The latest research study by IMARC Group, “Molecular Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global molecular diagnostics market size. The global molecular diagnostics market reached a value of US$ 17.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 27.19 Billion by 2027, exhibiting a CAGR of 7.70% during 2022-2027.
Molecular diagnostics refers to various laboratory tests that sequence an individual’s deoxyribonucleic acid (DNA), ribonucleic acid (RNA), or cell proteins to identify biomarkers of potential diseases. It is widely used in different areas of laboratory medicine, including oncology, pharmacogenomics, microbiology, infectious diseases, blood screening, clinical chemistry, and clinical genetics, as an alternative to numerous conventional tests. It helps evaluate therapy response, detect risks, and diagnose and monitor infections and diseases. As a result, molecular diagnostics finds extensive applications in laboratories, hospitals, and research institutes for the early detection of diseases, coagulation, and human leukocyte antigen typing across the globe.
Molecular Diagnostics Market Trends and Drivers:
The global molecular diagnostics market is primarily driven by the rising prevalence of chronic conditions, such as neurological disorders, cancer, cardiovascular diseases (CVDs), and infectious diseases. Moreover, the surging adoption of point-of-care (POC) testing devices and the expanding geriatric population that is more susceptible to developing numerous diseases are positively influencing the market growth.
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Additionally, there has been a rise in the use of molecular diagnostic methods, such as polymerase chain reaction (PCR), for coronavirus disease (COVID-19) testing amid the sudden COVID-19 outbreak. In line with this, several favorable initiatives by governments of numerous countries, such as rapid approval of diagnostic products to contain the spread of the virus, are other major growth-inducing factors.
Other factors, including the emerging trend of preventive medicine, escalating demand for personalized treatment, improving healthcare infrastructure, and technological advancements, are also anticipated to propel the market growth.
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Molecular Diagnostics Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2021 |
US$ 17.22 Billion |
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Market forecast in 2027 |
US$ 27.19 Billion |
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Growth Rate |
CAGR of 7.70% from 2022 to 2027 |
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Base year for estimation |
2021 |
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Historical data |
2016-2021 |
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Forecast period |
2022-2027 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Key Market Segmentation:
The report has segmented the global molecular diagnostics market on the basis of product, technology, application and end users and region.
Breakup by Product:
- Reagents and Kits
- Instruments
- Software and Services
Breakup by Technology:
- Polymerase Chain Reactions (PCR)
- Hybridization
- DNA Sequencing
- Microarray
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Others
Breakup by Application:
- Infectious Diseases Diagnostics
- Oncology
- Genetic Testing
- Blood Screening
- Others
Breakup by End Users:
- Hospitals
- Laboratories
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Diasorin Molecular LLC (DiaSorin), F. Hoffmann-La Roche AG (Roche Holding AG), Hologic Inc., Illumina Inc., Myriad Genetics Inc., Qiagen, Quidel Corporation and Thermo Fisher Scientific.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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