Molecular Diagnostics Market to Show Robust Growth During the Forecast Period
Rising demand
for extensive research for better healthcare is driving the growth of global
molecular diagnostics market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Molecular
Diagnostics Market
By Product & Services (Reagents and Kits, Instruments, Services and
Software), By Application (Infectious disease, Blood screening, Genetic
testing, Oncology testing), By Technology (PCR, In-situ hybridization, Chips
and microarrays, Mass spectrometry, Sequencing, Others), By End User
(Hospitals, Academic & Reference Laboratories, Others), By Region,
Competition Forecast & Opportunities, 2026”, the global molecular diagnostics market is projected to grow at an
impressive CAGR in the forecast period, 2022-2026, owing to increasing
geriatric population. Geriatric population is more prone to get infected with
chronic and target diseases like lung diseases, Parkinson’s disease, heart
diseases, diabetes, and require molecular diagnostics that would drive the
market growth in the upcoming five years. Diseases like Alzheimer’s and
Dementia are very risk prone for the old age patients. These diseases cause
severe changes in the lives of the patient as well as their family and friends
thus, molecular diagnostics being a diagnostic process working at the diagnosis
level is anticipated to support the growth of the global molecular diagnostic
market in the next five years. Large and small economies are equally affected
by the aging diseases and thus the surge in the demand for the effective and
efficient healthcare facility has risen which is supporting the growth of the
global molecular diagnostics market.
A collection of techniques that are used to analyze the biological
markers in genome and proteome, and to understand the cells expressions as
proteins while applying molecular biology to medical testing. Molecular
diagnostics have widespread applications in neurological disorders, neuro
degenerative diseases like Alzheimer’s, Parkinson’s, Dementia, brain tumors,
chronic depression, and more due to early and effective diagnosis.
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The global molecular diagnostics market is segmented into product &
services, application, technology, end users, regional distribution, and
competitional landscape. Based on product & services, the market is further
bifurcated into reagents and kits, instruments, services and software. Reagents
and kits are anticipated to hold the largest share of the market in the next
five years on account of their requirement for the purpose of research and
development. Procedures like extraction of the genetic material, amplification
of the genetic material, and separation of the proteins and other biomolecules
require reagents and kits that can aid the research of the respective
procedures. Moreover, in recent cases of COVID-19, the procedure of RT-PCR is
prevailing for the diagnostic purposes of the viral infection in the patients.
Reagents and kits were in demand for the large scale diagnosis that is still
prevailing in various countries like India, China, etc.
Based on application, the market is further fragmented into infectious
disease, blood screening, genetic testing, and oncology testing. Infectious
diseases are anticipated to hold the largest revenue shares in the upcoming
five years on the grounds of increased prevalence of the COVID-19 in all the
countries. The pandemic has taken a toll on the world economy although,
healthcare industry has experienced a surge in the demand for all sorts of
healthcare products, services, a well as the demand for effective treatment
plans for the infected patients.
Major companies operating in the global molecular diagnostics market are
F. Hoffmann-La Roche Ltd., Siemens Healthineers AG, Hologic Inc. (Gen Probe),
Illumina Inc., Grifols S.A., Bio-Rad Laboratories Inc., Agilent Technologies
Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Becton, Dickinson and Company
Ltd., Danaher Corporation, Myriad Genetics Inc., Genomic Health Inc., Johnson
& Johnson Services, Inc., bioMérieux SA, among others.
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“North America is
anticipated to hold the largest share of the global market in the next five
years on the account of government and private funding for R&D in molecular
diagnostics, the increasing number of healthcare providers, geriatric population,
and rising incidences of chronic diseases. Also, the increased number of
diseases has drived the maximum number of market players to operate in the
region. New market players can strategize for significant market players by
investing in the research and development of the technologically advanced
products,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Molecular
Diagnostics Market By Product & Services (Reagents and Kits, Instruments,
Services and Software), By Application (Infectious disease, Blood screening,
Genetic testing, Oncology testing), By Technology (PCR, In-situ hybridization,
Chips and microarrays, Mass spectrometry, Sequencing, Others), By End User
(Hospitals, Academic & Reference Laboratories, Others), By Region,
Competition Forecast & Opportunities, 2026”, has evaluated the
future growth potential of global molecular diagnostics and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global molecular diagnostics market.
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