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Molecular-based Cancer Diagnostic Market Reaches $1.6 Billion
Date:2/19/2020

Cancer diagnostics is a highly dynamic field that consists of various types of platforms. Molecular diagnostics platforms are increasingly becoming popular as they enable accurate diagnosis as well as prognosis evaluation, which are important for treatment decisions. In 2019, the market for molecular cancer diagnostics, including histology and assays, reached $1.6 billion, increasing 11.5% over roughly $1.435 billion in 2018. For 2020, growth is expected to remain relatively stable, driving the market to $1.77 billion for the year. Roche leads the market for oncology, but Illumina comes in second, a testament to the increasing use of next-generation sequencing systems (NGS). This is according to Kalorama Information’s new report, "Molecular Cancer Diagnostics".

Rapid uptake of NGS is expected to have significant influence on cancer diagnostics and cancer management. According to the report. NGS allows comprehensive description of germ-line DNA, analysis of somatic mutations, RNA profiles of naturally occurring tumors, and more. However, clinical integration of these advancements is expected to take a while. Even the integration of straightforward assays such as for EGFR mutation or BRCA1/2 took several years, and still many related issues are being studied. Hence, clinical medicine may not immediately benefit significantly from the increasing numbers of novel candidate markers due to the long time needed for clinical validation of molecular cancer diagnostics methods. Still, the demand for single-gene genomics is expected to grow in cancer diagnostics, mainly in advanced markets such as the U.S.

Promising innovation is evident in other relatively established markets as well, such as polymerase chain reaction (PCR) and in situ hybridization (ISH). For instance, the PCR-based molecular cancer diagnostics segment is being revolutionized by high-sensitivity technologies such as emulsion PCR, including digital droplet PCR (ddPCR), and advanced separation reagents. ISH-based cancer assays are covered under the molecular histology application in the report.

There are several growth opportunities in the molecular cancer diagnostics market including the following:

  • • The global market is expected to experience a strong compound annual growth rate (CAGR) through 2025.
  • • The use of NGS technologies and liquid biopsy methods are increasing, while PCR-based testing in developed markets is decreasing.
  • • There is a growing interest in research and clinical markets for companion diagnostic tests and an increasing market growth for pharmacodiagnostics.
  • • The Asia-Pacific market will increase at high double-digit rates.
  • • Latin America continues to gain momentum but still slower than the global average.
  • • The U.S. will remain the largest market for molecular cancer diagnostics through 2025.

Kalorama's "Molecular Cancer Diagnostics" report reviews the current makeup of the molecular diagnostics market for cancer, including its notable products and geographical segmentation. The report also reviews expected developments, such as technology and product introduction. Expectations for molecular diagnostics for cancer include the introduction of more biofluid-based (e.g., blood, urine) samples and tests indicated for cancer detection and monitoring. However, the current market remains largely composed of tissue-based tests, companion assays, and tests for the prognosis and diagnosis of specific cancer types. Some of the most significant developments in this field that may have an impact in shaping cancer diagnostics and treatment management are assessed throughout the report. The report also includes statistical information for cancers by type on a global level.

All market data pertain to the global market at the manufacturers’ level. The base year for data is 2019 with projections for 2020 and a forecasted market through 2025. Competitive analysis is provided for estimated and published data gathered for the 2019 year. The forecasted market analysis is based on product availability, cancer indications and sales of products expected to reach market by 2025, competitive trends, product marketing, cancer epidemiology, and demographic trends.

Information for this report was gathered using both primary and secondary research, including comprehensive research of secondary sources, such as company reports and literature, government documents and databases, research journals and reports, and general medical and business journals.

Primary research methods included telephone interviews and email correspondence with company representatives, researchers, government representatives, and physicians. These interviews were conducted with the purpose of capturing the perspectives from industry participants on the market opportunity and current trends. This was the basis of formulating forecast models and confirming early findings related to market potential. Secondary research included billing databases and pricing charts.

Kalorama's report is available at: https://kaloramainformation.com/product/molecular-cancer-diagnostics-market/.

About Kalorama Information
For more than 30 years, Kalorama Information has been a leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), imaging, biotechnology, healthcare, medical devices, and pharmaceuticals.

Read the full story at https://www.prweb.com/releases/molecular_based_cancer_diagnostic_market_reaches_1_6_billion/prweb16922969.htm.


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