The global molecular diagnostics market is expected to see a CAGR of 18% for the global market for molecular diagnostics. The market is currently estimated to be around US$ 14802.156 Million in 2022. By the year 2032, it is expected that the molecular diagnostics market will have grown to a height of US$ 59882.97671 Million. The analysts at Future Market Insights have calculated a historical CAGR of 15% for the relevant market.
Molecular Diagnostics Market Overview
Molecular diagnostics is a method of analyzing and identifying the biological markers in the genome and proteome in order to identify gene expression by applying molecular biology. Molecular diagnostics are used to diagnose disease and risk involved. Molecular Diagnostics helps to decide the therapies are suitable for individual patients.
The new advanced technologies has qualified the instruments in providing accurate results. This ability of the diagnostic tool resulted in increased rate of acceptance of the molecular diagnostics. The concept of personalized medicine has emerged out of molecular diagnostics.
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Molecular Diagnostics Market: Drivers & Restraints
The factors driving molecular diagnostic market are increase in demand for care facilities, favorable regulatory policies which aims at promoting the care diagnosis, acceptance of personalized medicine, development in biomarkers, advancements in proteomics, increasing awareness of the diagnostic procedures. However rising cost of molecular diagnostics, obligation of skilled labors to handle the complexity of instruments are the factors restraining the growth of molecular diagnostics market.
Molecular Diagnostics Market: Overview
The awareness of diagnosis is giving rise to the trend of self-care management. The early diagnosis of disease or disorder helps the patient in getting better treatment and cure. Infectious disease and Oncology is estimated to be the fastest growing application owing to the increased prevalence of cancer and demand for early diagnosis.
The introduction to specific biomarkers for the treatment has a positive impact over the molecular diagnosis market. However maximum use of reagents is estimated owing to their accurate results. Commonly used reagents are salts, formamide, sodium dodecyl sulfate and dextran sulphate heparin. Growing awareness about the prenatal genetic testing for early detection of chromosomal abnormalities during pregnancy has enhanced the use of molecular diagnostics.
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Molecular Diagnostics Market: Region-wise Outlook
Depending on geographic regions, the Global Molecular Diagnostics market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. North America is estimated to be the largest player in molecular diagnostic market owing to the technological advancements and innovations, increase in R&D investments by large pharmaceutical and biotechnological industries and demand for early diagnosis.
Asia Pacific is estimated in rising molecular diagnostic market due to increase in the prevalence of diseases such as cardiovascular diseases, infectious diseases and large population suffering from diabetes.
Molecular diagnostics Market: Key Players
Some of the key players identified in the molecular diagnostic market are Abbott laboratories, Becton Dickinson, Novartis, Roche Diagnostics, Johnson and Johnson, Bio-Rad Laboratories, bioMerieux, Danaher Corporation, Qiagen N.V, Siemens Healthcare, Cepheid, Hologic, Inc,.
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Molecular Diagnostics Market: Segmentation
Molecular diagnostic market is classified on the basis of product, technology, application, end use and geography.
Based on product, the global molecular diagnostic market is segmented into the following:
- Instruments
- Reagents
- Others (service and software)
Based on technology, the global molecular diagnostic market is segmented into the following:
- DNA sequencing
- Polymerase chain reaction
- Isothermal Nucleic Acid Amplification Technology
- Transcription Mediated Amplification (TMA)
- In situ hybridization
- Sequencing
- Microarrays
- Mass spectrometry
- DNA sequencing
- Others (southern blotting, northern blotting, electrophoresis)
Based on application, the global molecular diagnostic market is segmented into following:
- Cancer
- Pharmacogenomics
- Genetic testing
- Infectious disease
- Prenatal
- Neurological disease
- Cardiovascular disease
Based on end use, the global molecular diagnostic market is segmented into following:
- Diagnostic laboratories
- Hospitals
- Others( nursing home, blood banks, point of care)
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