Pune, India, June 16, 2021 (GLOBE NEWSWIRE) – The increasing prevalence of various types of cancer around the world molecular diagnostics market in oncology, Says Fortune Business Insights in a report titled “Global Oncology Molecular Diagnostics Market Size, Share and Trend by Product (Instruments, Reagents), by Cancer Type (Blood Cancer, Prostate Cancer, Colorectal Cancer, Cancer of skin, cervical cancer), by Technology (polymerase chain reaction, microarrays and microarrays, sequencing, mass spectroscopy, transcription amplification), by end user (hospitals, diagnostic centers) and forecast geographic areas until 2026.
The increasing move towards precision medicine is expected to enable the growth of the global oncology molecular diagnostics market.
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Growing demand for automated and advanced diagnostics will drive growth
The increasing prevalence of numerous cancers is likely to support the revenue growth of the global automated and advanced diagnostics market. The increasing move towards precision medicine and the increasing demand for preventive care are expected to drive the growth of the global molecular diagnostics in oncology market.
In addition, the growing demand for automated and advanced diagnostic techniques for cancer is also expected to contribute to the global molecular diagnostics in oncology market shares. According to the World Health Organization, the number of cancer cases worldwide in 2018 is estimated at 18.0 million, which is expected to further fuel the global oncology molecular diagnostics market.
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Furthermore, favorable healthcare reimbursement policies are likely to favor the growth of the Global Molecular Oncology Diagnostics Market. In addition, acquisitions and mergers of key companies are expected to drive the growth of the global molecular diagnostics in oncology market during the forecast period. For example, cancer Genetics announced a merger with NovellusDx whereby Cancer Genetics’ portfolio of oncology tests and services will combine with next-generation sequencing and other technologies from NovellusDx. Likewise, Biodesix, Inc., announced the acquisition of Integrated Diagnostics, Inc., which resulted in the acquisition of the Company’s oncology product, the XL2 test.
In addition, the launch of MammaTyper is also expected to propel the growth of the global oncology molecular diagnostics market. For example, BioNTech SE launched MammaTyper, a molecular diagnostic test for breast cancer that was developed in collaboration with Stratifyer. However, the high costs associated with molecular diagnostics, budget limitations, and the requirement for sophisticated facilities are the major factors that are expected to hamper the growth of the global oncology molecular diagnostics industry.
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Rapid Adoption of Advanced Diagnostic Techniques Will Drive Growth in North America
Geographically, the global oncology molecular diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America is expected to dominate the global oncology molecular diagnostics market during the forecast period owing to the rapid adoption of advanced diagnostic techniques and sedentary lifestyles.
According to the American Cancer Society (ACS), melanoma or skin cancer is the most common type of cancer in the United States and is estimated to number around 91,270 people. Favorable healthcare reimbursement policies will further increase growth in the region. In Asia-Pacific, the molecular oncology diagnostics market is expected to grow at a significant rate owing to the growth of the geriatric population and the increasing research into precision drugs. High unmet cancer needs are also expected to fuel growth in Asia-Pacific.
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Main leading players mentioned:
- Dickinson and company
- F. Hoffmann-La Roche Ltée
- Bayer AG
- Agilent Technologies
- Sysmex Company
- Siemens Health GmbH.
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