According to Fact.MR’s industry analysis of oncology molecular diagnostics, the global market was estimated to be worth US$ 1.7 billion in 2020 and is projected to grow to US$ 4 billion by 2031.
The increased incidence of infectious diseases and cancer, expanding R&D spending, growth in PoC (point of care) testing equipment, and numerous technological breakthroughs all contribute to the demand for oncology molecular diagnostics.
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Prominent Key players of the Oncology Molecular Diagnostic market survey report:
- Biocartis NV
- TBG Diagnostics Ltd.
- GenMark Diagnostics Inc
- Luminex Corporation
- HTG Molecular Diagnostics
- Vela Diagnostics
- Amoy Diagnostics Co.
- Molbio Diagnostics Pvt. Ltd.
- Savyon Diagnostics Ltd
- ABACUS Diagnostica Oy, and
- GeneOmbio Technologies Pvt. Ltd
Key Segments Covered in Oncology Molecular Diagnostic Industry Research
- By Product
- Oncology Molecular Diagnostic Reagents & Kits
- Oncology Molecular Diagnostic Instruments
- Oncology Molecular Diagnostic Tabletop Instruments
- Oncology Molecular Diagnostic Portable & PoC Instruments
- Oncology Molecular Diagnostic Services & Software
- By Technology
- Polymerase Chain Reaction (PCR) in Oncology Molecular Diagnostics
- Isothermal Nucleic Acid Amplification Technology (INAAT) for Oncology Molecular Diagnostics
- DNA Sequencing & Next-Generation Sequencing (NGS) for Oncology Molecular Diagnostics
- In Situ Hybridization (ISH) Technology for Oncology Molecular Diagnostics
- DNA Chips and Microarrays for Oncology Molecular Diagnostics
- By End User
- Oncology Molecular Diagnostic Used in Diagnostic Laboratories
- Oncology Molecular Diagnostic Used in Hospitals & Clinics
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Key Takeaways from Market Study
- Global oncology molecular diagnostic market is expected to grow 2.3X in value by 2031.
- Demand for reagents & kits to expand at a CAGR of 12.8% over next ten years.
- Market in China anticipated to reach a valuation of US$ 670 Mn by 2031.
- Markets in Japan and Canada forecasted to grow 8% and 9%, respectively.
- Demand for PCR diagnostic technology to dominate the market over next ten years.
“Increasing awareness towards early detection of cancer using molecular diagnostics to nudge demand for oncology molecular diagnostics over coming years,” says a Fact.MR analyst.
The market is highly fragmented with the presence of several global and international market players. Key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions.
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