Molecular Diagnostics Market accounted for US$ 15.23 billion in 2020 and is estimated to be US$ 45.30 billion by 2030 and is anticipated to register a CAGR of 11.5%. Molecular diagnostic procedures to detect certain sequences in RNA or DNA (such as deletions, rearrangements, single nucleotide polymorphisms (SNPs), insertions, and others) that can or cannot be linked to diseases. Molecular diagnostics has advanced dramatically in recent decades. In the realm of molecule biology, molecular diagnostics is leading to innovation.
The report " Global Molecular Diagnostics Market, By Product (Instruments, Reagents, and Other Products), By Technology (In Situ Hybridization, Chips and Microarrays, Mass Spectrometry (MS), Sequencing, PCR, and Other Technologies), By Application (Infectious Disease, Oncology, Pharmacogenomics, Microbiology, Genetic Disease Screening, Human Leukocyte Antigen Typing, and Blood Screening), By End User (Hospitals, Laboratories, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030’’
Key Highlights:
· GeneIQ, a Dallas-based molecular diagnostics lab, pivoted in December 2020, like many other enterprises throughout the country, to confront the ongoing COVID-19 outbreak, and the move has bolstered a huge expansion.
· Co-Diagnostics Inc. announced the sale of over 10 million Logix SmartTM COVID-19 test kits to its domestic and international laboratory, hospital, and supplier network in December 2020.
Analyst View:
The rising prevalence of infectious diseases and cancer in both developed and developing countries would boost the molecular diagnostics market's growth. The rising frequency of prescriptions for molecular diagnostic tests is due to the diagnosis and management of such disorders. During the projection period, these factors, together with the growing tendency toward preventive care, are projected to increase demand for molecular diagnostics. Because molecular diagnostics performs these tests, it is projected to have a favourable impact on this market.
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Key Market Insights from the report:
Global Molecular Diagnostics Market accounted for US$ 15.23 billion in 2020 and is estimated to be US$ 45.30 billion by 2030 and is anticipated to register a CAGR of 11.5%. The global molecular diagnostics market is segmented based on the product, technology, application, end-user, and region.
· Based on Product, Global Molecular Diagnostics Market is segmented into Instruments, Reagents, and Other Products.
· Based on Technology, Global Molecular Diagnostics Market is segmented into In Situ Hybridization, Chips and Microarrays, Mass Spectrometry (MS), Sequencing, PCR, and Other Technologies.
· Based on Application, Global Molecular Diagnostics Market is segmented into Infectious Disease, Oncology, Pharmacogenomics, Microbiology, Genetic Disease Screening, Human Leukocyte Antigen Typing, and Blood Screening.
· Based on End-User, Global Molecular Diagnostics Market is segmented into Hospitals, Laboratories, and Other End Users.
· By Region, the Global Molecular Diagnostics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Molecular Diagnostics Market:
The key players operating the global molecular diagnostics market involves F. Hoffmann-la Roche Ltd., Illumina Inc., Hologic Corporation, Agilent Technologies / Dako, Qiagen N.V., Myriad Genetics, BD (Becton, Dickinson and Company), Abbott Laboratories, Danaher Corporation (Cepheid Inc.), and Genomic Health Inc. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the Products to gain a competitive edge in the target market. For instance, in February 2018, Hologic Inc. declares that the company has got approval from Health Canada for its new Panther Fusion system and Panther Fusion assays for respiratory virus infections.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
