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Worldwide Infectious Disease Molecular Diagnostics Industry to 2028 - Introduction of Technologically Advanced Products is Driving Growth
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Worldwide Infectious Disease Molecular Diagnostics Industry to 2028 - Introduction of Technologically Advanced Products is Driving Growth
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Global Blood Screening Markets Report 2021-2027: Technological Advancements & Increasing Number of Blood Donations and Transfusion Related Screenings
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Major players in the oncology molecular diagnostics market are Abbott Diagnostics, Becton Dickinson, Cepheid, Danaher Corporation, Beckman Coulter, Leica Biosystems, Gen Probe (Hologic), Qiagen N.V., Roche Diagnostics, and Siemens Healthcare.
The global oncology molecular diagnostics market is expected to decline from $5.58 billion in 2019 to $5.25 billion in 2020 at a compound annual growth rate (CAGR) of -5.81%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.41 billion in 2023 at a CAGR of 12.13%.
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The global oncology molecular diagnostics market grew at a CAGR of around 12% during 2014-2019. Looking forward, the global oncology molecular diagnostics market to exhibit strong growth during the next five years.
Oncology molecular diagnostics identify the presence of cancer cells by analyzing their biological molecules. Several tests are performed on the blood, saliva, and tumor tissue samples for detecting and measuring specific genetic sequences in the DNA, RNA, and cell proteins.
Oncology molecular diagnostics help perform rapid analysis and provide detailed information that is further utilized in the personalized treatment of cancer. These diagnostics solutions find application in clinical and point-of-care (POC) testing for early detection of cancer. They are also used in blood banks to identify pathogens and infectious diseases present in the donated blood samples.