Oncology refers to the branch of medicine that is concerned with the diagnosis, determination of treatment options, monitoring, and prevention of various types of cancers. Molecular diagnostics has established its dominance for the effective and early diagnosis of cancer. Molecular diagnostics are very critical in the diagnosis, treatment, monitoring, and prevention of a wide range of cancers. Molecular diagnostics also leads to the prospect of personalized medicine for the treatment of cancers.
For the pharmaceutical industry dealing with various types of cancers, understanding the mechanism of diseases is crucial to discover the next breakthrough targeted therapies. This can be accomplished through molecular diagnostics, which is capable of identifying specific genotypes that predicts the patients body response to a specific drug or dose. In this way, molecular diagnostics is essential in increasing the proportion of patients with favorable outcomes and increasing the effectiveness of the therapy.
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The global oncology molecular diagnostics market is anticipated to grow owing to the increasing prevalence of various types of cancers, shift towards precision medicine, rising demand for preventive care, increased demand for automated and advanced diagnostic techniques for cancer, and favorable health reimbursement. According to the World Health Organization, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to further fuel the global oncology molecular diagnostics market.
However, high costs associated with molecular diagnostics, budgetary limitations, and the requirement of the sophisticated facility are the major factors that can hinder the growth in the global oncology molecular diagnostics market.
Some of the major companies that are present in the global oncology molecular diagnostics market are Abbott, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, Cepheid, Bayer AG, Agilent Technologies, Inc., Danaher, Hologic Inc., Sysmex Corporation, and Siemens Healthcare GmbH.
By Cancer Type
· Blood Cancer
· Breast Cancer
· Prostate Cancer
· Colorectal Cancer
· Liver Cancer
· Lung Cancer
· Skin Cancer
· Cervical Cancer
· Polymerase Chain Reaction (PCR)
· In-situ Hybridization (ISH)
· Isothermic Nucleic Acid Amplification Technology (INNAT)
· Chips & Microarrays
· Mass Spectroscopy
· Transcription Mediated Amplification (TMA)
By End User
· Diagnostic Centers
· Academic & Research Institutes
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the segmentation, breast cancer segment is projected to hold a considerable share of the global Oncology Molecular Diagnostics market during the forecast period due to the increasing prevalence of breast cancer, rising geriatric population, and growing awareness regarding women's health and breast cancer. According to Breastcancer.org, 1 in 8 U.S. women are diagnosed with invasive breast cancer in their lifetime and 2018, nearly 266,120 new cases are expected to be diagnosed with breast cancer, which is likely to favor the demand for molecular diagnostics for breast cancer.
North America is anticipated to dominate the global oncology molecular diagnostics market over the forecast period owing to the rapid adoption to advanced diagnostics techniques, adoption of sedentary lifestyles, and favorable health reimbursement. According to the American Cancer Society (ACS), melanoma or skin cancer is the most common type of cancer occurring in the U.S. and is estimated that approximately 91,270 will have melanomas in 2018 further augmenting the oncology molecular diagnostics market in North America. In Asia Pacific, the oncology molecular diagnostics market is estimated to have the significant growth owing to the increasing aging population, increased research on precision medicines, and high unmet cancer needs.
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