Worldwide oncology based molecular diagnostics market was estimated at USD 1, 36 million in 2014 and is projected to cross over CAGR of over 14% over the coming years. Increasing prevalence of several types of cancer such as colorectal, breast and Non-Small cell lung cancer among the world population is the chief driver boosting the market growth of industry.
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According to American Cancer society, more than 1,665,540 latest cancer cases and 585,720 cancer deaths are projected to arise over the coming years. Breast, lung, stomach, colorectal and stomach are the most common sites for cancer. Also, HPV, HCV/HBV is the cancer causing viruses accountable for about 20% of cancers all over the world.
Blood cancer, colorectal cancer, breast cancer, lung cancer, kidney cancer, prostate cancer, cervical cancer and liver cancer are different types of cancer studied in the report. In 2014, breast cancer dominated the total market contributing over 15% of the market share. Extensive portfolio of commercialized products coupled with existence of huge test volumes are factors driving the market. Moreover, colorectal cancer segment is also anticipated to undergo high growth over the forecast period. Rising awareness level coupled with escalating prevalence will assist prostate cancer and liver cancer diagnostics market to experience high growth.
Based on products, Reagents held the maximum share among all the segments in 2014 with total revenue generation of over USD over 610 million .This was mainly owing to the extensive usage of several reagents in cancer diagnosis and research. On the basis of technology, the overall industry is segmented into In Situ Hybridization, PCR, Chips& Microarrays, Sequencing, Multiplex PCR, Transcription Mediatec Amplification and Mass spectrometry.
North America led the overall regional market for oncology based molecular diagnostics in 2014, generating total revenue of more than 364 million. This was mainly owing to the existence of well-established healthcare infrastructure, high level of healthcare expenditure and increasing base of health conscious population.
Furthermore, Asia Pacific is anticipated to grow at the rapid CAGR exceeding 16% over the forecast period. Australia, China and India are projected to provide immense potential for the oncology based molecular diagnostics market especially owing to the high unmet needs and rising economy in the region.
Information Source: Grand View Research