The global molecular diagnostics market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report by Reports and Data. Government initiatives to promote molecular testing, increasing geriatric population, and rising cases of various infectious diseases across the world are key factors boosting global market revenue growth.
Increased investment in molecular diagnostics Research & Development (R&D) for development of advanced tools and methods for early diagnosis of cancer and other diseases is driving growth of molecular diagnostic market. Increase in funding by government across the globe for development of advanced testing kits & instruments and infrastructural developments in healthcare sector are further supporting market revenue growth. With the ability to identify specific genetic variations in patients, molecular diagnostics represents an invaluable tool kit for current health professionals who can chart highly individualized treatment plans for their patients. Therefore, molecular diagnostic techniques have gained rapid traction over the last few years and are widely used in laboratories, research institutes, and hospitals for various purposes.
Testing and screening operations are becoming advanced as molecular diagnostics are being utilized broadly for amplification and discovery purposes. Increasing adoption of self-testing kits is fueling growth of the market. However, many hospitals and reference laboratories in developing countries find it difficult to afford costly instruments & kits. This is expected to hamper global market growth in the coming years.
Some Key Highlights from the Report:
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Abbott, F. Hoffmann-La Roche Ltd, QIAGEN, Danaher, Hologic Inc., Becton Dickinson and Co (BD), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., and Cepheid.
Molecular Diagnostics Market Segmentation:
Product & Services Outlook (Revenue, USD Billion; 2018–2030)
Technology Outlook (Revenue, USD Billion; 2018–2030)
Application Outlook (Revenue, USD Billion; 2018–2030)
End-use Outlook (Revenue, USD Billion; 2018–2030)
Regional Outlook:
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