Molecular Diagnostics Market is Booming and Expected to Reach USD 37.19 Billion to 2028, notes TMR Study
The global market for molecular diagnostics is expected to grow rapidly due to improved awareness about molecular diagnostics and climbing demand for individualized health care
Wilmington, Delaware, United States, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – In 2020, the value of global molecular diagnostics market stood at US$ 14.99 Mn. It is predicted that the market will progress at 11.1% CAGR during the forecast period, from 2021 to 2028. It is also estimated that global molecular diagnostics market will attain valuation of US$ 37.19 Bn by 2028. Firms in the molecular diagnostics market are anticipated to spend on promotion of tests to raise knowledge about their benefits for early disease detection as well as boost R&D to allow early disease detection. Alternately, the government's emphasis on healthcare investments, which strengthens the biotechnology industry, is estimated to be responsible for Germany's rapid rise in molecular diagnostics. Additionally, it is expected that the country's growing number of biotechnology firms will stimulate the German market.
Due to increasing government funding for molecular diagnostic tests, North America is estimated to be the world's largest market for molecular diagnostics. The regional market is likely to expand as a result of the rising prevalence of cancer and unhealthy lifestyles that cause serious infectious illnesses. The market in North America is anticipated to be boosted by additional factors including the high elderly population and rising desire for customized pharmaceuticals.
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Key Findings of Market Report
Based on revenue, the PCR & real-time PCR segment dominated the global market in 2020 with a considerable molecular diagnostics market share. It is one of the key is one of the important segments of molecular diagnostics market. Given that the PCR technique is an affordable method of replicating or amplifying minuscule segments of DNA or RNA, the market for this category is anticipated to increase significantly throughout the forecast timeframe. During the recent pandemic, RT-PCR tests have been in extremely high demand, which is expected to drive future market demand for molecular diagnostics market.
The automated extraction, amplification, and data collection and analysis processes are made possible by these molecular diagnostic systems. These systems provide a number of benefits, including improved productivity, accurate data, and a reduction in the amount of time needed to get results. All these benefits are anticipated to present considerable growth opportunities for the key players of molecular diagnostics market.
Each cancer kind demands a different course of therapy. As a result, the demand for molecular diagnostics is anticipated to increase throughout the forecast timeframe due to the rising cancer prevalence and demand for customized therapy. Given that the market is still in its infancy, this is anticipated to present considerable potential to the market players.
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Global Molecular Diagnostics Market: Key Competitors
Becton Dickinson and Company
F. Hoffmann-La Roche Ltd.
Thermo Fisher Scientific, Inc.
Abbot Laboratories
Danaher Corporation
Siemens AG
Global Molecular Diagnostics Market: Segmentation
Technology
PCR & Real time PCR
Hybridization
Microarray
Transcription-mediated Amplification
Next Generation Sequencing
Others
Application
Infectious Diseases
Oncology
Blood Screening
Microbiology
Genetic Testing
Women's Health
End User
Hospitals
Diagnostic Laboratories
Blood Banks
Academics & Research
Others
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