Molecular Diagnostics Market to Reach $23.9 Bn, Globally, by 2030 at 9.86% CAGR: Allied Market Research
Increase in the prevalence of infectious diseases and various types of cancer drives the growth of the molecular diagnostics market.
PORTLAND, Ore., April 28, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Molecular Diagnostics Market by Type (Instruments, Reagents, Software & Services), by Technology (Polymerase Chain Reaction (PCR), Hybridization, DNA sequencing, Microarray, Isothermal Nucleic Acid Amplification Technology (INAAT), Others), by Application (Infectious diseases, Oncology, Genetic testing, Blood screening, Others), by End User (Hospital, Reference Labortories, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030. " According to the report, the global molecular diagnostics industry was estimated at $9.2 billion in 2020, and is anticipated to hit $23.9 billion by 2030, registering a CAGR of 9.86% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in the prevalence of infectious diseases and various types of cancer drives the growth of the molecular diagnostics market. On the other hand, stringent regulatory requirements for the approval of new molecular diagnostics techniques are expected to hinder the growth of the market. However, surge in adoption of the molecular diagnostics in the emerging economies is projected to offer numerous opportunities in the industry.
- Surge in Covid-19 cases led to a steep incline in demand for real time polymerase chain reaction (RT-PCR) test to detect COVID-19, thereby impacting the global molecular diagnostics market positively.
- This trend is most likely to continue till the pandemic is completely over.
The reagents segment to dominate by 2030-
Based on product type, the reagents segment accounted for more than half of the global molecular diagnostics market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 10.16% throughout the forecast period. Advancement in R&D activities in pharmaceutical & biotechnology industry, increase in demand for reagents, and surge in adoption of point-of-care testing drive the segment growth.
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The infectious diseases segment to maintain the lion's share-
Based on application, the infectious diseases segment held nearly half of the global molecular diagnostics market revenue in 2020, and is expected to lead the trail by 2030, due to the growing incidence of infectious diseases such as SARS-COV-19. The genetic testing segment, on the other hand, would manifest the fastest CAGR of 10.31% from 2021 to 2030. This is attributed to the increase in the prevalence of genetic diseases among individuals across the world.
North America garnered the major share in 2020-
Based on region, North America, held the major share in 2020, generating more than two-fifths of the global molecular diagnostics market, due to the presence of large number of key players across the region. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 10.78% by 2030, owing to higher adoption & increased use of molecular diagnostics, rapidly growing geriatric population, and rise in the incidence of infectious diseases across the province.
Key players in the industry-
- Abbott Laboratories
- F. Hoffmann-La Roche AG
- Qiagen N.V.
- Hologic Corporation
- Danaher Corporation, S.A.
- Agilent Inc.
- Dickinson and Company
- BioMérieux SA
- Siemens Healthcare GmbH
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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