Rising Adoption of Advanced Technologies to Provide Detection of Various Kinds of Cancer Is Anticipated to Drive the Molecular Oncology Market

The Increasing Prevalence of Cancer Coupled with Rising Adoption of Advanced Technologies to Provide Detection of Various Kinds of Cancer is Anticipated to Drive the Molecular Oncology Market During the Forecast Period. Molecular Oncology Market size is projected to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026.

The molecular oncology market growth rate is attributed to the growing prevalence of cancer disease, rising advancement technology for the treatment of care and rising healthcare infrastructure growth in healthcare sector is anticipated to bring new opportunities. 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 provide rapid results. Molecular oncology has various usages 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 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.  

North America dominated the molecular oncology market with major share of 40% in 2020. This is owing to growing prevalence of cancer disease, rising advancement technology for the treatment of care and rising healthcare infrastructure growth in healthcare sector and 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.

Also, in 2020 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 rising cases of cancer disease among population are major factors 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 treatments 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. 

ICON plc has acquisition with MolecularMD. This acquisition enhances molecular diagnostic testing including next-generation sequencing, and immunohistochemistry (IHC).

The major companies in the Molecular Oncology market include Becton, Dickinson, and Company, Danaher Corporation, Roche Diagnostics, Abbott Laboratories, Cepheid, Qiagen NV, Siemens Healthineers, Bayer AG, ICON Plc, Dako and GE Healthcare. In December 2020, Food and Drug Administration approved osimertinib (TAGRISSO, AstraZeneca Pharmaceuticals LP) for adjuvant therapy after tumor resection in patients with non-small cell lung cancer (NSCLC) whose tumors have epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 L858R mutations, as detected by an FDA-approved test.

Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the products. Manufacturers are rooting for the comeback of Molecular Oncology with effective products. There are the major factors set to buoy the Molecular Oncology market during 2021-2026.