The Molecular Diagnostics Market is expected to grow at a CAGR of 10.5% during the forecasting period (2022-2029).
Molecular diagnostics is referred to as the detection of genomic variants, aiming to facilitate detection, diagnosis, sub-classification, prognosis, and monitoring response to therapy. Molecular diagnostics is the outcome of the fruitful interplay among laboratory medicine, genomics knowledge, and technology in the field of molecular genetics, especially with significant discoveries in the field of molecular genomic technologies.
The global molecular diagnostics market growth is driven by the increasing burden of various bacterial and viral epidemics, coupled with increasing demand for point-of-care diagnostics and recent advancements in pharmacogenomics, which is expected to propel market growth over the forecast period.
Download Sample Brochure @ https://www.datamintelligence.com/download-sample/molecular-diagnostics-market
Large outbreaks of bacterial and viral epidemics in the world will drive the market growth
As per the report published in 2019, HIV outcomes, Beyond Viral Suppression, around 86,000 people in Germany were living with HIV, whereas around 20% of the diseased population were living in Berlin. Additionally, according to the estimates of the British Heart Foundation, in 2018, around 7 million people were living with heart and circulatory diseases in the United Kingdom, and healthcare costs relating to the heart and circulatory diseases were estimated at GBP 9 billion each year. Thus, the heavy burden of chronic disease is anticipated to increase the adoption of molecular diagnostics.
Furthermore, with the tremendous opportunity for in vitro diagnostics, many market players are adopting various strategies, such as collaborations, acquisitions, new products launches, and expansions, into the Asia Pacific Market.
For instance, in January 2020, Illumina received product approval from Pharmaceuticals and Medical Devices Agency (PMDA), Japan for the MiSeqDx instrument. This approval allows for the distribution of the MiSeqDx as a Class I medical device in Japan, which shows a positive impact on the market.
By Product Type
- Software & Services
- Cardiovascular Diseases
- Infectious Diseases
The molecular diagnostics market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include F Hoffmann-la Roche Ltd, Illumina Ltd, Hologic Corporation, Agilent Technologies Inc., Qiagen NV, Myriad Genetics, Becton, Dickinson and Company, Abbott Laboratories, Biomerieux SA, and Bio-Rad Laboratories Inc. among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the molecular diagnostics market globally. For instance, in December 2020, Co-Diagnostics Inc. announced the sale of more than 10 million of its Logix SmartTM COVID-19 test kits to its domestic and international laboratory, hospital, and supplier network.
Specimen Validity Testing Market
Septicemia Diagnostic Testing Market
DataM Intelligence was established on an elemental idea of publishing Advanced Market Research Reports with precise data points & utmost accuracy that will accelerate the decision-making in designing disruptive solutions.
Name: Sai Kiran
Company: DataM Intelligence
Contact No: +1 8774414866
Email us: email@example.com