Oncology Based Molecular Diagnostics Market Share, Size and Analysis to 2022

Global oncology based molecular diagnostics market is expected to reach USD 3,391.0 million by 2022 according to a new report by Grand View Research Inc. The rising geriatric population base, increasing global prevalence of cancer, rise in sedentary lifestyle adoption levels, and rising awareness & patient education are the driving forces for the oncology based molecular diagnostics market growth over the forecast period.

Growing prevalence of cancer patients owing to adoption of sedentary lifestyles and decrease in immunity levels are estimated to increase industrial growth rate. Furthermore, large variations in both cancer incidence and mortality rates in different sub-regions of developing countries such as Brazil, Mexico, South Africa, and India are also anticipated to enhance the usage of molecular diagnostics to increase survival rates by early detection and validation.

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Further key findings from the study suggest:

Breast cancer accounted for largest market share in 2014 with revenue estimated at around USD 170.0 million. Molecular diagnostic assays for breast cancer prognostic are expected to increase the adoption of molecular diagnostics in the near future. Colorectal cancer is estimated to witness lucrative growth over the forecast period owing to the availability of technologically advanced microarrays & assays such as miRNA microarrays. On the basis of product, reagents dominated the overall market with a share of over 55% in 2014 owing to high usage rates. Growing initiatives by researchers in this field for detection of disease related novel biomarkers for drug development purpose are estimated to be the key factors attributing to this segment’s growth Clinics and other establishments dominated the overall market in 2014 due to the presence of high procedure volumes and the extensive presence of ancillary support in terms of man...