Molecular diagnostics is a set of procedures used to analyze biological markers at the molecular level such as genome and proteome in the individual's genetic code. The method is adopted by the flourishing healthcare sector to diagnose and monitor intricate ailments, detect risk, and most prominently decide perfect personalized medicines and therapies for individual patients. Molecular diagnostics are advantageous in a wide range of medical fortes consists of, infectious disease, oncology, coagulation, human leucocyte antigen typing and pharmacogenomics. The growth of the market can be ascribed to the technological advancements, growing elderly population, and external funding for R&D. Escalating demand for Point-of-Care (PoC) testing is ascribed to government support, demand for self-testing diagnostics, and increasing consumer awareness about rapid diagnostics. A rise in the prevalence of infectious diseases is also fueling the demand for molecular diagnostics. Moreover, aging increases the risk of getting various diseases such as cancer, cardiovascular diseases, obesity, neurological disorders and diabetes. Thus, the fact that the global geriatric population is projected to grow over the forecast period is expected to be a high-impact rendering propeller of the market for molecular diagnostics. Furthermore, the rapid technological advancements leading to exact results, portability, and cost-effectiveness are projected to be a high-impact rendering driver of the market for molecular diagnostics. Companies are improving their products by implementing new techniques to obtain specific and accurate results. Companies such as Sigma Aldrich Corporation and QIAGEN are developing new technologies, including Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the diagnosis of tumors. In addition, the rising incidence of infectious diseases is anticipated to accelerate the market growth over the forecast period. According to WHO estimates, 38.0 million individuals across the world were living with HIV infection in 2019. Moreover, growing initiatives by market players to enhance access to cost-effective resources are projected to compel the market for molecular diagnostics. However, the strict regulatory requirements for the consent of new molecular diagnostics techniques will impede the market.

Companion diagnostics include tests or assays aimed to help healthcare providers in making treatment decisions for patients based upon the best response to therapy. The co-development of companion diagnostics with therapeutic products can majorly change the drug development process and commercialize drug candidates by producing safer drugs with improved therapeutic efficacy faster and cost-effectively. With a rise in the demand for expensive specialist therapies and safer drugs, the market for companion diagnostics has increased highly. The rising importance of companion diagnostics is creating growth opportunities for the molecular diagnostics market.

The global Molecular Diagnostics Market is segregated on the basis of Application as Infectious Diseases, Oncology, Blood Screening, Genetic Tests, Microbiology and Other Applications. Based on Technology the global Molecular Diagnostics Market is segmented in Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), Hybridization (In-Situ Hybridization & Fish), DNA Sequencing and Next-Generation Sequencing, Microarray and Other Technologies. Based on Product & Services the global Molecular Diagnostics Market is segmented in Reagents & Kits, Instruments and Software & Services.

The global Molecular Diagnostics Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Molecular Diagnostics Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Abbott Laboratories, ADT Biotech, Agilent Technologies Inc., Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc. and others are among the major players in the global Molecular Diagnostics Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In May 2020, Roche Diagnostics acquired Stratos Genomics (US) to supplement the development of its nanopore technology and provides access to Stratos Genomics distinct chemistry, Sequencing by Expansion (SBX).
• In December 2020, GeneIQ, a molecular diagnostics laboratory based in Dallas, pivoted, like various companies worldwide, to address the ongoing COVID-19 pandemic, and the move has reinforced a significant expansion.
• In December 2020, Co-Diagnostics Inc. declared their sale of more than 10 million of its Logix SmartTM COVID-19 test kits to its domestic and international hospital, laboratory and supplier network.

The global Molecular Diagnostics Market has been segmented as below:

Molecular Diagnostics Market, By Application

• Infectious Diseases
• Oncology
• Blood Screening
• Genetic Tests
• Microbiology
• Other Applications

Molecular Diagnostics Market, By Technology

• Polymerase Chain Reaction (PCR)
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Hybridization (In-Situ Hybridization & Fish)
• DNA Sequencing and Next-Generation Sequencing
• Microarray
• Other Technologies

Molecular Diagnostics Market, By Product & Services

• Reagents & Kits
• Instruments
• Software & Services

Molecular Diagnostics Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Molecular Diagnostics Market, By Company

• Abbott Laboratories
• ADT Biotech
• Agilent Technologies Inc.
• Becton, Dickinson, and Company
• Bio-Rad Laboratories, Inc.
• Biocartis Group NV
• bioMérieux SA
• Danaher Corporation
• DiaSorin S.p.A.
• Grifols S.A.
• Hologic Inc.
• Illumina, Inc.
• Johnson & Johnson
• LabCorp
• Myriad Genetics, Inc.
• Novartis AG
• Roche Diagnostics Corporation
• Siemens Healthineers
• Sysmex Corporation by Oxford Gene Technology

The report covers the below scope:

• Global Molecular Diagnostics Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Molecular Diagnostics Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Molecular Diagnostics Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Molecular Diagnostics Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Molecular Diagnostics Market share. Major industry players with significant revenue share include Abbott Laboratories, ADT Biotech, Agilent Technologies Inc., Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc. and others.

Why to Buy this Report:

• Gain detailed insights on the Molecular Diagnostics industry trends
• Find complete analysis on the market status
• Identify the Molecular Diagnostics Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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