WESTFORD, Mass., July 31, 2024 /PRNewswire/ -- According
to SkyQuest, the global Molecular Diagnostics Market size
was valued at USD 14.00 billion in
2022 and is poised to grow from USD 15.60
billion in 2023 to USD 37.00
billion by 2031, growing at a CAGR of 11.4% during the
forecast period (2024-2031).
The market is growing as a result of factors such as improved
technology, an ageing population, and rising need for precise and
efficient genetic testing. In addition, an upsurge in demand for
point-of-care testing has been known to be caused by an increasing
need for self-testing diagnostics as well as patient awareness
about quicker diagnostics making innovativeness in provision of
testing solutions by industry actors compulsory. To clarify, Huwel
Lifesciences produced an ultra-small RT-PCR platform that could
undertake multiple viral species by March
2023. People who contract HIV and HPV are predicted to
increase resulting in increased market demand for the treatment of
these and other infections.
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Molecular Diagnostics Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$15.60
Billion
|
Estimated Value by
2031
|
$37.00
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 11.4%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Product & Service,
Test Type, Sample Type, Technology, Application, End User and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Growing need for
precise and efficient genetic testing
|
Key Market
Opportunities
|
Development of
portable diagnostic solutions
|
Key Market
Drivers
|
Increasing
prevalence of infectious diseases
|
Segments covered in Molecular Diagnostics Market are
as follows:
- Product & Service
-
- Reagents & Kits, Instruments, Services & Software
- Test Type
-
- Sample Type
-
- Blood, Serum, & Plasma, Urine, and Others
- Technology
-
- Polymerase Chain Reaction, Isothermal Nucleic Acid
Amplification Technology, DNA Sequencing & Next- Generation
Sequencing, In Situ Hybridization, DNA Microarrays, and Others
- Application
-
- Infectious Disease Diagnostics (Hepatitis, HIV, CT/NG, HAI,
HPV, Tuberculosis, Influenza, And Other Infectious Diseases),
Oncology Testing (Breast Cancer, Colorectal Cancer, Lung Cancer,
Prostate Cancer, and Other Cancers), Genetic Testing, Covid-19, and
Others
- End User
-
- Diagnostic Laboratories, Hospitals & Clinics, and Other End
Users
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Molecular Diagnostics' Contribution to Personalized Medicine
and Disease Detection
Among the many goods and services that fall under the umbrella
of molecular diagnostics are tools, supplies, and software for
genetic testing, the identification of infectious diseases, and
customised medical care. Molecular diagnostics products and
services are required to discover diseases with enhanced
precisions, organize their specific fifty53 therapy regimes as well
having improved results of positive life changes. As a result, this
has lead to great development of creative ideas in the entire world
healthcare sector.
Some instances are illustrations of products that are classified
under reagents and kits, such as PCR reagents, nucleic acid
extraction kits, and sequencing reagents. These objects are
compulsory when carrying out tests in laboratories and doing
researches in different healthcare set ups. When dealing with
molecular tests that usually make it possible to diagnose
conditions like cancer or infectious diseases, reagents as well as
kits become a must.
The category of equipment includes advanced devices that improve
accuracy and throughput in clinical laboratories and research
facilities by automating and streamlining diagnostic procedures.
Instruments are indispensable as they allow advanced molecular
diagnostics with sophisticated genetic analyses, fast turnaround
time and a possibility of highly automated screening. Global
patient outcome improvement is their main encouragement for
technology innovations as well as any innovative ideas in
healthcare.
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Pioneering Healthcare Advances through Lab Tests' Crucial
Role in Molecular Diagnostics
In molecular diagnostics, hybridization tests, PCR and
sequencing as test types have made precise identification of
genetic variants and biomarkers possible. Besides personalizing
medicine, these tests play a crucial role in how diseases are
managed in clinics. Specialized treatment plans can therefore be
developed towards better healthcare through enhanced disease
diagnosis and tracking in which test kinds are essential for this
accurateances.
The use of PCR, sequencing, genetic testing represents a large
selection of Molecular Diagnostics Laboratory tests useful in the
accuracy of diseases detection and monitoring treatment.
Identification of genetic mutations, microbial pathogens, and
disease biomarkers are vital in guiding personalized therapy and
improving patient care results. Their precision and selectivity
improve diagnostic capacities, fostering global advances in
therapeutic approaches and precision medicine.
Molecular diagnostics PoC procedures, such as PCR-based assays
for infectious illnesses & genetic markers and on-site disease
identification. PoC diagnostics in decentralized healthcare
settings are vital because they enable immediate diagnosis,
treatments options as well as monitoring for genetic conditions or
infectious diseases. Patient outcomes are better when there is a
fast turnaround time and portability especially for cases where
resources are few or when one is at a distant place.
Innovations in Molecular Diagnostics Shaping Precision
Healthcare and Patient Outcomes
The development of molecular diagnostics has completely changed
the healthcare industry by providing accurate disease
identification and individualised treatment plans via cutting-edge
technologies including point-of-care testing, PCR, and sequencing.
Innovation in genetic testing, infectious disease detection and
personalised medicine solutions is driving its expansion. The
demand for self-test options coupled with rapid diagnosis is rising
with market leaders like Huwel Lifesciences coming up with portable
solutions such as their RT-PCR instrument. Molecular diagnostics
market is projected to expand due to the growing old populations
together with higher cases of diseases like STDs. This will promote
improvements in global healthcare and enhance patient outcomes.
Related Report:
In Vitro Diagnostics (IVD) Market
Diagnostic Imaging Market
Cancer Diagnostics Market
Point Of Care Diagnostics Market
Tissue Diagnostics Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
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Mr. Jagraj
Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
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