Global Molecular Quality Controls Market is expected to grow at a CAGR of 7.53% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Molecular Quality Controls Market by Product (Independent Controls, Instrument-Specific Controls), Analyte Type, Application (Infectious Diseases, Oncology, Genetic Testing, Other), End User, Region and Global Forecast 2018-2025.
As per the report, the global molecular quality controls market is expected to grow from USD 144.37 million in 2017 to USD 271.98 million by 2025 at a CAGR of 7.53% during the forecast period from 2018-2025. The developed healthcare system in the U.S. and Canada, presence of major players, and technological advancements are some of the factors that led to the growth of molecular quality controls market in North America region.
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Prominent companies in the industry include Seracare Life Sciences Inc., Thermo Fisher Scientific, Bio-Rad Laboratories, Microbiologics Inc., Zeptometrix, Roche Diagnostics, Abbott Laboratories, Quidel, Qnostics, and Maine Molecular Quality Controls Inc. are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2018, Thermo Fisher Scientific partnership with West China Hospital of Sichuan University (China) to start training centers for standardized pathology quality control, diagnostics, and advanced laboratories. Also in 2018, Seracare partnership with Applied StemCell, Inc.’ division AccuRef Diagnostics to sell and distribute Accuref’s products of CRISPR-engineered cell line reference materials
Product segment is categorized into independent controls and instrument-specific controls. Independent controls segment dominated the market with the market size of USD 76.56 million in 2017. The independent controls provide an unbiased, independent assessment of a test system or method performance because they are manufactured independently of the instrument, reagents and calibrators. Analyte type segment includes single-analyte controls and multi-analyte controls. Multi-analyte controls segment held highest market share of 51.51% in 2017. This is attributable to factors such as increasing use of multi-analyte controls for clinical and research applications, cost-effectiveness, and time savings features. Application segment is divided into infectious diseases, oncology, genetic testing, and other. Oncology segment is anticipated to grow with highest CAGR 8.48% during the forecast period owing to technological advancements, the rising prevalence of cancer, and increasing focus on personalized medicine. End user segment covers clinical laboratories, hospitals, IVD manufacturers and contract research organizations, academic & research institutes, and other. Clinical laboratories performs the testing for inherited disease, pharmacogenetics, and infectious disease.
Rising number of indorsed clinical laboratories, emergent adoption of third-party quality controls, and expanding support demand for external quality assessment are the key driving factors for the molecular quality controls market. Hospitals and laboratories has to bear extra costs involved in quality control and budget constraints and unfavourable compensation scenario for molecular tests may limit the growth of market. However, growing demand for multi-analyte controls is expected to boost the molecular quality controls market over the forecast period.
About the report:
The global molecular quality controls market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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