The Global Molecular Quality Controls Industry is primed for substantial expansion, with FMI’s latest market research projecting a value of US$ 204 million for 2023. The market anticipates maintaining a healthy CAGR of 7.2% across the forecast period, culminating in an estimated valuation surpassing US$ 408 million by 2033.
Notably, a prior market analysis conducted by Future Market Insights predicted a CAGR of 6.7% for the global molecular quality control industry between 2021 and 2026. The market started at a value of US$ 164 million and was expected to reach US$ 226 million by the end of the projection period. This upward trajectory can be attributed to various factors, including the increasing adoption of third-party quality controls, the proliferation of accredited clinical laboratories, rising demand for external quality assessment support, increased government funding to foster genomics projects, growing interest in personalized medicines, declining sequencing costs, and a concerning surge in infectious diseases, cancer, and genetic disorders.
The global molecular quality controls industry presents a promising landscape for stakeholders worldwide, characterized by remarkable growth prospects and an evolving healthcare ecosystem. This trend is expected to continue to shape the industry in the years to come, making it an area of significant interest and investment.”
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Due to the expanding global burden of various diseases, the number of laboratory tests performed has grown. The number of laboratories in both the public and private sectors is growing to satisfy this need. Setting up a quality control process in a clinical laboratory necessitates a large financial commitment. Laboratories must also have specialized people to supervise the quality control system.
Regardless of the number of tests completed, QC procedures entail equal expenses. As a result, the expense of implementing QC processes in clinical laboratories that perform modest quantities of diagnostic tests is prohibitively expensive. This, along with funding restrictions in many hospitals and laboratories in both developed and emerging economies, is projected to lead to a decreased adoption of quality-control techniques.
New multi-analyte and multi-instrument controls have been developed as a result of technological improvements. These cutting-edge controls combine many instrument-specific controls into a single control, allowing clinical laboratories to save money. In addition, these controls save time by eliminating the need for separate QC processes for each analyte.
In the next years, the increased availability of such molecular quality controls for infectious disease diagnostics and other applications is likely to drive market expansion.
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Key Takeaways:
- The Asia Pacific molecular quality controls industry is expected to reach US$ 72.07 million in 2028 from US$ 34.27 million in 2021; it is estimated to grow at a CAGR of 11.2%.
- The European molecular quality controls industry is expected to reach US$ 109.59 million by 2028 from US$ 55.76 million in 2021; it is estimated to grow at a CAGR of 10.1%.
- The growing implementation of genomic sequencing in healthcare systems is supported by substantial government investments, totaling over US$ 4 billion by at least 14 countries.
- SeraCare and the International Quality Network for Pathology (IQN Path) (Luxembourg) announced a collaboration in June 2021 to develop, manufacture, and supply a range of highly characterised cell line genomic DNA and formalin-fixed, paraffin-embedded (FFPE) standards with confirmed low, mid, and high levels of mutational burden within their exome regions.
- Bio-Rad and Roche Diagnostics (Switzerland) announced worldwide cooperation in May 2021 to supply clients with a comprehensive array of InteliQ devices and Unity QC data management systems, as well as customer training and support services.
- Abbott Laboratories spent USD 2.4 billion in research and development in 2020, with USD 10.80 billion going toward producing technologically enhanced diagnostic devices to expand its product offering.
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Key Segments
By Analyte:
- Single-analyte Controls
- Multi-analyte Controls
By Product Type:
- Independent controls
- Instrument-specific controls
By Application:
- Infectious Diseases Diagnostics
- Oncology Testing and Genetic testing
By End User:
- Diagnostic laboratories
- Hospitals
- IVD manufacturer & CROs
- Academic & Research Institutes
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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