Advantages of using and considering genetic or protein material in diagnostics helps in obtaining effective results in the tests is one of the major factor that is expected to support the growth in the molecular diagnostics market in the near future
Global molecular diagnostics market, By Type (Instruments, Reagents, Others), By Test Location (Point-of-Care, Self-Test or Over the Counter, Central Laboratories), By Applications (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing, Others), By Technology (PCR, In-Situ Hybridization, Chips and Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global molecular diagnostics market is estimated for more than US$ 9.8 Bn in the year 2020 and expected to grow at a significant CAGR of 8.7% during the forecast period and expected to reach a value of more than US$ XX Bn in 2028.
As per the report, one of the major fields of science by which the merging composition of biomolecules, genetic and protein material in the body is considered for the purpose of diagnosis, is known as molecular diagnostic technology. In order to detect the diseases or predilection of any disease, laboratory tests are referred to by examining RNA or DNA or their proteins, in humans or in the case of infections in microbes.
The approach of molecular diagnostics has a broad scope of applications ranging from determining and analyzing of microbes, molecular identification of gene mutations and inherited illnesses, finding and identification of nucleic acids, evaluation, and depiction of proteins and nucleic acids, the prognosis of chromosomal composition and chromosomal variation, quality affirmation and quality control in the molecular laboratories and many more. Owing to which, the approach of molecular diagnostic serves its utility in several different applications, and thereby the global molecular diagnostics market is projected to witness rapid growth in the forthcoming future.
Notably, over the past two decades, molecular methods have been used more and more owing to the benefits it comprises such as it enhances the receptivity and pace of diagnosis of numerous microbes of animals, plants, and human beings.
Remarkably, biotechnology in modern times is advanced in certain ways which have led its way in improving the efficiency of accessible determination systems that employ different disciplines of molecular biology, immunology, and engineering.
Along with that, the soaring count of chronic ailments among the population owing to their lethargic lifestyles such as several kinds of cancers and various infectious ailments is also estimated to give a breakthrough to the growth of the global molecular diagnostics market in the near future.
In addition to that, molecular diagnostics is technologically enhanced with regard to cost-effectiveness, portability as well as accuracy in recent past years which is also expected to augment the growth of the global molecular diagnostics market in the coming years.
Furthermore, molecular diagnostic tests are the crucial component of a rewarding healthcare system as molecular diagnostic tests offer important data that assists the healthcare specialists and patients to take the appropriate medical decision for enhanced outcomes of a medical process. Attributable to this, the global molecular diagnostics market is projected to flourish positively during the forecast period.
MMC Study identifies some of the key participating players in the molecular diagnostics Market globally are Hologic, Inc., QIAGEN, Becton, Dickinson and Company, Abbott Laboratories, Cepheid; F. Hoffmann-La Roche Ltd Thermo Fisher Scientific; Agilent Technologies and Siemens, among several others.
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