Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, the global healthcare business intelligence firm, has published a market intelligence report the on “Molecular Diagnostics Market”. The total global market for “Molecular Diagnostics” was USD 22 Bn in 2021 and is expected to grow at a CAGR of 7 percent over the forecast period to reach USD 37.8 Bn by 2029. According to the report, North America region is expected to dominate the global market during the projected period.
Molecular Diagnostics Market Report Scope and Research Methodology
| Market Size in 2021 | USD 22 Bn. |
| Market Size in 2029 | USD 37.8 Bn. |
| CAGR | 7 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 215 |
| No. of Tables | 110 |
| No. of Charts and Figures | 102 |
| Segment Covered | Product & Service, Test Type, Technology, Application and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report includes Molecular Diagnostics Market characteristics, growth, segmentation, size, trends, geographical breakdowns, market shares and business plans on both demand and supply sides. It also covers customer preferences, government restrictions, effective company tactics, future business prospects as well as current competition activities and market concerns. It provides a qualitative and quantitative analysis of the market from 2022 to 2029 to identify the prevailing market opportunity for investors in the industry. The Molecular Diagnostics Market report provides detailed financial information about the key manufacturers such as revenue growth, CAGR, value chain structure, manufacture cost analysis and sales.
For the report, extensive primary and secondary research was conducted and the data gathered by using these research methodologies were combined, which made the report authentic. The Molecular Diagnostics Market report provides unique guidance in thoughtful details regarding the development factors. The bottom-up approach was employed to estimate the global and regional Molecular Diagnostics Market size. The market report includes Porter’s five forces analysis, which highlights the potency of the suppliers and buyers to enable stakeholders to make profit-oriented business decisions and strengthen their buyer-supplier network. SWOT analysis was used to provide the strengths, weaknesses, opportunities and threats in the Molecular Diagnostics Market.
Molecular Diagnostics Market Overview
Molecular Diagnostics is also known as molecular pathology. It is a collection of techniques used to analyse biological markers in the genome and proteome. There are different types of Molecular Diagnostics, which include polymerase chain reaction (PCR), hybridization and next-generation sequencing (NGS). High investments in healthcare and life science research are expected to create various opportunities for the Molecular Diagnostics Market growth.
Molecular Diagnostics Market Dynamics
The increasing focus on R&D activities and increased funding in molecular diagnostics promote innovation and development to provide growth opportunities in the Molecular Diagnostics Market. The increasing prevalence of infectious diseases and cancer are the most significant factors responsible for the Molecular Diagnostics Market growth. The demand for testing, therapies and faster diagnostics with an increase in demand for high-priced specialist therapies and safer drugs are expected to influence the Molecular Diagnostics Market growth. The high cost of instruments, maintenance and insurance, and laboratory supervision expenses are expected to restrain the Molecular Diagnostics Market growth during the forecast period.
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Molecular Diagnostics Market Regional Insights
The North American region dominated the global Molecular Diagnostics Market in 2021 and is expected to retain its dominance during the forecast period. The factors that are driving the regional market growth are the increasing need for point-of-care diagnostics, developing technology and the presence of key market players.
The Molecular Diagnostics Market in the Asia Pacific region is expected to grow at a high rate during the forecast. This growth of the market is expected because of the low infrastructure and treatment costs along with the availability highly educated physicians.
Molecular Diagnostics Market Segmentation
By Product & Service
- Reagents & Kits
- Instruments
- Services & Software
In 2021, the Reagents and Kits segment had the largest revenue share of the Molecular Diagnostics Market. The segment is expected to retain its dominance during the forecast period as a result of its extensive use in research and therapeutic settings.
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By Test Type
- Lab Tests
- PoC Tests
In 2021, the Lab Tests segment held the largest proportion of the Molecular Diagnostics Market. The factor driving the segment growth is the increasing requirement for automation with the increasing occurrence of various infectious illnesses.
By Technology
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing & Next- generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- DNA Microarrays
- Other Technologies
In 2021, the Polymerase Chain Reaction (PCR) generated the highest revenue. The increasing use of high-throughput PCR technology to diagnose genetic and viral illnesses is fuelling the Molecular Diagnostics Market growth.
By Application
- Infectious Diseases Diagnostics
- COVID-19
- Hepatitis
- HIV
- CT/NG
- HAI
- HPV
- Tuberculosis
- Influenza
- Other Infectious Diseases
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Testing
- Other Test Types
In 2021, the Infectious Disease Diagnostics segment held the largest revenue share of the global Molecular Diagnostics Market. The Oncology segment is expected to grow at a high CAGR during the forecast period.
By End User
- Diagnostic Laboratories
- Hospitals & Clinics
- Other
In 2021, the Hospital & Clinics segment held the largest revenue share due to the increasing penetration of private and governmental hospitals & clinics across the world. The segments is also growing majorly because of increasing number of hospital & clinic admissions as a result of illness burden.
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Molecular Diagnostics Market Key Competitors include:
- F. Hoffmann-La Roche Ltd.(Switzerland)
- Hologic, Inc.(US)
- HTG Molecular Diagnostics, Inc.(US)
- Thermo Fisher Scientific, Inc.(US)
- Myriad Genetics, Inc.(US)
- PerkinElmer, Inc.(US)
- Abbott Laboratories(US)
- Quidel Corporation(US)
- Exact Sciences Corporation(US)
- Danaher Corporation(US)
- Illumina, Inc.(US)
- Becton(US)
- Dickinson and Company(US)
- Agilent Technologies, Inc.(US)
- bioMérieux SA(France)
- ELITechGroup (France)
- QIAGEN N.V.(Germany)
- Siemens Healthineers AG(Germany)
- Grifols, S.A.(Spain)
- DiaSorin S.p.a.(Italy)
- Genetic Signatures(Australia)
- TBG Diagnostics Limited(Australia)
- MDx Health(Belgium)
- Biocartis NV (Belgium)
- Vela Diagnostics (Singapore)
- Amoy Diagnostics Co., Ltd.(China)
- Molbio Diagnostics Pvt. Ltd.(India)
- geneOmbio Technologies Pvt. Ltd(India)
- Savyon Diagnostics (Israel)
- Abacus Diagnostica Oy (Finland)
The global Molecular Diagnostics Market is highly competitive. Mid-size to small businesses are increasing their market presence by offering lower-cost and new gadgets. Abbott Laboratories is a global healthcare leader with leading businesses and products in diagnostics, medical devices, nutritional and branded generic medicines. The company generated revenue of USD 28.3 Billion. Danaher Corporation is a global science and technology innovator that generated revenue of USD 30.3 Billion.
Key questions answered in the Molecular Diagnostics Market are:
- What is Molecular Diagnostics?
- What are the global trends in the Molecular Diagnostics Market?
- What are the upcoming industry applications and trends for the Molecular Diagnostics Market?
- What are the factors contributing to the final price of Molecular Diagnostics?
- What is the expected demand for different types of products in the Molecular Diagnostics Market during the forecast period?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Molecular Diagnostics Market?
- What growth strategies are the players considering to increase their presence in Molecular Diagnostics Market?
- Who are the leading companies and what are their portfolios in Molecular Diagnostics Market?
- What are the major challenges that the Molecular Diagnostics Market could face in the future?
- Who held the largest market share in Molecular Diagnostics Market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Product & Service, Test Type, Technology, Application, End User and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
