Molecular Diagnostics Market Set to Surpass $25.59 Billion by 2029

[Redding, California, 14-02-2024] - Meticulous Research®, a premier market research company, has recently published an extensive report titled "Molecular Diagnostics Market by Product, Test Type, Technology, Application, End User-Global Forecast to 2029." According to this report, the global molecular diagnostics market is projected to achieve a remarkable valuation of $25.59 billion by 2029, exhibiting a notable Compound Annual Growth Rate (CAGR) of 9.8% from 2022 to 2029.

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Key Factors Driving Market Growth

The comprehensive analysis identifies several factors propelling the growth of the molecular diagnostics market, including technological advancements, increased adoption of Point-of-Care (PoC) diagnostic tests, substantial focus and funding for Research and Development (R&D) activities, and the burgeoning geriatric population coupled with the rising prevalence of target diseases. Furthermore, growth prospects in emerging economies and advancements in companion diagnostics are anticipated to provide significant opportunities for market players.

Furthermore, companies in the diagnostics market have conducted web meetings and webinars to engage with customers and shareholders, providing comprehensive product descriptions and customer demonstrations to enhance product understanding.

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Market Segmentation and Trends

The molecular diagnostics market is segmented based on product, test type, technology, application, and end user, providing a detailed insight into market dynamics and growth opportunities. Notable segments include:

Reagents & Kits segment leading the market in 2022, attributed to frequent use, a wide portfolio of disease-specific kits, and technological advancements.

Lab Tests segment dominating in 2022, driven by preferences among hospitals, laboratories, and academic & research institutes, along with significant developments in this domain.

PCR segment holding the largest share in 2022, owing to its sensitivity and effectiveness in disease diagnosis, particularly for low-number targets.

Infectious Diseases segment expected to account for the largest share in 2022, fueled by rising incidence rates and government initiatives for early disease diagnosis.

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Geographical Analysis

North America is expected to lead the molecular diagnostics market in 2022, followed by Europe and Asia-Pacific. Factors contributing to North America's dominance include highly developed infrastructure for diagnostics research, favorable reimbursement policies, increased healthcare accessibility, and a high number of laboratory tests performed annually.

Key Players

Major players in the molecular diagnostics market include F. Hoffmann-La Roche Ltd, Hologic, Inc., QIAGEN N.V., Danaher Corporation, bioMérieux S.A., Becton, Dickinson and Company (BD), Siemens Healthineers AG, DiaSorin S.p.A., Abbott Laboratories, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., and Illumina, Inc.

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Conclusion

With the rapid advancements in technology and increasing healthcare demands, the molecular diagnostics market presents vast growth opportunities for industry players. Meticulous Research® remains committed to delivering accurate insights to empower informed decision-making across the healthcare sector.

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