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Molecular Diagnostics Market Poised for USD 36.94 Billion Boom by 2030, Fueled by Chronic Disease Rise and Tech Advancements

06-06-2024 04:51 PM CET | Health & Medicine

Press release from: SNS Insider

Molecular Diagnostics Market

Molecular Diagnostics Market

The SNS Insider report indicates that the Molecular Diagnostics Market size was valued at USD 24.27 billion in 2023 and is expected to reach USD 36.94 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% over the forecast period from 2024 to 2031. The rising prevalence of chronic diseases, coupled with the increasing demand for accurate and personalized diagnostic solutions, is driving the growth of the molecular diagnostics market.

The market expansion is further fueled by the advancements in diagnostic technologies, such as next-generation sequencing (NGS), polymerase chain reaction (PCR), and microarrays. These technologies enable more sensitive and specific detection of molecular biomarkers, leading to improved diagnostic accuracy and enhanced treatment outcomes.

Market Analysis
The increasing incidence of cancer and the growing adoption of personalized medicine approaches are key drivers for the molecular diagnostics market. Additionally, the rising awareness of the importance of early disease detection and the need for better disease management strategies are fueling the demand for advanced molecular diagnostic tests. Furthermore, the growing focus on companion diagnostics, which aid in identifying patients who are likely to respond to specific targeted therapies, is contributing to the market's growth.

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List of Molecular Diagnostics Market Companies Profiled in Report:
- Abbott laboratories
- Agilent Technologies Inc
- Becton Dickinson and Company
- bioMérieux SA
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- geneOmbio Technologies Pvt. Ltd.
- Grifols S.A
- Hologic Inc
- Illumina Inc.
- Myriad Genetics Inc.
- PerkinElmer Inc.
- Quidel Corporation
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.

Recent Developments in the Molecular Diagnostics Market
In January 2024, Illumina, Inc. launched its new NovaSeq X Series, a revolutionary sequencing platform that offers unprecedented speed, accuracy, and flexibility for genomic analysis. This platform leverages advanced molecular diagnostics technologies, including NGS and bioinformatics tools, to enable researchers and healthcare professionals to gain deeper insights into genetic variations and disease mechanisms.

In September 2023, Roche Diagnostics received approval from the U.S. Food and Drug Administration (FDA) for its VENTANA PD-L1 (SP142) Assay, a companion diagnostic test for non-small cell lung cancer (NSCLC). This test utilizes immunohistochemistry (IHC) technology to detect the PD-L1 biomarker, enabling healthcare providers to identify patients who are eligible for treatment with Roche's immunotherapy drug, Tecentriq (atezolizumab).

Key Market Segmentation

By Product & Service
• Reagents & Kits
• Instruments
• Services & Software's

By Technology
• Polymerase Chain Reaction (PCR)
• INAAT
• Next-Generation Sequencing (NGS)
• Other Technologies

By Application
• Infectious Disease Diagnostics
• Oncology Testing
• Genetic Testing
• Other Applications

By End User
• Diagnostics Laboratories
• Hospitals & Clinics
• Others

Have Any Query? Ask Our Experts @ https://www.snsinsider.com/enquiry/2806

Impact of Russia-Ukraine War on the Molecular Diagnostics Market
The ongoing Russia-Ukraine war is likely to have a limited direct impact on the molecular diagnostics market, as neither country is a major player in this industry. However, the war may indirectly affect the market through disruptions in the supply chain of raw materials and components used in diagnostic testing, potentially leading to temporary shortages and price fluctuations.

Impact of Economic Slowdown on the Molecular Diagnostics Market
An economic slowdown could potentially affect the molecular diagnostics market, particularly in terms of healthcare spending and the adoption of novel diagnostic technologies. However, the impact is expected to be moderate, as molecular diagnostic testing is essential for disease detection, diagnosis, and personalized treatment approaches. Additionally, the long-term benefits of molecular diagnostics, such as improved patient outcomes and reduced healthcare costs, may encourage continued investments in this market.

North America Is Expected To Hold The Largest Market Share Throughout The Forecast Period
This dominance can be attributed to factors such as the well-established healthcare infrastructure, the presence of leading diagnostic companies, and the increasing adoption of personalized medicine approaches in the region. The United States, in particular, is a key contributor to the molecular diagnostics market, driven by favorable reimbursement policies and regulatory initiatives supporting the development and commercialization of advanced diagnostic tests.

Key Takeaways for Market Report Purchasers
- A comprehensive analysis of the molecular diagnostics market, encompassing current trends, growth drivers, and challenges.
- Insightful segmentation of the market by Product, Technology, Application, and Geography, providing a thorough understanding of each segment's dynamics.
- Evaluation of the impact of the Russia-Ukraine war and economic slowdown on the market's growth trajectory.
- In-depth examination of key regional developments and the factors influencing market dominance.

Purchase Molecular Diagnostics Market Report @ https://www.snsinsider.com/checkout/2806

Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Molecular Diagnostics Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter's 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Molecular Diagnostics Market Segmentation, By Product & Service
Chapter 9 Molecular Diagnostics Market Segmentation, By Technology
Chapter 10 Molecular Diagnostics Market Segmentation, By Application
Chapter 11 Molecular Diagnostics Market Segmentation, By End User
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
Continued…

For more information and to access the full report, visit https://www.snsinsider.com/reports/molecular-diagnostics-market-2806

Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 | +91-7798602273 (IND)

About US:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

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