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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Drivers and Restrains Impacting Molecular Diagnostics Market
In testing of infectious disorders, molecular diagnostic plays a pivotal role as they offer fast and reliable results. The need to increase the demand for molecular diagnostics in the forecast tenure and the growing prevalence of hospital-acquired infections, along with infectious diseases can support the rise of molecular diagnostics in the years to come. Increasing detection of numerous nosocomial diseases and their diagnosis facilitated by advances molecular diagnostics solutions can add to the market upsurge. Development in molecular diagnostic technologies is expected to drive the market upsurge due to cost-effectiveness, portability, and accuracy of such technologies.
The growing demand for molecular testing can encourage funding from governments and rise in number of organizations for conducting research and development in molecular diagnostics can favor the molecular diagnostics market in the near future. The availability of for R&D funds and growing government support for life sciences-based research can boost the rise of the molecular diagnostics market.
Segment Analysis of Molecular Diagnostics Market
The global molecular diagnostics market segment analysis is based on product, application, technique, and end user.
The product-based segments of the molecular diagnostics market are instruments, reagents & kits, and services & software. The segment of reagents can dominate and earn high revenue for the market. The increasing demand for reagents in molecular diagnostic testing and the surging need for over-the-counter diagnostic tests can promote the molecular diagnostics market. The growing adoption of these regents in non-medical facilities, such as; in home self-testing, can also add to the market rise.
The technique-based segments of the molecular diagnostics market are polymerase chain reaction (PCR), isothermal amplification, sequencing, hybridization, and microarray among others. The PCR segment can dominate the global market owing to the increased demand for advanced PCR technique.
The application-based segments of the molecular diagnostics market are genetic tests, oncology, and infectious diseases among others. The segment of infectious disease testing can dominate the global molecular diagnostics owing to the frequent relapse of infectious diseases, such as; new multidrug-resistant TB, HIV strains, H1N1, and adding to it COVID 19.
The end-user-based segments of the molecular diagnostics market are hospitals & clinics, and diagnostic laboratories among others. The growing demand for early diagnosis of several diseases and the hike in funding for advanced diagnostic solutions can support the market upsurge in the years to come.
Regional Analysis of Molecular Diagnostic Market
The region-based study of the global molecular diagnostic market is done across the Americas, Asia Pacific, Europe, and the Middle East Asia and Africa.
Through the forecast period, the molecular diagnostics market in the Americas is projected to dominate the worldwide market in the years to come. The expansion of the geriatric population and the surging need for health facilities can support the molecular diagnostics market growth in the North America region. The regional market can thrive owing to the existence of technical advancements, well-established diagnostic system, patient awareness, and introduction of innovative technologies in the field of molecular diagnostics.
In Europe, the molecular diagnostics market expansion can be at the highest pace due to the increasing availability of R&D funding and government support for conducting life sciences-based research. In the Asia Pacific region, the market of molecular diagnostics can thrive across China, South Korea, and India among other emerging as major destinations for conducting clinical trials outsourcing. The growing need for robust drug manufacturers and better pathology testing can add to the market expansion in the years to come. In addition, the existence of a effective healthcare system can strengthen the APAC market.
Key Players of Molecular Diagnostics Market
Hologic, Inc., Hoffmann-La Roche Ltd, Abbott Laboratories, Becton, Dickinson and Company, Cepheid, QIAGEN, Thermo Fisher Scientific, Siemens, and Agilent Technologies are some reputed companies in the molecular diagnostics market that are listed by MRFR in the new report.
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