Molecular Diagnostics Market to Reach USD 37.00 Billion by 2031 | SkyQuest
/EIN News/ -- Westford, USA, July 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Molecular Diagnostics Market will attain a value of USD 37.00 Billion by 2031, with a CAGR of 11.4% during the forecast period (2024-2031). The global molecular diagnostics market is a continuously expanding and evolving sector that includes a diverse set of technologies, techniques, and applications for detecting, evaluating, and monitoring diseases at the molecular level. It entails the utilization of nucleic acid-based tests, like polymerase chain reaction (PCR), next-generation sequencing (NGS), and microarrays, to detect genetic variations, mutations, and biomarkers related to a variety of diseases, such as infectious diseases, cancer, and genetic disorders. The market has been impacted by a number of factors, including the rising prevalence of chronic and infectious diseases, increasing demand for personalized medication, advances in genomes and proteomics research, and a requirement for efficient and precise diagnostic tools. The rise of targeted medicines and the move to precision medicine have increased demand for molecular diagnostics, which give critical information for medical care and monitoring.
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Browse in-depth TOC on the "Global Molecular Diagnostics Market"
- Pages - 157
- Tables - 61
- Figures – 75
Molecular Diagnostics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 15.60 Billion |
| Estimated Value by 2031 | USD 37.00 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Test Type, Sample Type, Technology, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Increasing adoption of next-generation sequencing (NGS) technologies due to its high-throughput sequencing of DNA and RNA samples |
| Key Opportunities | The growing prevalence of STIs like HIV is creating market opportunities for molecular diagnostics |
| Key Market Drivers | Increase of geriatric population giving rise to like cardiovascular disease and cancer |
Rising Adoption of PCR is Driving the Molecular Diagnostics Market Growth
PCR is widely employed in CROs, research institutes, and hospitals, which boosts molecular diagnostics market growth rates. The increasing usage of high-throughput PCR technology for detecting viral and genetic illnesses is expected to drive market expansion. For example, Seegene introduced the Allplex SARS-CoV-2 Fast PCR Assay in 2022. The test has a 60-minute turnaround time, making it suited for mass testing. As a result, this component promotes market growth.
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High Demand for Personalized Medicine is Boosting the Molecular Diagnostics Market
The increasing demand for personalized medication is a significant driver of the global molecular diagnostics market. Personalized medicine is the practice of personalizing medical therapies and treatments to individual patients depending on genetics, molecular traits, and other relevant criteria. Molecular diagnostics is essential for providing personalized therapy by delivering accurate and targeted information about a patient's ailment, prognosis, and treatment response. The growing understanding of personalized medicine's advantages for enhancing patient outcomes and managing healthcare resources has fuelled demand for molecular diagnostics, resulting in market growth.
Well-Established Healthcare Structure is Driving the Molecular Diagnostics Market of North America
North America is the leading region in the global molecular diagnostics market. This is due to factors like a well-established healthcare infrastructure, robust R&D skills, excellent laboratory facilities, and attractive reimbursement rules. The region also has an extensive use of modern diagnostic technologies, such as molecular diagnostics, which is fuelled by the presence of important market participants, the rising frequency of chronic diseases, and an emphasis on unique therapy. The Asia Pacific region is experiencing the most rapid expansion in the global molecular diagnostics market. It is due to rapid expansion like rising healthcare spending, increased knowledge of the benefits of early disease detection, improved access to advanced diagnostic tools, and increased investment in hospital infrastructure.
Molecular Diagnostics Market Insights
Drivers:
- Increasing demand for personalized medicine that focuses on tailoring medical treatment is driving the molecular diagnostics market
- Rise in elderly population that increases diseases like neurological disorders, diabetes, and obesity
- High usage of PCR to identify infectious diseases
Restraints:
- Strict regulatory framework can restrict the market growth as inaccurate results due to faulty diagnostic kits can cause issue
- Regional and healthcare system reimbursement rules and coverage for molecular diagnostic tests can hinder market penetration and adoption
- Molecular diagnostics involve advanced technologies making them expensive
Prominent Market Players of Global Molecular Diagnostics Market
The following are the Top Molecular Diagnostics Companies
- Danaher (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Hologic, Inc. (US)
- Abbott Laboratories (US)
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- bioMérieux SA (France)
- QIAGEN (Netherlands)
- Agilent Technologies Inc. (US)
- Becton Dickinson And Company (US)
- Grifols S.A. (Spain)
Key Questions Answered in the Global Molecular Diagnostics Report
- What are the primary drivers of the molecular diagnostics market?
- Which are the top companies in the molecular diagnostics market?
- Which product segment is leading the global molecular diagnostics market?
- What are the challenges restricting the growth of the molecular diagnostics market?
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This report provides the following insights:
- Analysis of key drivers (Increasing demand for personalized medicine, rise in elderly population, and high usage of PCR), restraints (Different regional and healthcare system reimbursement and high expense of technologies used in molecular diagnostics), opportunities (Increasing adoption of next generation sequencing technologies and rising prevalence of chronic and infectious diseases), and challenges (strict regulatory framework) influencing the growth of molecular diagnostics market
- Market Penetration: Comprehensive information on the product offered by the top players in the molecular diagnostics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the molecular diagnostics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
In Vitro Diagnostics (IVD) Market
Point Of Care Diagnostics Market
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