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 prevalence of infectious diseases, the rising incidence of various types of cancer, and technological advancements in molecular testing techniques are the primary drivers of the molecular diagnostics market’s growth. Molecular diagnostics are critical in the testing of infectious diseases because they provide rapid and accurate results. The increasing prevalence of hospital-acquired infections and infectious diseases is estimated further to fuel demand for molecular diagnostics over the forecast period. The detection of a wide variety of diseases has been facilitated by advances in molecular diagnostics, which is especially effective when confronted with difficult differential diagnoses.
Technological advancements in molecular diagnostics are expected to significantly drive market growth, as they improve cost-effectiveness, accuracy, and portability. The increased demand for molecular testing is expected to result in increased funding for molecular diagnostics research and development by governments and numerous organizations. The availability of research and development funds, as well as increased government support for the life sciences sector, are expected to drive global growth in the molecular diagnostics market.
The regulatory framework for approvals has always been a significant constraint in the pharmaceutical, biotechnology, and medical technology sectors. Faulty diagnostic kits may produce inaccurate results. As a result, the stringency of regulations governing the approval process for molecular diagnostics restrains the growth of the molecular diagnostics market.
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COVID-19’s global spread has significantly increased the number of confirmed cases and the geographic areas in which laboratory research must be conducted and strengthened. COVID-19’s molecular testing resulted in a worldwide shortage of molecular research reagents. Apart from supply constraints, absorption capacity is constrained in several regions, most notably in low- and middle-income countries. Testing appears to be a critical step in monitoring the virus’s accelerated spread. With an increasing number of cases, regulators worldwide are looking into the potential for private labs to accelerate the research.
The market for global molecular diagnostics has been segmented by product, technique, application, and end user.
The molecular diagnostics market has been segmented into three product categories: reagents and kits, instruments, and services and software. The reagents segment dominates this molecular diagnostics market segment. The high use of reagents in molecular diagnostic testing, growing demand for over-the-counter diagnostic tests, and increased adoption of these tests in non-medical settings such as home self-testing are some of the segment’s major growth drivers.
The molecular diagnostics market has been segmented by technique into isothermal amplification, polymerase chain reaction (PCR), hybridization, sequencing, and microarray. Due to increased use and advancements in PCR techniques, PCR dominates the molecular diagnostics market.
According to application, the molecular diagnostics market has been segmented into genetic tests, infectious diseases, oncology, and others. Infectious disease testing dominated the molecular diagnostics market in 2019 due to the recurrence of infectious diseases, including new multidrug-resistant tuberculosis, influenza A, and HIV strains.
The molecular diagnostics market has been segmented according to end user into hospitals & clinics, diagnostic laboratories, and others. The growing demand for early detection of numerous diseases has resulted in an increase in funding for advanced diagnostic laboratories, implying that the segment is likely to experience significant growth.
Molecular Diagnostics Market Regional Overview
The Global Molecular Diagnostic Market was analyzed regionally in the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas is expected to dominate the global market for molecular diagnostics over the forecast period. This is reflected in the region’s growing geriatric population and the establishment of new health facilities. North America leads the market due to a well-established diagnostic system, technological advancements, increased patient awareness, and the presence of innovative molecular diagnostic technologies.
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The European market for molecular diagnostics is expected to be the second largest during the forecast period. The availability of research and development funding, as well as growing government support for the life sciences sector, are expected to drive growth in this region’s molecular diagnostics market.
Asia-Pacific is estimated to be the fastest-growing market, owing to developing economies such as China, India, and South Korea establishing themselves as major outsourcing destinations for clinical trials, drug manufacturing, and pathology testing. Additionally, the research being conducted in the area has aided in the strengthening of the healthcare system.
The Middle East & Africa molecular diagnostics market is expected to expand steadily over the forecast period. Increased healthcare spending to provide better healthcare facilities will boost the molecular diagnostics market’s growth in the coming years. Increased awareness and accessibility of advanced molecular diagnostics solutions are expected to further boost the region’s molecular diagnostics industry growth.
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, Agilent Technologies.
Table of Content
1 Executive Summary
2 Market Introduction
2.1 Definition 16
2.2 Scope Of The Study 16
2.3 Assumptions & Limitations 16
2.3.1 Assumptions 16
2.3.2 Limitations 16
2.4 Market Structure 17
3 Research Methodology
3.1 Research Process 18
3.2 Primary Research 19
3.3 Secondary Research 20
3.4 Market Size Estimation 20
3.5 Forecast Model 21
4 Market Dynamics
4.1 Overview 22
4.2 Drivers 23
4.2.1 Rising Prevalence Of Infectious Diseases 23
4.2.2 Advancements In Molecular Diagnostic Techniques 23
4.2.3 Rising Prevalence Of Different Types Of Cancer 23
4.3 Restraints 24
4.3.1 Stringent Regulatory Policies 24
4.4 Opportunities 25
4.4.1 Entering Developing Economies 25
4.5 Technology Trends & Assessment 25
5 Market Factor Analysis
5.1 Value Chain Analysis 26
5.1.1 R&D And Designing 26
5.1.2 Good Laboratory Practices 26
5.1.3 Molecular Diagnostics Testing 26
5.1.4 Distribution And Sales 27
5.1.5 Post-Sales Monitoring 27
5.2 Porter’s Five Forces Analysis 28
5.2.1 Bargaining Power Of Suppliers 29
5.2.2 Bargaining Power Of Buyers 29
5.2.3 Threat Of New Entrants 29
5.2.4 Threat Of Substitutes 30
5.2.5 Intensity Of Rivalry 30
5.3 Investment Opportunities 30
5.4 Pricing Analysis 31
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