Global oncology-based molecular diagnostics market is estimated to grow at a CAGR of 14.7 percent from 2015 to 2022 to reach USD 3.39 billion by 2022. Molecular diagnostic assays for breast cancer prognostic are predicted to increase the adoption of molecular diagnostics in the near future. Colorectal cancer is estimated to observe lucrative growth owing to the availability of technologically advanced microarrays and assays such as miRNA microarrays.
Sequencing is estimated to be the fastest growing segment with CAGR estimated at over 19 percent during 2015 to 2022, predicts Grand View Research. The rising geriatric population base, increasing global prevalence of cancer, rise in sedentary lifestyle adoption levels, and rising awareness and patient education are the driving forces for the oncology-based molecular diagnostics market. Increasing demand for technologically advanced diagnostics products on grounds of accuracy, speed, and cost-effectiveness is rendering the growth of the market.