Oncology Based Molecular Diagnostics Market Size

Oncology Based Molecular Diagnostics Market Size

Oncology Based Molecular Diagnostics Market size was valued at around USD 2.2 billion in 2023 and is estimated to reach over USD 3.3 billion by 2032. Oncology-based molecular diagnostics entails the utilization of molecular biology techniques to detect, diagnose, and monitor cancer by analyzing the genetic, molecular, and biochemical features of cancer cells. This process provides valuable insights into tumor development, progression, and treatment response.

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The global burden of cancer continues to increase, driven by factors such as population aging, lifestyle changes, environmental factors, and the rising prevalence of risk factors such as smoking and obesity. According to the World Health Organization (WHO), breast cancer accounted for 670,000 deaths worldwide in 2022, making it the most prevalent cancer among women in 157 out of 185 countries.

Additionally, cervical cancer ranked as the fourth most common cancer in women globally, with approximately 660,000 new cases and around 350,000 fatalities reported in the same year. Thus, this growing incidence of cancer necessitates effective diagnostic tools such as molecular diagnostics which is estimated to reach USD 36 billion by 2032, for early detection, accurate diagnosis, and monitoring of the disease.

Point-of-care testing (POCT) refers to medical diagnostic testing conducted outside the traditional laboratory setting, often in close proximity to the patient. In oncology, there is a rising demand for POCT to expedite swift and precise diagnosis, facilitate treatment monitoring, and streamline disease management processes. Molecular diagnostics technologies are progressively being tailored for POCT applications, allowing for faster turnaround times and ultimately leading to enhanced patient outcomes.