Molecular Diagnostics Market size to reach USD 37.8 Bn by 2029 at a CAGR of 7 percent – says Maximize Market Research
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
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MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Molecular Diagnostics Market size is expected to increase because of the increasing initiatives by market players to improve access to cost-effective resources are expected to drive the market growth. Molecular Diagnostics Market research was conducted by dividing the market into five major segments: Product & Service, Test Type, Technology, Application and End-User.
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
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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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.
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.
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?
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
Maximize Market Research is leading Healthcare research firm, has also published the following reports:
Cancer Diagnostics Market- The market size is expected to reach USD 46.45 billion by 2029 at a CAGR of 11.6 percent during the forecast period. The global market is expected to be driven by increasing public awareness and supportive public measures.
Clinical Diagnostics Market- The market size is expected to reach USD 115.8 billion by 2029 at a CAGR of 6.5 percent during the forecast period. The market is expected to be driven by the increasing demand for disease detection and increasing expenditure in the healthcare sector.
Respiratory Diagnostics Market- The market size is expected to reach USD 13.91 billion by 2029 at a CAGR of 7.3 percent during the forecast period. The market is expected to be driven by growing advances in technological investment and in-vitro diagnostic tests with the new generation.
Immunoassay Market- The market size is expected to reach USD 47.11 billion by 2029 at a CAGR of 6.50 percent during the forecast period. The market is expected to be driven by its use in many important areas of pharmaceutical analysis such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics and bioequivalence studies in drug discovery and pharmaceutical industries.
In-Vitro Diagnostics Market- The market size is expected to reach USD 128.8 billion by 2029 at a CAGR of 3.41 percent during the forecast period. The market is expected to be driven by the increasing prevalence of chronic and infectious diseases globally has led to an increase in in-vitro diagnostics.
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.
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