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DUBLIN--(BUSINESS WIRE)--Oct 17, 2022--
The "Molecular Diagnostics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global Molecular Diagnostics market.
This report focuses on Molecular Diagnostics market which is experiencing strong growth. The report gives a guide to the Molecular Diagnostics market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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The global molecular diagnostics market is expected to grow from $49.49 billion in 2021 to $49.64 billion in 2022 at a compound annual growth rate (CAGR) of 0.3%. The molecular diagnostics market is expected to decline to $47.78 billion in 2026 at a compound annual growth rate (CAGR) of -1.0%.
The molecular diagnostics market consists of sales of molecular diagnostics services and related products by entities (organizations, sole traders, partnership) that are utilised to direct patient management, from diagnosis to treatment, especially in the treatment of congenital anomalies, infectious diseases, and cancer. Molecular diagnostic is a term used to describe a class of techniques that are used to examine biological markers in the genetic code (genome) of an organism and to determine how their cells express their genes as proteins.
The main types of products of molecular diagnostics are instruments, reagents, consumables, software, and services. Instruments refer to a measuring device for determining the present value of a quantity under observation. The technologies include polymerase chain reaction (PCR), DNA sequencing, and next-generation sequencing and these are used in oncology, pharmacogenomics, infectious diseases, genetic testing, neurological disease, cardiovascular disease, microbiology, and other applications. The various end-users are hospitals, laboratories, and other end-users (blood banks, home health agencies, and nursing homes).
North America was the largest region in the molecular diagnostics market in 2021. The regions covered in molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rising prevalence of infectious diseases and cancers of different forms drives the molecular diagnostics market. To determine whether mutations to a gene or chromosome may raise a person's chance of acquiring cancer or other disorders, molecular testing is employed. The increasing prevalence of infectious diseases and various types of cancer creates a demand for new diagnostic procedures including fast and specific molecular diagnostic tests. For instance, in 2020, according to National Cancer Institute, a US-based government agency, an estimated 1,806,590 new cases of cancer would be diagnosed in the United States and 606,520 people would die from the disease. Therefore, the increasing prevalence of cancer is driving the growth of the molecular diagnostic market.
The advances in genomics and proteomics are a key trend gaining popularity in the molecular diagnostics market. Polymerase chain reaction (PCR) is a recent development in genomics and helps in discovering new approaches to molecular diagnosis for disease diagnosis and pathogenesis of diseases. This enables better monitoring and a fast diagnosis and major organizations are investing to have a competitive edge. Following the trend, $600 million to support COVID-19 vaccine and therapy clinical trials led by the private sector, and for Canadian bio-manufacturing opportunities. This announcement was part of the $1 billion Plan to Mobilize Science. The growing research in proteomics and genomics will help develop more advanced molecular diagnostic techniques in the forecast period.
The countries covered in the molecular diagnostics market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
For more information about this report visit https://www.researchandmarkets.com/r/hsm3ii
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INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/17/2022 07:04 AM/DISC: 10/17/2022 07:04 AM
http://www.businesswire.com/news/home/20221017005525/en