As per Future Market Insights’ latest industry analysis, as per a recent market analysis by Future Market Insights (FMI), 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.
An inevitable surge in the demand for molecular diagnostics has been witnessed over the past few years and the market is expected to accelerate at a steady pace attributed to its heavy usage within the process of manufacturing a wide range of specialty products like advanced polymers, sealants, additives, specialty paints, pigments, coatings, and more.
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A substantial upsurge has been observed in the demand for the molecular diagnostics market in recent years. The global market is expected to progress at a healthy pace attributed to the rising prevalence of infectious diseases and several variants of cancer worldwide. Furthermore, the rising awareness and acceptance of personalized medical doses and increasing biomarker identification are anticipated to help the market development over the assessment period.
Key Takeaways
- The demand for molecular diagnostics is anticipated to surge over the forecast period attributing to the increasing adoption of molecular diagnostics in emerging markets, therefore offering lucrative growth opportunities for the molecular diagnostics market.
- In addition to that, several factors including increasing demand for reagents, rising adoption of point-of-care testing, and advancement in Research and Development activities in the biotechnology and pharmaceutical industry, are expected to propel the market development over the forecast period.
- The global market is further to have a great positive impact owing to the growing number of patients suffering from infectious diseases and lethal cancers among other diseases that require molecular analysis for diagnosis purposes and for early commencement of the treatment.
- In addition to that, the advancements in healthcare infrastructure and expansion of new technologies in medicine have helped to cater to the growing patient pool and are predicted to further the market growth of molecular diagnostics.
- The molecular diagnostics market is witnessing the emergence of various new market players offering advanced diagnostic solutions with faster, better, and cost-efficient molecular diagnostics. The emergence of such companies is predicted to bolster the progress of the molecular diagnostics market over the forecast period. The strategic measures taken by these companies are predicted to strengthen their foothold and result in market expansion in various untapped regions.
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Competitive Landscape
The prominent market players are proliferating in the forum and concentrating on introducing new products and constantly focusing on improving their product offerings in order to cater to the changing consumer needs efficiently while simultaneously restraining their competitiveness globally.
Keen attention is paid by the key market players to the maintenance and quality of products and innovation. Such prominent market players are also focusing on diversifying their range of manufacturing by indulging in mergers and acquisitions and adopting organic growth strategies for a strong foothold in the global market.
More Insights into the Molecular Diagnostics Market
North America is expected to witness excellent growth over the forecast period attributed to the favorable reimbursement scenario in this region which is expected to fuel growth in the market. Furthermore, the surging healthcare expenditure in the North American region is anticipated to bolster growth in the North American molecular diagnostics market.
Europe is another market showcasing lucrative growth opportunities in the molecular diagnostics market. The growth is attributed to the rising prevalence of infectious diseases and cancer in the region which is aiding the growth of molecular diagnostics in the European regions.
In addition to that, European regional growth can also be ascribed to the surging use of POC diagnostic tests, and increased awareness of the early diagnosis of diseases in emerging countries is yet another factor to drive the market growth in the region.
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Key Segments in The Molecular Diagnostics Market
By Product and Service:
- Reagents and Kits
- Instruments
- Service and Software
By Technology:
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INNAT)
- DNA Sequencing and Next-Generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- DNA Microarrays
- Others
By Application:
- Infectious Disease Diagnostics
- Oncology Testing
- Genetic Testing
- Others
By End User:
- Diagnostic Laboratories
- Hospitals and Clinics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Increased healthcare infrastructure, expansion of domestic companies, and inflating disposable incomes of the populace are some of the factors aiding the market expansion in the region. Furthermore, expanding geriatric population and rising incidences of infectious diseases, and higher adoption of molecular diagnostics in the Asia Pacific region is likely to boost further growth of the market through 2032.
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