How big is the molecular diagnostics market?
Author : Sapana Supekar | Published On : 21 Sep 2021
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.
Molecular Diagnostics Market Dynamics
The rising frequency of infectious diseases, the rising incidence of various types of cancer, and advancements in molecular testing techniques are the key drivers of the molecular diagnostics market. Molecular diagnostics are crucial in the detection of infectious diseases because they provide quick and accurate results. The rising prevalence of hospital-acquired illnesses and infectious diseases is expected to increase demand for molecular diagnostics over the forecast period. Advances in molecular diagnostics have made it easier to diagnose a wide range of disorders, and it is especially useful when faced with a challenging differential diagnosis. Technological advancements in molecular diagnostics are likely to fuel considerable growth in the molecular diagnostics market, as they improve cost-effectiveness, accuracy, and mobility. The growing need for molecular testing is likely to stimulate increased financing for R&D in molecular diagnostics by governments and a variety of organizations. Molecular diagnostics market growth is predicted to be boosted by the availability of R&D funds and increased government support for the life sciences sector during the study period.
Molecular Diagnostics Market Segmental Analysis
The molecular diagnostics market is divided into three categories: reagents and kits, devices, and services and software.
The molecular diagnostics market is split into isothermal amplification, polymerase chain reaction (PCR), hybridization, sequencing, microarray, and others, depending on the technology.
Based on application, the molecular diagnostics market has been divided into genetic tests, infectious disorders, cancer, and others.
The molecular diagnostics market has been segmented into hospitals & clinics, diagnostic laboratories, and others based on end-user.
Molecular Diagnostics Market Regional Overview
The Americas are expected to lead the global market for molecular diagnostics during the forecast period. This is due to the region's expanding senior population and the establishment of new health facilities. Because of a well-established diagnostic system, technological improvements, patient awareness, and the presence of breakthrough molecular diagnostics technologies, North America leads the industry.
The European market for molecular diagnostics is predicted to be the second-largest throughout the forecast period. The availability of research and development funds, as well as increased government backing for the life sciences industry, are projected to propel the molecular diagnostics market in this area forward.
Due to expanding economies like China, India, and South Korea emerging as important destinations for outsourcing clinical trials, drug manufacture, and pathology testing, Asia-Pacific is expected to be the fastest-growing market. Furthermore, the healthcare system has been strengthened as a result of the research being conducted in the area.
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The Middle East and Africa molecular diagnostics market is predicted to grow steadily during the review period. The expansion of the molecular diagnostics market will be aided by increased healthcare spending to give better healthcare facilities in the future years. The expansion of the molecular diagnostics sector in the region is likely to be boosted further by increased awareness and accessibility of modern molecular diagnostics solutions.
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, and Agilent Technologies.
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