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The rising adoption of advanced technologies such as PCR, and multiplex PCR helps to detect cancer that increasing the growth of the Molecular Oncology Market

HYDERABAD, TELANGANA, INDIA, January 17, 2023 /EINPresswire.com/ -- The 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 detailed information for the treatment of cancer and provides rapid results. Molecular oncology has various uses in clinical and point-of-care (POC) testing for the quick detection of cancer. The increasing prevalence of cancer owing to changing lifestyles and the 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, the increasing number geriatric population and rising research and development activities are set to further enhance the overall market demand for Molecular Oncology Market for the period 2021-2026.

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Key Takeaways

1. Geographically, in 2020, North America dominated the Molecular Oncology Market owing to the growing prevalence of cancer disease, rising advancement in technology for the treatment of care and rising healthcare infrastructure increases the growth in the healthcare sector and are rising the growth of this region.

2. The increasing prevalence of cancer owing to changing lifestyles and the rising adoption of advanced technologies in order to provide detection of various kinds of cancer are likely to aid in the market growth of Molecular Oncology.

3. Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent manufacturers operating in the market will be provided in the Molecular Oncology Market report.

4. The high cost of molecular diagnostic testing technologies is set to create hurdles for the Molecular Oncology Market

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Segmental Analysis:

1. 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 which increases the demand for molecular oncology diagnostics treatment and is 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.

2. 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 the availability of skilled healthcare professionals, well-resourced operating & diagnostic rooms and improved hospital-based healthcare services that increase the preference for 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 the availability of advanced technology for the diagnosis of cancer which is increasing the growth of this market.

3. North America dominated the Molecular Oncology Market with a major share of 40% in 2020. This is owing to the growing prevalence of cancer disease, rising advancement in technology for the treatment of care and rising healthcare infrastructure increases the growth in the 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 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 the increasing geriatric population and changes in lifestyle.

Competitive Landscape:

The top 5 players in the Molecular Oncology Industry are -

1. Becton
2. Dickinson, and Company
3. Danaher Corporation
4. Roche Diagnostics
5. Abbott Laboratories

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