The Global Cancer Molecular Diagnostics Market size was worth US$ 26,938.0 million in 2018 and is growing at a CAGR of 6.3 % during the forecast period (2020-2027).

Published Date: 2021-02-26

health-care

DataM forecast the Global Cancer Molecular Diagnostics Market is anticipated to grow at a CAGR of 6.3 % from 2020 to 2027

The market is dominated by the availability of several molecular diagnostics techniques such as polymerase chain reaction (PCR), in situ hybridization, isothermal nucleic acid amplification technology (INAAT), chips & microarrays, mass spectrometry, sequencing, transcription-mediated amplification, and others. Molecular diagnostics effectively analyze the biological markers involved in inducing cancer and analyzing how cancer cells express their genes. These techniques differentiate cancer from benign tumors, the type of tissue involved in cancer, and cancer subtypes. Molecular diagnostics are useful for designing, implementing accurate diagnostic methods and personalize the treatment modalities for cancer. Molecular diagnostics are useful for monitoring the outcomes among patients with cancer.  These techniques determine the risk for cancer occurrence. Molecular diagnostics are useful for physicians to decide the requirement of more intensive screening or preventive measures. 

Market Dynamics

Drivers

  • Rising incidence of cancer cases
  • Increasing initiatives by several organizations and institutes for cancer molecular diagnostics
  • Technological advancement for cancer molecular diagnostics

Restraints

  • Reimbursement issues
  • Issues with quality control and shortage of skilled professionals
  • Ethical issues associated with DTC genetic testing

Market Segmentation

Prostate cancer is a type of cancer in which abnormal cells grow & invade an uncontrolled prostate gland. In terms of cancer-related mortality in men, prostate cancer ranks sixth and eleventh in loss of life from any disease.  As per the estimates provided by the American Cancer Society, in 2018, the United States is expected to witness over 164,690 new cases of prostate cancer, with over 29,430 related deaths. Nearly 60% of the total prostate cancer cases diagnosed are among men aged 65 years or older. One in every nine men is expected to be diagnosed with prostate cancer during his lifetime. According to the United States Census Bureau’s Statistics, the total number of people aged 65 and older exceeds 50 million as of 2017. The number of elderly is projected to increase by almost 18 million during 2020-2030. The number of people aged 85 and older is expected to triple from an estimated 6 million to nearly 20 million by 2060. The risk of developing prostate cancer increases significantly with age. The rise in the geriatric population is one of the leading factors contributing to expanding the market.

Since there are no effective therapeutic options for advanced prostate cancer, early detection of this tumor is pivotal and can increase the curative success rate. Although the routine use of serum PSA testing has undoubtedly increased prostate cancer detection, one of its main drawbacks is the lack of specificity resulting in a high negative biopsy rate. Because treatment for prostate cancer is highly individualized, molecular diagnostics technologies help improve how prostate cancer is diagnosed and treated. Several radiotracers are used to image patients with prostate cancer. These include fluorodeoxyglucose (FDG), sodium fluoride (NaF), fluciclovine, choline and agents that target prostate-specific membrane antigen (PSMA).

Geographical Analysis

Asia-Pacific is growing at a CAGR of 6.5% during the forecast period (2020-2027).

Asia-Pacific region is estimated to be the fastest-growing region in the global cancer molecular diagnostics market due to several lucrative opportunities for the cancer molecular diagnostics market with unaddressed clinical needs in the market. There is an increasing demand for improved cancer molecular diagnostics with the increasing number of cancer people. According to the World Health Organization (WHO), the total number of cancer cases was 8.75 million in Asia in 2018. Around 5.47 million people died due to cancer in 2018. Lung Cancer accounts for the highest incidence with 1.22 million cases, followed by colorectal cancer with 0.95 million cases by breast cancer with 0.91 million cases, and stomach cancer with 0.76 million in Asia in 2018. Lung cancer accounts for the highest mortality with 1.06 million cases followed by stomach cancer with 0.58 million cases by liver cancer with 0.56 million cases, and colorectal cancer with 0.46 million cases in Asia in 2018.

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DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.

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Sai Kiran

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