The accuracy, specificity and the relation of genes, proteins and chromosomes in the division of cells is one of the factor favoring the use of the molecular diagnostics in oncology, which in turn is expected to brace the growth in global oncology molecular diagnostics market in the near future
Reports and Insights (R&I) has published a new report titled, “Oncology Molecular Diagnostics Market: Opportunity Analysis and Future Assessment 2022-2030”
Global oncology molecular diagnostics market, By Type (PCR, Multiplex PCR, In Situ Hybridization, Isothermal Nucleic Acid Amplification Technology (INAAT)), By Application (Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Other) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global oncology molecular diagnostics market was valued for more than US$ 2.1 Bn in the year 2020 and expected to grow at a significant CAGR of 12.4% during the forecast period.
As per the report, on account of advent of several advanced technologies as well as high-yielding genome engineering, the global molecular diagnostics market is observing a massive growth as it promotes its utility in the field of oncology as well.
Cancer is the wide group of diseases comprising undisciplined cell development and proliferation and is considered the most deadly and painful disease all across the world if not diagnosed and treated. The only best approach to prevent and control the disease is advised to be its early diagnosis and medical care.
Prior to molecular diagnostics, the medical practitioners were dependent on the outcome obtained from surgeries and microscopic analysis of troubled tissue samples however these days, the molecular diagnosis is turning up as an advanced and astonishing approach that combines proteomics and genomics for early discovery and diagnosis of cancer.
The increases in the prevalence in the cancer cases such as cervical cancer, prostate cancer, or breast cancer and many more is expected to demand for better diagnostic methods and thus is expected to support the growth in the global oncology molecular diagnostics market in the forthcoming years.
The molecular tests are having numerous applications in clinical oncology. Molecular diagnostics is a component of laboratory medicine, which depends on the disclosure of individual biologic molecules.
Usually, molecular diagnostics is a method used to determine and examine nucleic proteins or acids at a molecular level. This method analyzes the genetic composition of a person to determine predilection to a specific disease or medical condition and diagnose it.
The growing consciousness among the population as well as healthcare experts with respect to molecular diagnostics in the field of oncology is estimated to propel the growth of the global oncology molecular diagnostics during the forecast period.
In addition, there is a huge demand for technologically enhanced diagnostic systems on account of cost-effectiveness, accuracy and quickness across the world which is also acting as a positive factor in order to augment the growth of the global oncology molecular diagnostics market in the near future.
Along with that, the high intake of alcohol and tobacco among the population and specifically younger generation is contributing to the surging count of cancer incidences across the world coupled with lethargic lifestyle with nil physical activity is also estimated to strengthen the growth of the global oncology molecular diagnostics market in the coming years.
R&I study identifies some of the key participating players in the oncology molecular diagnostics market globally are Abbott Laboratories, Bayer Healthcare, Becton Dickinson, Cepheid, Dako, Danaher Corporation, Gen Probe(Hologic), Roche Diagnostics, Siemens Healthcare, among several others.
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