According to a new market research report, ‘Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global Forecast to 2029,’ published by Meticulous Research®, the molecular diagnostics market is projected to reach $25.59 billion by 2029, at a CAGR of 9.8% from 2022 to 2029.
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Molecular diagnostics is the class of diagnostics that detects and measures specific cellular alterations, genetic sequences in DNA, RNA, amino acids or proteins expressed in the person’s body. When detected, these alterations lead to the diagnosis of a specific disease a person might be suffering from.
This market's growth is driven by technological advancements in molecular diagnostics, the increasing use of PoC diagnostic tests, an increase in focus and funding for R&D of diagnostic products, and the rising geriatric population and target diseases. However, unfavorable regulatory framework and cost of molecular diagnostic tests hamper the growth of this market to a notable extent.
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The global molecular diagnostics market is segmented based on Product (Reagents & Kits, Instruments/Systems, Software & Services); Test Type (Lab Tests, PoC Tests); Technology [Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Chips and Microarrays, Mass Spectrometry, Sequencing, Transcription Mediated Amplification (TMA), Other Technologies]; Application [Oncology (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma Cancer, Leukemia Cancer, Cervical Cancer, Other Cancer Types), Infectious Diseases (Hepatitis, HIV, Healthcare-associated Infections (HAIs), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), Human papillomavirus (HPV), Tuberculosis, Influenza, COVID-19, Other Infectious Diseases), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications]; End User (Hospitals & Clinics, Diagnostic Laboratories, Other End Users); and Geography.
Based on product, in 2022, the reagents & kits segment is expected to account for the largest share of the molecular diagnostics market. The segment is projected to register the highest CAGR during the forecast period due to companies’ rising focus on developing products that focus on multiple targets. For instance, in July 2022, Hologic, Inc. (U.S.) launched its Panther Fusion SARS-CoV-2/Flu A/B/RSV assay and Novodiag RESP-4 molecular diagnostic test in European Union.
Based on test type, in 2022, the lab tests segment is expected to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to a large number of lab tests, as these are preferred by hospitals, laboratories, and academic & research institutes. Additionally, the majority of the developments have been done in lab tests. However, the PoC segment is projected to register the highest CAGR during the forecast period
Based on technology, in 2022, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the molecular diagnostics market. It is effective for low-number targets and less expensive than other technologies, such as sequencing. Hence, the huge demand for PCR devices further contributes to the growth of this segment.
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Based on application, in 2022, the infectious diseases segment is expected to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to the large global population getting affected by various infectious diseases, leading to the diagnosis of the affected people.
Based on end user, in 2022, the hospitals & clinics segment is expected to account for the largest share of the molecular diagnostics market. During the pandemic, hospital admissions were observed, which increased the demand for diagnostic products. Post-pandemic, a large population is regaining their accessibility to healthcare/medical services and has started visiting hospitals and other healthcare settings for routine medical checkups or testing, contributing to the large market share of this segment.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market players during 2020–2022. In recent years, the molecular diagnostics market has witnessed several product approvals, product launches, partnerships, expansions, and acquisitions.
• For instance, in August 2022, F. Hoffmann-La Roche Ltd (Switzerland) launched its digital PCR system, Digital LightCycler System, that accurately quantifies trace amounts of specific DNA and RNA targets that are not typically detected by the conventional PCR method.
• In February 2021, Hologic, Inc. (U.S.) acquired Biotheranostics, Inc. (U.S.) and expanded its molecular diagnostic tests for breast and metastatic cancers.
Some of the key players operating in this market are F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (U.S.), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), bioMérieux S.A. (France), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthineers AG (Germany), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Illumina, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/molecular-diagnostics-market-5375
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