The Molecular Diagnostics Reagent Market to foray into digital innovation, witnessing a CAGR of 6.60%

The Global Molecular Diagnostics Reagent Market value is projected to surpass USD 12,028.7 million by 2028, according to a new research report by Persistence Market Research (PMR). The report also states that the Global Molecular Diagnostics Reagent Market will witness a CAGR of 6.6% between 2022 and 2028. Molecular Diagnostic Reagents are used to assess a drug's therapeutic effectiveness. Rising incidences of illnesses are the primary drivers of the Molecular Diagnostic Reagent Market.

Various novel molecular technologies are being developed and applied to the diagnosis and treatment of infectious illnesses and disorders such as cancer. The molecular diagnostics reagent technologies can identify bacteria, viruses, and transmitted mutations in less time and more precision. Hence, the need for molecular diagnostics reagents will surge in the upcoming period.

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The Impact of COVID-19 on the Molecular Diagnostic Reagent Market

The continuous upgradations in molecular biology have changed the way illnesses are identified and treated. The latest molecular diagnostics reagent technologies can identify bacteria, viruses, and transmitted mutations in less time and with more precision. The influence of COVID-19 on molecular diagnostics reagents is positive because various devices for COVID-19 diagnosis were authorized by the US FDA during the pandemic. During the pandemic, molecular diagnostics reagents were important in ensuring rapid detection and appropriate treatment for severely ill patients. Due to the capabilities like assessing drug therapeutic effectiveness and rapid detection of viruses, the Molecular Diagnostics Reagents Market is expected to grow rapidly in the future.

Competitive Landscape

The Molecular Diagnostics Reagent industry is very competitive and highly consolidated due to the presence of several large players. However, with technological advancements and product innovations, medium, and small businesses are expanding their market presence by offering new, lower-cost devices. Key players in the market are focusing on mergers and acquisitions as the industry is in the growth phase. Companies are making strategic decisions to engage in mergers and acquisitions in order to expand their product portfolios and grow their market share.

Recent Developments:

Roche announced a merger and acquisition with GenMark Diagnostics in March 2021 to obtain access to cutting-edge molecular diagnostics technologies. This collaboration enables it to screen for a broad range of infections with a single patient sample. This collaboration helped the company in accelerating its business growth and expanding its geographic footprint.

Hologic, Inc. (US) acquired Biotheranostics Inc. (US) in January 2021 to broaden its molecular diagnostics range.

GeneIQ, a molecular diagnostics laboratory located in Dallas, shifted its focus, like many others around the world, to handle the ongoing COVID-19 pandemic in December 2020, and the change has reinforced a significant growth.

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Molecular Diagnostics Reagent Market Categorization

Molecular Diagnostics Reagent Market by Product

Sample Preparation Kits
PCR Assay Kits
In situ Hybridization Kits
Microarray Kit
Sequencing Kit

Molecular Diagnostics Reagent Market by Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)

Want More Insights?
PMR has presented a comprehensive report based on Molecular Diagnostic Reagent Market as per Material (Sample Preparation Kits, PCR Assay Kits, In situ Hybridization Kits, Microarray Kit, and Sequencing Kit), Application (Pathogen Detection, Biomarker Screening, Therapeutic Monitoring and others), End User (Hospitals, Laboratories, Research Institutes, Biopharmaceutical Companies and others) based on seven regions.

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