The Global Molecular Quality Controls Industry is poised for significant growth, driven by the increasing importance of accurate and reliable molecular diagnostics, according to a recent market analysis by Future Market Insights (FMI). Currently valued at a staggering US$204 million in 2023, the market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 7.2% over the next decade. By 2033, FMI anticipates the market value to skyrocket, surpassing an impressive US$408 million.
This optimistic outlook marks a noteworthy upswing from FMI’s previous analysis, which foresaw a CAGR of 6.7% for the Global Molecular Quality Controls Industry between 2021 and 2026. During that time frame, the market embarked with a value of US$ 164 million, aiming to achieve US$ 226 million by its conclusion. The latest research, however, paints a picture of accelerated growth, highlighting the dynamic nature of the industry.
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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 from the Global Molecular Quality Controls Industry
- The Asia Pacific molecular quality controls market 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 market 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 in 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 characterized 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 in the Global Molecular Quality Controls Industry
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 manufacturers & 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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