Molecular Cytogenetics Market Worth USD 2,266.4 Million By 2022
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Moreover, increasing focus on targeted based therapies and growing predictive and presymptomatic genetic testing further provides significant opportunities in this market. However, lack of awareness about diagnostic technologies, the high cost of diagnosis, and unfavorable reimbursement scenario within the molecular cytogenetics, and technical limitations and complexities of the equipment have embraced the growth of molecular cytogenetic market globally. While the transition from fluorescence in situ hybridization to array based techniques is one of the notable trends observed in the global molecular cytogenetics market.
The global molecular cytogenetics market is mainly segmented by technique (fluorescence in situ hybridization, comparative genomic hybridization, in situ hybridization, karyotyping, and banding techniques), by product (instruments, kits and reagents, software, services, and consumable/accessories ), by application (oncology, genetic disorders, personalized medicines, and other), and by end user (pharmaceuticals and biotechnological companies, clinical and diagnostic laboratories, and academic institutes). The comparative genome hybridization is further classified into an array based CGH and matrix based CGH, whereas, the karyotyping market is further segmented into Spectral Karyotyping and virtual karyotyping. Banding techniques are further classified into G banding, R banding, C banding, Q banding, and T banding.
The comparative genomic hybridization technology segment commanded the largest share of the global molecular cytogenetics market and is expected to grow at the fastest CAGR in the next five years mainly due to the growing adoption of array CGH for various applications.
Geographically, the global molecular cytogenetics market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. These regions are further analyzed at a country level with the detailed qualitative and quantitative analysis. North America accounted for the major share in the global molecular cytogenetics market in 2016, followed by Europe, and Asia-Pacific region. The large share of this region is primarily attributed to the increased funding for medical research, stringent drug development regulations which demand molecular cytogenetics techniques, growing aging population and thereby prevalence of various chronic diseases, and direct & indirect financial investments in the pharma biotech companies. However, Asia-Pacific region possesses lucrative growth potential for the molecular cytogenetic market during the forecast period owing to the increasing demand in China and India, growing population, various technological advancements, growing investment from government & non-government bodies, and growing pharma biotech industry in the region.
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The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global molecular cytogenetics market were new product developments, acquisitions, and expansions. The key players in the global molecular cytogenetics market are Thermo Fisher Scientific, Abbott Laboratories, Agilent Technologies, PerkinElmer, Bio-Rad Laboratories, Applied Spectral Imaging, Quest Diagnostics, Roche Diagnostics, Danaher Corporation, Illumina, and Oxford Gene Technology.
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