Molecular Oncology Market - Forecast(2024 - 2030)

Molecular Oncology Market size is projected to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026. Molecular oncology is the branch of medical science that helps to reduce the problems of cancer. Various tests are performed in blood for detecting DNA and RNA. Molecular oncology helps to provide a detailed information for the treatment of cancer and provide rapid results. Molecular oncology has various usage in clinical and point-of-care (POC) testing for the quick detection of cancer. Increasing prevalence of cancer owing to changing lifestyle and rising adoption of advanced technologies in order to provide detection of various kinds of cancer is the major factor driving the growth of this market. Furthermore, increasing number geriatric population and rising research and development activities is set to further enhance the overall market demand for Molecular Oncology Market for the period 2021-2026.

The report: “Molecular Oncology Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Molecular Oncology Market.

By Type: Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, and Others

By Technology: In Situ Hybridization, PCR, Isothermal Nucleic Amplification, and Others

By End-Use Industry: Hospitals, Clinics, Diagnostics Centers, and Others

By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)

The Molecular Oncology Market based on Type can be further segmented into Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Liver Cancer, and Others. The Breast Cancer segment is the major segment producing revenue in 2020. According to World Health Organization (WHO), in 2020 about 2.3 million women are diagnosed with breast cancer that increases the demand of molecular oncology diagnostics treatment and are increasing the growth of this market. The Prostate Cancer segment is estimated to register the fastest CAGR of 1.05% for the period 2021-2026. This is mainly owing to changing living lifestyle that changes the consumption patterns which increases the prostate cancer and are increasing the growth of this market. 

The Molecular Oncology Market based on End-Use Industry can be further segmented into Hospitals, Clinics, Diagnostics Centers, and Others. The Hospitals segment registers for the highest Molecular Oncology market share in 2020. This is mainly owing to availability of skilled healthcare professional, well-resourced operating & diagnostic rooms and improved hospital-based healthcare services that increases the preference of hospitals among people and are increasing the growth of this market. The Diagnostic Centers segment is forecast to register the fastest CAGR of 2% over 2021-2026. This is mainly owing to availability of advanced technology for the diagnosis of cancer that are increasing the growth of this market.

North America dominated the Molecular Oncology Market with major share of 40% in 2020. This is owing to the growing prevalence of cancer disease, rising advancement technology for the treatment of care and rising healthcare infrastructure increases the growth in healthcare sector are rising the growth of this region. Moreover, various U.S. based companies such as, Roche Molecular Systems, Inc. are developing Cobas EGFR Mutation Test for lung cancer patients that increases development in technology and are rising the growth of this market.

However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to increasing geriatric population and changing in lifestyle.

The rising cases of cancer disease among population is a major factor that are increasing the growth of this market. According to World Health Organization, in 2020 about 10 million deaths occur owing to increasing cancer cases that increases the demand of molecular oncology testing and are rising the growth of the Molecular Oncology Market over 2021-2026.

Increasing technological development helps for the treatment of cancer diseases that increases the demand of molecular oncology testing and are increasing the growth of this Market. Moreover, rising adoption of advanced technologies such as PCR, multiplex PCR helps to detect cancer that increasing the growth of Molecular Oncology Market over 2021-2026.

COVID-19 pandemic had greatly impacted the growth of Molecular Oncology Market. Owing to pandemic, there is social distancing, remote working that reduces the supply in healthcare industry and are negatively impacted the growth of this market.

The factors that is set to impede the growth of the Molecular Oncology Market are the high cost of molecular diagnostics testing technologies that is set to create hurdles for the Molecular Oncology Market. 

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Molecular Oncology Market. Molecular Oncology top 10 companies are Becton, Dickinson, and Company, Danaher Corporation, Roche Diagnostics, Abbott Laboratories, Cepheid, Qiagen NV, Siemens Healthineers, Bayer AG, ICON Plc, Dako, and GE Healthcare.