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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