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Continued funding for cancer research is essential to the advancement of molecular oncology and is a key driver of market expansion.
Transparency Market Research Inc., Wilmington, Del., USA, October 11, 2024 (Globe Newswire) — The global molecular oncology market is expected to reach USD 2.3 billion in 2023. Masu. The market is expected to reach USD 7.4 billion by 2034, registering a CAGR of 11.0% from 2024 to 2034.
Molecular cancer diagnosis is becoming increasingly common in clinical laboratories. The potential for targeted therapy for malignancies such as multiple myeloma, lymphoma, melanoma, lung, breast, ovary, and prostate is currently being evaluated using molecular oncology assays.
Molecular oncology researchers use a variety of methods, including in vitro and in vivo functional models, computational biology, genomics, and tumor imaging, to understand biological and clinical features.
The genes that produce these proteins could be used as targets in the development of new anticancer drugs, chemotherapeutic agents, or imaging scans. These combination methods are used in molecular oncology to confirm the involvement of novel candidate genes in cancer development.
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Key findings of the market report
Lung cancer leads the global molecular oncology market due to its high morbidity and mortality rates, especially in the United States.
Declining smoking rates and improvements in early diagnosis and treatment have reduced the frequency of illness and death. However, lung cancer remains a public health problem.
It is well established that there is a link between smoking and the development of this disease. Risk factors such as a history of lung disease and occupational status also play a role. Due to the prevalence of lung cancer, global access to molecular oncology technologies and treatments is critical.
Molecular Oncology Market Trends
According to the latest Molecular Oncology market forecast, North America occupies a key position in the industry. Robust healthcare systems, cutting-edge medical equipment, and significant investment in cancer research and development are driving market trends in the region.
Molecular oncology diagnosis and treatment has become the focus of some of the largest pharmaceutical and biotechnology companies in the United States, contributing significantly to North American leadership.
The American Cancer Society provides thorough data and analysis on cancer outcomes, incidence, and trends to facilitate informed decision-making and efficient resource allocation.
North America has favorable regulatory rules, a large patient population, and high healthcare spending, all of which represent a lucrative market potential for molecular oncology in the region.
Diagnostic laboratories are important to the global molecular oncology industry from an end-user perspective. We support the development of treatment programs and evaluation of treatment effectiveness by providing rapid and accurate testing.
As cancer treatment becomes more specialized, accurate testing becomes increasingly important for determining treatment. This shows the importance of laboratories in providing accurate cancer diagnosis and treatment.
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Global Molecular Oncology Market: Regional Outlook
Various reasons are driving the growth of the molecular oncology market across the region. these are:
According to the latest Molecular Oncology market forecast, North America occupies a key position in the industry. Market dynamics in the region are driven by robust healthcare systems, cutting-edge medical equipment, and significant investments in cancer research and development.
Molecular oncology diagnosis and treatment has become the focus of some of the largest pharmaceutical and biotechnology companies in the United States, contributing significantly to North American leadership.
Additionally, the American Cancer Society provides thorough data and analysis on cancer outcomes, incidence, and trends to facilitate informed decision-making and efficient resource allocation.
Additionally, North America enjoys favorable regulatory rules, a huge patient population, and high healthcare costs, all of which indicate a lucrative market potential for molecular oncology in the region.
Global Molecular Oncology Market: Key Players
Prominent organizations in the global molecular oncology industry are implementing strategies that include the development and introduction of new products. Molecular oncology is a moderately competitive business with a number of major competitors.
The following companies are commonly participating in the global Molecular Oncology market:
Roche Diagnostics
Thermo Fisher Scientific Co., Ltd.
Illumina Co., Ltd.
Qiagen NV
Agilent Technologies Co., Ltd.
Abbott Laboratories
Bio-Rad Laboratories Co., Ltd.
Myriad Genetics
Genomic Health Co., Ltd.
other players
Main developments
Roche has announced the release of the LightCycle PRO system in November 2023. This system is an extension of the proven gold standard technology of the previous LightCycle® system. Roche’s molecular PCR testing portfolio, which includes solutions for researchers and clinicians testing patients for infectious diseases, cancer, and other public health concerns, has been expanded with the introduction of the LightCycle PRO System. Ta.
Zydus Lifesciences and Guardant Health partnered in November 2023 to market the Guardant360 body fluid and tissue biopsy test in Nepal and India. Comprised of the Guardant360 Response test and the Guardant360 TissueNext assessment, this test is designed to improve treatment outcomes for advanced malignancies by providing targeted genetic testing.
Global Molecular Oncology Market Segmentation
product
musical instrument
reagent
others
type of cancer
lung cancer
breast cancer
colorectal cancer
ovarian cancer
pancreatic cancer
others
technology
end user
By region
North America
latin america
Europe
Asia Pacific
middle east and africa
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