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Rising Cancer Prevalence Driving Molecular Cytogenetics Market Growth
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Consumables, instruments, and software and services are the various market categories, when segmented by offering. In 2017, consumables dominated the industry, with a 40.0% revenue share, on account of the increasing usage of antibiotic/antimycotic solutions, media, salt solutions, disposables, and ancillary reagents in laboratories, for research. During the forecast period, software and services would observe the highest CAGR in the molecular cytogenetics market, of 10.5%, due to the rapid automation of laboratory processes and outsourcing of costly services.
The global molecular cytogenetics market is being driven by a number of factors, one being the rising cases of cancer. Cancer as a disease involves numerous mutations, which are either disease-specific or could vary from one individual to another. Molecular cytogenetics techniques such as single nucleotide polymorphism (SNP), CGH, FISH, and genomic expression profiling are not only helping researchers in identifying cancer-specific biomarkers, but are also helping doctors in providing better diagnosis, prognosis and treatment to patients.
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Secondly, the advancements in molecular cytogenetic techniques have revolutionized the field of diagnostics. The automation of the cytogenetic analysis process has played a major role in the development of molecular cytogenetics by reducing manual involvement and increasing cost and time-effectiveness. Reduced manual handling of such processes has minimized the risk of errors, thus providing accurate results. It is further predicted to present the possibility of widening the range of molecular cytogenetic testing, hence increase the scope of the molecular cytogenetics market during the forecast period.
Thus, the market is set to grow during the forecast period owing to the advancements in technology in the field of biology and medicine.
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