Impact Analysis of Covid-19
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Global Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), by Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), and by End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Others) is estimated to be valued at US$ 8,623.2 million in 2017 and is expected to exhibit a CAGR of 11.5% over the forecast period (2017-2025).
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Increasing product launches by market players coupled with rising number of government initiatives are major factors that are expected to drive growth of the global molecular diagnostics market over the forecast period. Moreover, molecular diagnostic tests are performed for diagnosis and drug discovery & development purpose. Molecular diagnostic test results are quick and accurate, and this is expected to drive demand for molecular diagnostics. This has further driven manufacturers to focus on research & development for new products. For instance, AITbiotech Pte Ltd., a Singapore-based genomic service and molecular diagnostics (MDx) company, showcased its comprehensive range of abTES MDx assays, including its newly launched Zika assays and the multiplex respiratory panel, at MEDLAB 2017, in February 2017. Furthermore, in October 2017, FDA approved Roche’s cobas Zika, which is a first commercially-available donor screening test for Zika virus.
Additionally, in October 2017, QIAGEN launched custom solutions for molecular diagnostic test, which accelerated adoption of molecular testing by life sciences and molecular diagnostics companies. Moreover, governments from various economies are focusing on initiatives to develop novel techniques in precision medicines. For instance, in 2015, the U.S. government launched Precision Medicine Initiative (PMI), in order to increase awareness and focus on advancements in the precision medicine field, which is expected to drive growth of the molecular diagnostics market, over the forecast period.
Browse 37 Market Data Tables and 35 Figures spread through 176 Pages and in-depth TOC on “ Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), by Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), and by End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Others) – Global Forecast to 2025″
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Furthermore, in March 2017, Cepheid, Rutgers New Jersey Medical School, and FIND launched a new version of the Xpert MTB/RIF test, the Xpert MTB/RIF Ultra (Ultra) for diagnosis of TB and rifampicin resistance. Moreover, in August 2017, Selfdiagnostics launched STD Multitest at MEDICA 2017. STD Multitest is the first and only rapid chlamydia and gonorrhoea duplex disposable molecular test, globally.
Moreover, in July 2017, Roche announced about commercial availability of its cobas HIV-1/HIV-2 for use on the automated cobas 6800/8800 systems in countries accepting the CE mark. Similarly, in July 2017, DiaSorin launched a new CE-IVD molecular diagnostic test, Iam CBFB-MYH11 (not available in the U.S.) for ultra-rapid identification of common genetic causes of acute myeloid leukemia (AML).Thus, increasing product launches by key players in molecular diagnostics is expected to foster growth of the market, over the forecast period.
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Key takeaways of the Molecular Diagnostics Market:
- The global molecular diagnostics market is expected to exhibit a CAGR of 11.5% over the forecast period (2017-2025), attributed to growth in biomarker identification and rising awareness and adoption of precision medicine by healthcare providers
- Among product type, reagents and kits segment is expected to hold a major market share over the forecast period, owing to increasing awareness about early disease diagnosis and early treatment among populace
- Among application, virology segment is expected to hold a major market share, in terms of revenue over the forecast period, owing to rapid implementation of diagnostic tests for new discovered viruses. For instance, in October 2017, Hologic, Inc. received the U.S. FDA approval for its Panther Fusion Paraflu Assay used for detection and differentiate of Para-influenza viruses 1, 2, 3, and 4.
- Key players operating in global molecular diagnostics market are Abbott Laboratories, Hologic, Inc., Grifols, S.A., Qiagen N.V., F.Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, and Beckmann Coulter, Inc., among others
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