Molecular Diagnostics Market surpassed USD 36.6 billion in 2021, owing to increasing number of cancer patients | insightSLICE
The market for Molecular Diagnostics was valued at US$ 36.6 billion in 2021 and is projected to increase at a CAGR of 1.2% from 2023 to 2032.
A growing number of cancer patients, a high frequency of infectious diseases, developments and improvements in genetic treatments, an expanding healthcare infrastructure, and increased awareness are driving factors in the global market for molecular diagnostics.
The creation of precise medications and clinical treatment approaches is aided by molecular diagnostics, which also aids in the identification, treatment, and monitoring of a wide variety of diseases.
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The world’s research and development of better medications are expanding significantly since the number of cancer patients is increasing quickly.
As a result, molecular diagnostics has become a practical and reliable method for detecting and tracking the development of comprehensive medications. As a result, it is predicted that the market for molecular diagnostics would expand significantly throughout the forecast period.
The key players of the Global Molecular Diagnostics Market are:
Key players operating the global molecular diagnostics market include Danaher, Hologic, Inc., Illumina, Inc., Dickinson and Company, BioMérieux, Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Abbott Laboratories, Becton, QIAGEN, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche AG, Siemens Healthcare Private Limited, and Sysmex Corporation.
The report also includes the most recent innovations and competitive analysis of the top vendors of molecular diagnostic tools and services.
In addition, the report will also include information on important advancements, global and regional sales networks, business strategies, research and development initiatives, staff strength, and key executives for all significant market participants.
As an illustrative example, Agilent Technologies, Inc. recorded revenue of USD 5,163 million in 2019 from their molecular diagnostic segment.
According to the company’s analysis of its product segments, the company’s Life sciences and applied industry sector dominated revenue in 2019, with the Asia Pacific and United States becoming the major revenue-generating regions.
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Driving factors for the growth of Global Molecular Diagnostics Market
The study also offers an in-depth analysis of key competitors with the majority of the global market share, with a focus on every established business division, and would determine the company’s molecular diagnostics section.
Additionally, the market shares of well-known businesses operating in the global molecular diagnostics market will be calculated.
For instance, Agilent Technologies, Inc. currently operates via three divisions: the Agilent CrossLab division, the diagnostics and genomic division, and the life sciences and applied markets division. With a total revenue of US$ 1,021 million in 2019, the company’s diagnosis and genomics division of the company provides molecular detection products.
The report also provides main competitive data analysis, including the company strategies, product portfolios, key developments, SWOT analyses, and R&D priorities of all the molecular diagnostics corporations.
The participants involved in the industry’s supply and value chains, as well as their contributions, will be taken into account in the global molecular diagnostics market analysis. All of the services offered in the company’s molecular diagnostics sector would be the main emphasis of the product portfolio section of our report. Similar to this, the recent developments section would concentrate on the most recent corporate developments, including global expansion, new product development, mergers and acquisitions, and strategic partnerships and collaborations in the global molecular diagnostics market.
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Global Molecular Diagnostics Market Key Segments:
By Test Location
- Self-test or Over the Counter
- Central Laboratories
- Polymerase chain reaction (PCR)
- PCR, by Type
- Multiplex PCR
- Other PCR
- PCR, by Product
- In Situ Hybridization
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Chips and Microarrays
- Mass Spectrometry
- Transcription Mediated Amplification
- PCR, by Type
- Infectious Diseases
- Genetic Testing
- Neurological Disease
- Cardiovascular Disease
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Regional performance of Molecular Diagnostics Market
Currently, North America accounted for the highest share of the global market for molecular diagnostics, and it is expected to continue to hold this position throughout the forecast period.
The main factors propelling the molecular diagnostics market in North America are the existence of international players, sophisticated development and research facilities, and the increasing prevalence of chronic diseases like cancer.
Due to growing chronic diseases like cancer and cardiovascular pathologies, rising healthcare spending, the incidence of infectious diseases, and improving treatment facilities in large economies, the Asia Pacific molecular diagnostics market is expected to experience profitable growth during the forecast period.
Additionally, the Middle East & African market for molecular diagnostics is predicted to present significant potential in the future due to increased expenditure in the expansion of the healthcare system and expansion in medical tourism.
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