Molecular Diagnostics Market Research Report: Information By Product (Reagents & Kits, Instruments and Services & Software), Technique (Polymerase Chain Reaction (PCR), Isothermal Amplification, Hybridization, Sequencing, Microarray and others), Application (Infectious Diseases, Oncology, Genetic Tests and others), End User (Hospitals & Clinics, Diagnostic Laboratories and others) - Forecast till 2027
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Molecular Diagnostics Market Overview
According to MRFR, the Molecular Diagnostics Market is poised to register a CAGR of 8.57%and is slated to reach USD 16.32 Billion by 2025. The growing prevalence of infectious disorders, increasing occurrence of various forms of cancer, and advances in molecular testing techniques are primary drivers of molecular diagnostics market development..
Segmental Analysis
The market for global molecular diagnostics has been segmented by product, technique, application, and end user.
The molecular diagnostics market has been segmented into three product categories: reagents and kits, instruments, and services and software. The reagents segment dominates this molecular diagnostics market segment. The high use of reagents in molecular diagnostic testing, growing demand for over-the-counter diagnostic tests, and increased adoption of these tests in non-medical settings such as home self-testing are some of the segment’s major growth drivers.
The molecular diagnostics market has been segmented by technique into isothermal amplification, polymerase chain reaction (PCR), hybridization, sequencing, and microarray. Due to increased use and advancements in PCR techniques, PCR dominates the molecular diagnostics market.
According to application, the molecular diagnostics market has been segmented into genetic tests, infectious diseases, oncology, and others. Infectious disease testing dominated the molecular diagnostics market in 2019 due to the recurrence of infectious diseases, including new multidrug-resistant tuberculosis, influenza A, and HIV strains.
The molecular diagnostics market has been segmented according to end user into hospitals & clinics, diagnostic laboratories, and others. The growing demand for early detection of numerous diseases has resulted in an increase in funding for advanced diagnostic laboratories, implying that the segment is likely to experience significant growth.
Molecular Diagnostics Market Regional Overview
The Global Molecular Diagnostic Market was analyzed regionally in the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas is expected to dominate the global market for molecular diagnostics over the forecast period. This is reflected in the region’s growing geriatric population and the establishment of new health facilities. North America leads the market due to a well-established diagnostic system, technological advancements, increased patient awareness, and the presence of innovative molecular diagnostic technologies.
The European market for molecular diagnostics is expected to be the second largest during the forecast period. The availability of research and development funding, as well as growing government support for the life sciences sector, are expected to drive growth in this region’s molecular diagnostics market.
Asia-Pacific is estimated to be the fastest-growing market, owing to developing economies such as China, India, and South Korea establishing themselves as major outsourcing destinations for clinical trials, drug manufacturing, and pathology testing. Additionally, the research being conducted in the area has aided in the strengthening of the healthcare system.
The Middle East & Africa molecular diagnostics market is expected to expand steadily over the forecast period. Increased healthcare spending to provide better healthcare facilities will boost the molecular diagnostics market’s growth in the coming years. Increased awareness and accessibility of advanced molecular diagnostics solutions are expected to further boost the region’s molecular diagnostics industry growth.
Molecular Diagnostics Market Competitive Dynamics
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.
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