Global Molecular Diagnostics Market was valued at USD 8.74 billion in 2019 which is expected to reach at USD 13.58 billion by 2027 at a CAGR 8.5%. Qualiket Research provide in depth analysis of global molecular diagnostics market with latest trends, and opportunities.
Molecular diagnostic technique is used to analyze and identify proteins or nucleic acids at a molecular level. This technique helps monitor and diagnose diseases as well as helpful to decide which therapy should be administered to patient. Also, this technique provides quantitative measurements which inform energy stage of care and management of health conditions.
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Market Drivers
Increase in prevalence of infectious diseases like COVId-19, influenza, HPV, HIV hepatitis, and Tuberculosis which is expected to boost the global molecular diagnostics market growth. Furthermore, increase in advancements in molecular diagnostics has facilitated detection of number of diseases and which will positively influence the market growth over the forecast period. Also, growing government and numerous organizations initiatives and findings for research and development in molecular diagnostics is projected to fuel the market growth during this forecast period. Moreover, increase in prevalence of hospital-acquired infections and infectious diseases are anticipated to raise the demand for molecular diagnostics market during this forecast timeline.
Market Restraints
Delay in the approval of molecular diagnostic products and tests are the major concerns which are expected to hinder the global molecular diagnostic market growth. Regulatory requirements applied to molecular diagnostics are becoming stringent which may limit the market growth.
Impact of COVID-19
The demand for molecular diagnostics products and services will increase due to COVID-19 pandemic across the globe. Also, sharp rise in supportive regularity landscape for product development and its launch as well as rise in target patient population will fuel the global molecular diagnostic market growth.
Market Segmentation
The report have segmented global molecular diagnostics market according to the product and services such as Reagents & Kits, Instruments, and Software & Service, by technology such as Polymerase Chain Reaction (PCR), DNA Sequencing and NGS, Isothermal Nucleic Acid Amplification Technology, DNA Microarrays, In Situ Hybridization, and Others, by application such as Infectious Diseases, Oncology, Genetic Tests, and Others. Further, market is segmented into end user such as Hospital and Academics Laboratories, Reference Laboratories, and Others.
Regional Analysis
On the basis region global molecular diagnostics market is segmented into five regions including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North America is hold largest market share in molecular diagnostics market across the globe over the forecast period. Due to rise in geriatric population and easy availability of advanced healthcare infrastructure in this region. The Europe is the second largest region in global molecular diagnostic market during this forecast timeline. The increase in investments and funds for R & D as well as increase in support from government for life science sector. In addition to that, Asia Pacific is fastest growing market due to developing economies such as India, China, and South Korea.
Market Key Players
Major Key players are listed in global molecular diagnostics market report including Abbott Laboratories, Qiagen, Illumina, Hologic, Grifols, Diasorin, Danaher Corporation, Biomérieux, Becton, Dickinson and Company, and Agilent Technologies
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Key Features
- Reagents and kits held the largest market share in 2019 and which is also fastest growing product segment due to its high adoption in research and clinical settings.
- Infectious diseases is also largest revenue generating factor as molecular diagnostics provide clinicians with better substitutes to diagnose various infectious pathogens, virus, and bacteria with accurate results.
- Qualiket Research report provide in depth analysis with latest market trends and key developments.
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