Molecular Diagnostics Market Landscape
After the latest scenario where Coronavirus cases are down, the global molecular diagnostics market repositioned and marked it speedy recovery, leaving behind restrictions imposed during the high cases of the pandemic. On this, Market Research Future reports that the global molecular diagnostics market stocks are streamed, and for the future, the market is going to expand at a rate of 8.57%. At this pace, the rise of the market would take place by generating revenue of USD 16,319.09 Million during the years 2016-2025 (forecasted period).
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Molecular Diagnostics Market Growth Boosters
Molecular diagnostics often offer quantitative measurements that inform every stage of care and enable the triumphant management of various health conditions. Molecular diagnostics tools have benefited the clinical by providing rapid and sensitive approaches for the detection and monitoring of diverse infectious diseases, cancers, and new chronic diseases. Due to these reasons, the market of molecular diagnostics has gained prominence and became more profitable during the pandemic caused by COVID 19.
The elderly population is vulnerable to chronic diseases such as Parkinson’s disease, lung diseases, diabetes, heart disease, and requires molecular diagnostics that will motivate the market growth. As per the Centers for Disease Control and Prevention (CDC), Alzheimer’s disease and Dementia are most common in adults of 60 years and above. Therefore, the developed, as well as developing countries, are facing an age-linked chronic disease burden that will cultivate the molecular diagnostics market growth in the assessment period.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Molecular Diagnostics Market and demographic challenges, showed how it could move forward in the coming years.
Apart from this, the technological advancements in molecular diagnostics are also highly anticipated to considerably boost market growth as they facilitate accuracy, cost-effectiveness, and portability. The commercialization of MinION, an inexpensive and portable sequencer by Nanopore Technologies, is considered appropriate for use in small laboratories and various care facilities, which is probable to boost the market for molecular diagnostics.
On an important note, the rise in the funding by governments and numerous organizations for R&D in molecular diagnostics is also anticipated to foster the demand for molecular testing. Funding plays a pivotal role in the product development process. In the case of point, Accelerate Diagnostics received USD 19.5 million from entities such as Oracle Institutional Partners, Oracle Partners, and the Schuler Family Foundation, to enhance the development and sales of infectious disease in vitro diagnostics tests and tools.
Molecular Diagnostics Market Segment Review
The global molecular diagnostics market has been studied among the segments of product, technique, application, and end-user.
Depending on the product segment, the market includes instruments, reagents & kits, and services & software.
Depending on the technique segment, the market has included isothermal amplification, polymerase chain reaction (PCR), sequencing, hybridization, microarray, and others.
Depending on the application segment, the market has included genetic tests, oncology, infectious diseases, and others.
Depending on the end-user segment, the market includes diagnostic laboratories, hospitals & clinics, and others. The hospitals & clinics segment grabbed a market value of USD 4.078.09 million in 2018.
Molecular Diagnostics Market Regional Framework
The global molecular diagnostics market regionally has been studied among the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are estimated to lead the global molecular diagnostics market during the forecast period attributing to the mounting geriatric population and the availability of advanced healthcare facilities in the region.
The European market for molecular diagnostics might become the second-largest market in the forecast period. The accessibility of funds for research & development and rising support from the government for the life science sector is what will boost the growth of the market in this region.
Asia-Pacific is also probable to be the fastest-growing market owing to upward economies such as India, China, and South Korea emerging as leading destinations for the outsourcing of clinical trials, drug manufacturing, and pathology testing. Besides this, improving healthcare infrastructure has surged the researches to happen rapidly in the region.
The molecular diagnostics market in the region of the Middle East & Africa might witness healthy growth during the review period in support of a lack of awareness of healthcare facilities.
Molecular Diagnostics Market Vendors Landscape
The prominent vendors in the global molecular diagnostics market are
- Hologic Inc.
- F. Hoffmann-La Roche Ltd
- Dickinson and Company
- Abbott Laboratories
- Agilent Technologies
- Thermo Fisher Scientific
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