(USA, NY, New York City) According to MRFR, the Molecular Diagnostics Market is poised to register a CAGR of 8.57% during the forecast period.
The rising prevalence of infectious diseases, the rising incidence of various types of cancer, and technological advancements in molecular testing techniques are the primary drivers of the molecular diagnostics market’s growth. Molecular diagnostics are critical in the testing of infectious diseases because they provide rapid and accurate results. The increasing prevalence of hospital-acquired infections and infectious diseases is estimated further to fuel demand for molecular diagnostics over the forecast period. The detection of a wide variety of diseases has been facilitated by advances in molecular diagnostics, which is especially effective when confronted with difficult differential diagnoses.
Technological advancements in molecular diagnostics are expected to significantly drive market growth, as they improve cost-effectiveness, accuracy, and portability. The increased demand for molecular testing is expected to result in increased funding for molecular diagnostics research and development by governments and numerous organizations. The availability of research and development funds, as well as increased government support for the life sciences sector, are expected to drive global growth in the molecular diagnostics market.
The regulatory framework for approvals has always been a significant constraint in the pharmaceutical, biotechnology, and medical technology sectors. Faulty diagnostic kits may produce inaccurate results. As a result, the stringency of regulations governing the approval process for molecular diagnostics restrains the growth of the molecular diagnostics market.
COVID-19’s global spread has significantly increased the number of confirmed cases and the geographic areas in which laboratory research must be conducted and strengthened. COVID-19’s molecular testing resulted in a worldwide shortage of molecular research reagents. Apart from supply constraints, absorption capacity is constrained in several regions, most notably in low- and middle-income countries. Testing appears to be a critical step in monitoring the virus’s accelerated spread. With an increasing number of cases, regulators worldwide are looking into the potential for private labs to accelerate the research.
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The notable players of the market are Hoffmann-La Roche Ltd, Hologic, Inc., QIAGEN, Becton, Dickinson and Company, Abbott Laboratories, Cepheid, Siemens, Thermo Fisher Scientific, Agilent Technologies.
The segment assessment for the global molecular diagnostics market is based on product, application, end user, and technique.
The product-based segments of the molecular diagnostics market are reagents & kits, instruments, and services & software. The reagent and kit segment is likely to lead the molecular diagnostics market. The high utility of reagents and kits of molecular diagnostic for testing, over-the-counter diagnostic tests, along with non-medical facilities, are expected to favor the molecular diagnostics market in the near future.
The technique-based segments of the molecular diagnostics market are polymerase chain reaction (PCR), isothermal amplification, microarray, hybridization, and sequencing others. The PCR segments dominate the worldwide market due to growing utility of advanced PCR techniques.
The application-based segments of the molecular diagnostics market are oncology, genetic tests, and infectious diseases among others. The infectious disease testing segment can rise at high pace due to extensive need for molecular diagnostics as reoccurrence of infectious diseases is observed. H1N1, multidrug-resistant TB, and HIV strains are some agents against which R&D activities actively require molecular diagnosis.
The End-User-based segments of the molecular diagnostics market are hospitals & clinics, and diagnostic laboratories among others. The upscaling increasing demand for molecular diagnosis to detect diseases in its early stage, along with funding for building advanced diagnostic laboratories are forces that are expected to drive the segment growth.
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In North America, the presence of superior healthcare infrastructure is expected to rise at decent pace in the years ahead. Across the forecast tenure, the US is likely to dominate the global molecular diagnostics market. The expansion of geriatric population and the adoption of effective geriatric care, along with the implementation of new health facilities to treat ailments can contribute to the expansion of the regional molecular diagnostic solutions in the years ahead. North America molecular diagnostic market is expected to thrive in the near future due to the existence of technical advancements, well-established diagnostic system, innovative technologies, and patient awareness.
The increase in R&D investments in Europe molecular diagnostic market is expected to cause its expansion in the coming years. The availability of effective R&D funding and increase in government support for experimentation in the life sciences sector can favor expansion of the market growth in the region. The rise in outsourcing business of clinical trials in the APAC region is expected to drive the molecular diagnostic market in the review tenure. In Asia Pacific, developing economies, such as China, South Korea, and India are observed as major destinations for outsourcing clinical trials, which, in turn, can earn high revenue for the regional market. In addition, pathology testing and drug manufacturing are other major sources in the region that are generate decent revenue, backed by the existence of powerful healthcare base. MEA molecular diagnostics is likely to acquire decent market share as the awareness about modern prognosis solution is rising in the region.
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