The global molecular diagnostic market is slated to commence on an upward trajectory, exhibiting a moderate CAGR of 4.30% from 2024 to 2034. The forecast valuation of US$ 39,611.00 million in 2024 comes from the common thread of influences administering demand for molecular diagnostics. The current projections of DNA diagnostics market indicate a valuation of US$ 60,347.40 million by 2034.
An escalation in demand for molecular diagnostics is witnessed, and the market is gushing steadily due to its considerable adoption in the manufacture of an array of specialty products like advanced polymers, specialty paints, pigments, coatings, and others.
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The demand scope for molecular diagnostics perceives a substantial upsurge, and the market is enhancing continuously due to the amplifying prevalence of infectious diseases and other chronic diseases. The heightening acceptance of customized medicinal doses and spurring biomarker identification aids the biomolecular diagnostic market progression.
Due to strict regulatory standards for licensing molecular diagnostics procedures, the market is likely to hinder the demand for molecular diagnostics. As molecular techniques are more expensive than conventional methodologies, the nucleic acid testing market encounters growth barriers.
“The growth of molecular diagnostic market is owing to elements, such as technological innovations, which boost in private and government organizations’ funding for the betterment of diagnostic service centres, and booming awareness about early diagnosis. Augmentation in the adoption of personalized medicines and growth in biomarker identification, raise the global molecular diagnostic market growth,” remarks an FMI analyst.
Key Takeaways from the Market Study Report:
- The reagents and kits segment in the product category is set to possess a share of 64.40% in 2024.
- In the technology category, the polymerase chain reaction (PCR) segment is expected to acquire a market share of 38.70% in 2024.
- India molecular diagnostic industry imply augmentation at a CAGR of 5.90% from 2024 to 2034.
- Thailand’s DNA diagnostics market indicates a moderate CAGR of 4.70% through 2034.
- Malaysia’s genetic testing market stipulates a CAGR of 4.30% through 2034.
- Indonesia’s molecular diagnostic market signify a slow CAGR of 3.90% through 2034.
- Germany’s molecular pathology market reflects expansion between 2024 and 2034 at a CAGR of 2.90%.
- Through 2034, the United Kingdom nucleic acid testing market is set to show escalation at a CAGR of 2.70%.
- France’s molecular diagnostic market is expected to exhibit an upsurge at CAGR of 4.30% from 2024 to 2034.
- The Italy biomolecular diagnostics market imply growth at a CAGR of 3.80% over the forecast period.
- From 2024 to 2034, Spain’s point-of-care molecular diagnostic market is set to rise at a CAGR of 3.40%.
- Through 2034, Canada’s molecular assay market show amplification at a CAGR of 3.80%.
- The United States molecular diagnostic market implies expansion at a CAGR of 2.20% through 2034.
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Competitive Environment:
Prominent molecular diagnostic vendors are committed to regulatory compliance, technologically advanced products, launches, and mergers and collaboration agreements with other providers. These strategies propel the growth of the global molecular diagnostic market.
The molecular diagnostic manufacturers need to constantly evaluate the competitive scenario to find emerging trends and challenges, assuring they stay ahead in market transitions.
Latest Breakthroughs:
- The United States-based DNA sequencing and array-based technologies firm Illumina Inc., partnered with GenoScreen, launched a package in March 2023 containing Illumina products and the GenoScreen Deeplex Myc-TB assay, a targeted next-generation sequencing (NGS)-based test for thorough identification of anti-TB drug resistance.
- Eight CytoCellfluorescence in situ hybridization tests from Oxford Gene Technology were available in March 2023 and approved for clinical adoption in Europe by the In Vitro Diagnostics Regulation (IVDR).
Key Players:
- Abbott Laboratories
- Agilent Technologies Inc.
- Becton Dickinson And Company
- Biomerieux SA
- Danaher Corporation
- F. Hoffman La-Roche Ltd.
- Grifols S.A.
- Hologic Inc.
- Qiagen Inc.
- Siemens Ag (Siemens Healthineers)
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Key Segments:
By Product:
- Reagents and Kits
- Instruments
- Service and Software
By Technology:
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INNAT)
- DNA Sequencing and Next-Generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- DNA Microarrays
- Others
By Application:
- Infectious Disease Diagnostics
- Oncology Testing
- Genetic Testing
- Others
By End User:
- Diagnostic Laboratories
- Hospitals and Clinics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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