The Molecular Diagnostics Market is projected to grow at a significant pace reaching a CAGR of approximately 7.99%, over the forecast period of 2022–2028, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
In a recent research report by Market Research Community, the Molecular Diagnostics Market is expected to surpass USD 30.63 Billion by the year 2028, from USD 17.7 Billion in 2021.
The detection of genomic variants is referred to as molecular diagnostics, and it aims to facilitate detection, diagnosis, sub-classification, prognosis, and monitoring response to therapy. It is a set of techniques used to examine biological markers in the genome and proteome, as well as how cells express their genes as proteins, to apply molecular biology to medical testing. Molecular diagnostics are widely used for identifying biologic markers in a genome and proteome by detecting bacterial genes (via PCR) and measuring the expression of bacterial infection-specific proteins.
Hospitals and Diagnostic Laboratories are the two end-user segments. The hospitals segment dominated the global market and is expected to maintain this trend throughout the forecast period. An increase in the number of patients treated for infectious diseases and other diseases that require molecular analysis for diagnosis provides market growth.
By region, Emerging markets in the Asia Pacific have enormous growth potential as a result of government initiatives to promote healthcare and robust economic growth. Furthermore, rising purchasing power, increased consumer awareness of health issues, and improved disease management are expected to drive growth in the Asia Pacific molecular diagnostics market.
The study is consolidated into major segments and further into sub-segments, such as by Product Type (Reagents, Kits, Instruments), Test Type (Lab, Point-of-care (PoC)), Technology (Polymerase chain reaction (PCR), Isothermal Nucleic Acid Amplification Technology(INAAT), Transcription Mediated Amplification(TMA), In Situ Hybridization(ISH)), Application (Infectious, Oncology, Genetic Testing) End-User (Diagnostic Labs, Hospitals), to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest Market Trends, along with the major key players including STEMCELL Technologies, Inc., Astellas Pharma, Inc., Cellular Engineering Technologies, Inc., BioTime, Inc., Takara Bio, Inc., U.S. Stem Cell, Inc., BrainStorm Cell Therapeutics, Inc., Cytori Therapeutics, Inc., Osiris Therapeutics, Inc., Caladrius Biosciences, Inc.
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