Latest News- Molecular Diagnostics Market: Instruments is expected to lead the Product segment during 2024-2028

The Molecular Diagnostics Market is being driven by Increased prevalence of age-related diseases

The Molecular Diagnostics Market is expected to grow at a CAGR of 5.84% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7918.7 million. Next-generation sequencing (NGS) technologies have significantly transformed molecular diagnostics by offering high-level analysis of genetic information. These advanced technologies enable the simultaneous examination of multiple genes or entire genomes, resulting in comprehensive genetic profiling for accurate disease diagnosis, prognosis, and personalized treatment selection. NGS plays a pivotal role in genomics research and drug development, facilitating the identification of the genetic basis of diseases, potential therapeutic targets, and novel biomarkers. The integration of NGS in these sectors has led to a surge in demand for molecular diagnostics, as researchers and pharmaceutical companies increasingly rely on NGS-based tests to support their studies and the development of precision medicine therapies, particularly in oncology. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Instruments
  • Reagents and kits
• Application
  • Infectious diseases
  • Oncology
  • Blood screening
  • Microbiology
  • Others
• Geography
  • Asia
    • China
    • Japan
  • Europe
    • Germany
    • France
  • North America
    • US
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased prevalence of age-related diseases
• Growing adoption of advanced treatment solutions
• High demand of molecular diagnostics from developing countries

However, the market also witnesses some limitations, which are as follows:

• Inadequate medical reimbursements
• Lack of trained molecular diagnostics laboratory technicians
• Stringent government guidelines related to molecular diagnostics

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Market Scope in Molecular Diagnostics Market Research Report

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Research Analysis Overview

Molecular diagnostics is a significant segment in healthcare, driven by advances in technology and medical device regulations. Laboratories equip themselves with advanced infrastructure to perform molecular lab tests and point-of-care (POC) tests for quicker diagnostic results. Infectious diseases, genetic testing, and blood screening are key applications. Regulatory landscape, including IVD Directive and Medical Device Regulation, plays a crucial role. Product portfolios of diagnostic laboratories, research institutions, and medical device companies are expanding due to preventative healthcare and patient base growth. Technological advancements in molecular diagnostic devices and reagents & kits cater to public health issues, disease diagnosis, and medical applications. Healthcare facilities, clinical departments, and awareness programs are integrating molecular diagnostics to address bacterial outbreaks and aging demographic needs. Patient awareness and medical tourism further fuel market growth. Enhanced precision and healthcare decentralization are key benefits of molecular diagnostics.

Market Research Overview

The molecular diagnostics segment within the larger life science tools and services market is experiencing significant growth due to several key drivers. With an aging population and increasing prevalence of chronic diseases, the demand for personalized medicine and diagnostic testing services is surging. Molecular diagnostics, including molecular diagnostics devices, genomic profiling, and liquid biopsy, are at the forefront of this trend. Funding for molecular diagnostics research and development is also increasing, with a focus on molecular diagnostics standardization and regulatory compliance. Additionally, the integration of molecular diagnostics software and services into clinical workflows is streamlining processes and improving accuracy. These factors, combined with the growing importance of precision medicine, are expected to fuel market expansion in the coming years.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/