According to the latest report by IMARC Group, title “Molecular Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global molecular diagnostics market size reached US$ 17.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 27.19 Billion by 2027, exhibiting a CAGR of 7.70% during 2022-2027.
Molecular diagnostics refers to various laboratory tests that sequence an individual’s deoxyribonucleic acid (DNA), ribonucleic acid (RNA), or cell proteins to identify biomarkers of potential diseases. It is widely used in different areas of laboratory medicine, including oncology, pharmacogenomics, microbiology, infectious diseases, blood screening, clinical chemistry, and clinical genetics, as an alternative to numerous conventional tests. It helps evaluate therapy response, detect risks, and diagnose and monitor infections and diseases. As a result, molecular diagnostics finds extensive applications in laboratories, hospitals, and research institutes for the early detection of diseases, coagulation, and human leukocyte antigen typing across the globe.
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Molecular Diagnostics Market Trends:
The global molecular diagnostics market is primarily driven by the rising prevalence of chronic conditions, such as neurological disorders, cancer, cardiovascular diseases (CVDs), and infectious diseases. Moreover, the surging adoption of point-of-care (POC) testing devices and the expanding geriatric population that is more susceptible to developing numerous diseases are positively influencing the molecular diagnostics market growth. Additionally, there has been a rise in the use of molecular diagnostic methods, such as polymerase chain reaction (PCR), for coronavirus disease (COVID-19) testing amid the sudden COVID-19 outbreak. In line with this, several favorable initiatives by governments of numerous countries, such as rapid approval of diagnostic products to contain the spread of the virus, are other major growth-inducing factors. Other factors, including the emerging trend of preventive medicine, escalating demand for personalized treatment, improving healthcare infrastructure, and technological advancements, are also anticipated to propel the market growth.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
- Reagents and Kits
- Instruments
- Software and Services
Breakup by Technology:
- Polymerase Chain Reactions (PCR)
- Hybridization
- DNA Sequencing
- Microarray
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Others
Breakup by Application:
- Infectious Diseases Diagnostics
- Oncology
- Genetic Testing
- Blood Screening
- Others
Breakup by End Users:
- Hospitals
- Laboratories
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Abbott Laboratories, Agilent Technologies, Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, DiaSorin Molecular LLC (DiaSorin), F. Hoffmann-La Roche AG (Roche Holding AG), Hologic, Inc., Illumina, Myriad Genetics, QIAGEN, Quidel Corporation and Thermo Fisher Scientific.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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