Oncology Molecular Diagnostics Market Updates

Global Oncology Molecular Diagnostics Market size was valued at USD 2.47 Billion in 2023 and is poised to grow from USD 2.57 Billion in 2024 to USD 5.78 Billion by 2032, growing at a CAGR of 11.6% during the forecast period (2025-2032).

The oncology molecular diagnostics market is very competitive. Key players are utilizing strategic partnerships, launching products and using technological innovation to try to gain market share. For example, in 2023 Roche collaborated with Alnylam to develop RNA-based diagnostics that engage for personalized cancer treatment as part of Roche’s effort to bolster its precision oncology portfolio. Illumina continues its campaign of market dominance by adding AI-driven bioinformatics to its portfolio via Grail (accommodation), a company focused on multi-cancer early detection and intervention. Other companies are investing massively in liquid biopsy platforms, and next generation sequencing (NGS) to meet unmet diagnostic needs and sustain competitive edge in cancer care. 'Abbott Laboratories (United States)', 'F. Hoffmann-La Roche Ltd (Switzerland)', 'Thermo Fisher Scientific Inc. (United States)', 'Danaher Corporation (United States)', 'Veracyte Inc. (United States)', 'Sysmex Corporation (Japan)', 'Illumina, Inc. (United States)', 'bioMérieux SA (France)', 'Agilent Technologies Inc. (United States)', 'TBG Diagnostics Limited (Australia)', 'HTG Molecular Diagnostics Inc. (United States)', 'QIAGEN (Netherlands)', 'NeoGenomics Laboratories, Inc. (United States)', 'Foundation Medicine, Inc. (United States)', 'Natera, Inc. (United States)', 'Myriad Genetics, Inc. (United States)', 'Guardant Health (United States)', 'Exact Sciences Corporation (United States)', 'Tempus AI (United States)', 'Flatiron Health (United States)'

The increase in cancer incidence worldwide is a primary driver of the oncology molecular diagnostics market. With increasing cancer burden, the urgency to accurately and rapidly diagnose cancer is critical to increased survival. Molecular diagnostics can provide accurate information by examining cancer at the genetic level; providing the ability to confirm early-stage diagnosis, select targeted therapeutics, and ensure more accurate monitoring of disease progression to enhance patient outcomes and lower total treatment costs. These factors are expected to impact overall market growth.

What Makes North America a Leader in Oncology Molecular Diagnostics?