Molecular Diagnostics Market Size to Hit USD 29.3 Billion by 2030 at 5.7% CAGR – Report by Market Research Future (MRFR)

Molecular Diagnostics Market Trends and Insights Information By Product (Reagents & Kits, Instruments and Services & Software), Techniques (Polymerase Chain Reaction (PCR), Isothermal Amplification, Hybridization, Sequencing, Microarray and others), Applications (Infectious Diseases, Oncology) , Genetic Testing and Others), End Users (Hospitals & Clinics, Diagnostic Laboratories and Others), Competitive Market Growth, Size, Segmentation and Forecast to 2030

New York, United States, 08 Nov. 2022 (GLOBE NEWSWIRE) — Molecular Diagnostics Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Molecular Diagnostics Market Information, by products, techniques, applications, end users – forecast to 2030”, the market size is expected to reach $29.3 billion by 2030 at a CAGR of 5.7% during the forecast period 2022-2030.

Market Rate:

The study of the genetics of organisms, such as humans, viruses and bacteria, is known as molecular diagnostics (MDx), a rapidly growing field of laboratory medicine. There is a growing and important role for molecular diagnostic techniques and fields in all clinical and anatomical pathologies. The list of tests available in clinical laboratories that rely on DNA and RNA analysis has exploded in the past decade or two. Pathology and molecular diagnostics are changing the diagnostic laboratory by providing new details to medical professionals such as doctors, pharmacists, geneticists, forensic scientists, researchers, and others. DNA sequencing remains the best method for detecting and monitoring infectious diseases, despite the development and explosion of many types of tests. Next-generation sequencing (NGS) advances are particularly important in this regard.

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Molecular Diagnostics Market Competitive Overview:

Companies in the field of molecular diagnostics hope to expand internationally by securing regulatory approvals, forming strategic partnerships, and acquiring established competitors in other countries and regions.

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Market Dynamics:

Market drivers

The development of molecular diagnostic methods and the increase in infectious diseases and cancer are fueling the molecular diagnostics market. Molecular diagnostics play an important role in the diagnosis of infectious diseases because of their speed and accuracy. Increasing prevalence of hospital-acquired infections and infectious diseases is expected to increase the demand for molecular diagnostics during the forecast period. As a result of advances in molecular diagnostics, many diseases can now be detected, and this is especially true when differential diagnosis proves difficult. Cost-effectiveness, accuracy and portability are all possible thanks to recent technical developments in molecular diagnostics, which are expected to significantly expand the oil market.

Research and development in molecular diagnostics is expected to receive more support from many governments and organizations due to the increasing demand for such tests. Rapid expansion of the molecular diagnostics market is expected in this region due to rising government support for the life sciences sector and availability of funds for research and development.

Market restrictions

Regulatory systems for approval have long been a major limiting factor in the development of new pharmaceutical, biotech and medical technology products. Diagnostic kits that are not up to par may give false or negative results. As a result, the expansion of the molecular diagnostics market is constrained by strict requirements related to the approval process for such tests.

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Analysis of COVID-19:

The global spread of COVID-19 has greatly increased the number of confirmed cases and the need for research and laboratory confirmation. As a result of direct molecular testing, there is currently a shortage of molecular diagnostic reagents for COVID-19. In addition to shortages, some areas, especially those with low and middle incomes, lack sufficient absorption capacity. It appears that testing is needed to control the rapid spread of the virus. As the number of reported cases increases, authorities around the world are looking to see if private laboratories can increase their research output. Rapid diagnosis of COVID-19 should be possible due to widespread diagnostic availability. As part of its strategic plan for preparedness and response, the World Health Organization (WHO) has developed recommendations for research techniques.

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Molecular Diagnostics Market Segmentation:

The molecular diagnostic reagents segment is larger than any other industry. The high consumption of reagents in molecular diagnostic tests, the increasing demand for over-the-counter diagnostic tests, and the increasing acceptance of these tests in non-medical facilities, such as self-testing in housing, are some of the primary growth drivers for the market.

In technique

Due to its widespread application and rapid technological development, the polymerase chain reaction (PCR) has become the industry standard in molecular diagnostics.

In practice

Due to the rise of infectious diseases such as new drug resistant tuberculosis, influenza and human immunodeficiency virus in 2019, the infectious disease testing segment has become the most used part of the industry. molecular diagnostics.

From the end user

The diagnostic laboratory subsector is expected to grow rapidly due to the increasing demand for early detection of various diseases, which has resulted in increased funding for state-of-the-art diagnostic laboratories.

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Molecular Diagnostics Market Regional Analysis:

The Americas is expected to be the largest regional market for molecular diagnostics globally during the forecast period. New health centers and the growing elderly population in the area are to blame. The market is led by North America due to the region’s advanced diagnostic infrastructure, technological innovation, patient awareness, and availability of state-of-the-art molecular diagnostic technology.

For molecular diagnostics, Europe is expected to hold the second largest market during the forecast period. The growth in the molecular diagnostics market is expected to help with the availability of funds for research and development and the expansion of government support for the life sciences sector in this this area.

With developing markets such as China, India and South Korea being key locations for offshore clinical trials, drug development and pathology testing, the Asia-Pacific region is predicted to grow the fastest. . In addition, the medical system in the region has been improved due to the research done there.

The molecular diagnostics market in the MENA region is expected to continue to expand during the analysis period. The development of the molecular diagnostics industry will accelerate in the coming years due to the increase in healthcare spending aimed at improving the healthcare infrastructure. Growth in the field of molecular diagnostics is predicted to be driven by increasing consumer interest and the availability of standardized diagnostic methods.

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