Molecular Diagnostics Market Overview
As per the reports by MRFR, the molecular diagnosed market is projected to record a CAGR of 8.57% to acquire a market size of over USD 16.32 Billion by 2025.
Molecular diagnostics refers to a group of techniques used to examine biological markers in the proteome and genome and how their cells convey their genes as proteins, putting on molecular biology to medical testing. The global molecular diagnostics market has been witnessing massive growth over recent years, owing principally to innovations in molecular testing techniques, the growing prevalence of various forms of cancer, and the increasing prevalence of infectious disorders.
The global molecular diagnosed market has been experiencing substantial growth, mainly driven by the growing occurrence of infectious diseases. The technological advancements in molecular diagnostics are likely to drive the market’s growth as they provide portability, accuracy, and cost-effectiveness. Additionally, the rising funding by governments and various private organizations for R&D in molecular diagnostics is anticipated to offer several lucrative growth opportunities in the review timeframe. However, the growth of the molecular diagnosed market is expected to be impeded by the authoritarian framework for approvals.
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Molecular Diagnostics Market Segment Analysis
The global molecular diagnostics market is divided into various segments based on application, technique, type, end-user, and region.
By product, the global market for molecular diagnostics is divided into services & software, instruments, and reagents & kits.
By technique, the global molecular diagnostics market is split into microarray, hybridization, isothermal amplification, sequencing, polymerase chain reaction (PCR), and others.
The global market is bifurcated into oncology, genetic tests, infectious diseases, and others based on application.
By end-user, the global market is divided into diagnostic laboratories, hospitals & clinics, and others.
Molecular Diagnostics Market Regional Analysis
The global molecular diagnostics market is studied across five major regions, including the Middle East and Africa, Asia-Pacific, Europe, North America, and South America.
The North American region is likely to dominate the global molecular diagnostics market over the forecast era. The regional market’s growth is being driven by the factors like the implementation of new health facilities and the growing geriatric population in the region. Additionally, the presence of innovative technologies, patient awareness, technical advancements, and the presence of a well-established diagnostic system in the region.
The European regional market for molecular diagnostics is anticipated to hold the second position during the forecasted era. The region’s growth is being driven by the factors like rising government initiatives and the availability of R&D funding for the life sciences sector.
The Asia-Pacific region is projected to record the highest growth rate over the review timeframe due to emerging nations like South Korea, India, and China emerging to be major markets for outsourcing pathology testing, drug manufacturing, and clinical trials. Additionally, the strengthening of the healthcare sector in the region is also likely to accelerate the market growth over the projected timeframe.
The Middle East & African region is anticipated to record a substantial growth over the forecast timeframe given the accessibility of advanced molecular diagnostics solutions and increasing awareness regarding molecular diagnostics among people. Additionally, the growing expenditure on healthcare is likely to offer several lucrative opportunities in the review timeframe.
Molecular Diagnostics Market Competitive Analysis
The global molecular diagnostics market has an intensely competitive landscape. The major players in the market are adopting new strategies such as strategic mergers & acquisitions, partnerships, authorization by government agencies, and mergers. The global market for molecular diagnostics includes major players such as Agilent Technologies, Siemens, Abbott Laboratories, QIAGEN, Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Cepheid, Becton, Dickinson and Company, Hologic, Inc. and several others.
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Molecular Diagnostics Market Recent Developments
In October 2021, Hologic, a global champion of women’s health, is set to launch its newfound prize and the Novodiag system for European labs. The firm just signed a USD795 million deal this summer to absorb a producer of completely automated diagnostics focused on infectious diseases.
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