Molecular Quality Controls Market Accelerates with 7.2% CAGR, Aiming for US$ 204 Million by 2033 | FMI

According to the latest market research conducted by FMI, the global molecular quality controls market is poised to reach a valuation of approximately US$ 204 million by the year 2023. Projections indicate a robust growth trajectory with an impressive 7.2% Compound Annual Growth Rate (CAGR) throughout the forecast period. Looking ahead to 2033, the market is anticipated to more than double in value, surpassing the US$ 408 million mark.

The rising adoption of third-party quality controls, the growing number of accredited clinical laboratories, the rising demand for external quality assessment support, increasing government funding to support genomics projects, increasing demand for personalized medicines, declining sequencing costs, and the rising prevalence of infectious diseases, cancer, and genetic diseases are all driving molecular quality controls market forward.

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Due to the expanding global burden of various diseases, the number of laboratory tests performed has grown. The number of laboratories in both the public and private sectors is growing to satisfy this need. Setting up a quality control process in a clinical laboratory necessitates a large financial commitment. Laboratories must also have specialized people to supervise the quality control system.

Regardless of the number of tests completed, QC procedures entail equal expenses. As a result, the expense of implementing QC processes in clinical laboratories that perform modest quantities of diagnostic tests is prohibitively expensive. This, along with funding restrictions in many hospitals and laboratories in both developed and emerging economies, is projected to lead to a decreased adoption of quality-control techniques.

New multi-analyte and multi-instrument controls have been developed as a result of technological improvements. These cutting-edge controls combine many instrument-specific controls into a single control, allowing clinical laboratories to save money. In addition, these controls save time by eliminating the need for separate QC processes for each analyte.

In the next years, the increased availability of such molecular quality controls for infectious disease diagnostics and other applications is likely to drive market expansion.

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>Key Takeaways:

-The Asia Pacific molecular quality controls market is expected to reach US$ 72.07 million in 2028 from US$ 34.27 million in 2021; it is estimated to grow at a CAGR of 11.2%.
-The European molecular quality controls market is expected to reach US$ 109.59 million by 2028 from US$ 55.76 million in 2021; it is estimated to grow at a CAGR of 10.1%.
-The growing implementation of genomic sequencing in healthcare systems is supported by substantial government investments, totaling over US$ 4 billion in at least 14 countries.
-SeraCare and the International Quality Network for Pathology (IQN Path) (Luxembourg) announced a collaboration in June 2021 to develop, manufacture, and supply a range of highly characterized cell line genomic DNA and formalin-fixed, paraffin-embedded (FFPE) standards with confirmed low, mid, and high levels of mutational burden within their exome regions.
-Bio-Rad and Roche Diagnostics (Switzerland) announced worldwide cooperation in May 2021 to supply clients with a comprehensive array of InteliQ devices and Unity QC data management systems, as well as customer training and support services.
-Abbott Laboratories spent USD 2.4 billion in research and development in 2020, with USD 10.80 billion going toward producing technologically enhanced diagnostic devices to expand its product offering.

>Key Segments

 >By Analyte:

-Single-analyte Controls
-Multi-analyte Controls

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 >By Product Type:

-Independent controls
-Instrument-specific controls

>By Application:

-Infectious Diseases Diagnostics
-Oncology Testing and Genetic testing

 >By End User:

-Diagnostic laboratories
-Hospitals
-IVD manufacturers & CROs
-Academic & Research Institutes

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This release was published on openPR.