Molecular Diagnostics Market Rising in United States | Fortune Business Insights

 The global molecular diagnostics market is projected to grow with rising technological developments in molecular diagnostic techniques. These advancements are intended to offer higher accuracy, cost-effectiveness, and portability which further drives the market. This information was published by Fortune Business Insights in a report, titled “Molecular Diagnostics Market Size, Share and Global Trend By Product Type (Instruments Reagents & Consumables), Application (Infectious Disease, Blood Screening, Histology & Oncology), Technique (Hospitals Amplification, Hybridization & Sequencing Techniques), End User (Hospitals, Clinical & Pathology Labs) and Geography Forecast till 2025” offering insights on factors influencing growth. The global market covered a value of US$ 8012.7 Mn in the year 2017 and is projected to reach US$ 13873.6 Mn by 2025. As per the report, the global market is expected to garner a healthy CAGR of 7.1% throughout the forecast period.   

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Infectious Diseases Application Attracting Most Revenue

At present, the increasing incidence of microbial outbreaks is boosting the market for molecular diagnostics. In terms of technique, the amplification techniques segment is anticipated to contribute a major share in the market. The reagent and consumables segment is also expected to grow at a significant rate. By application, the infectious diseases segment was valued at USD 4,853.0 Million in 2017.

Awareness programmes aimed at spreading awareness on infectious diseases and relevant preventive measures as adopted by the World Bank, World Health Organization (WHO), and other international organizations are also contributing to the growth of the molecular diagnostics market. Huge amount of resource engagement in terms of expertise, technology, and finance along with favourable environment for the simulation of research projects, especially for infectious diseases will boost the market.

Government Support for Reinforcement to Result in Higher Growth of Market in North America

The presence of major players in North America is likely to help the regional market to dominate at a global level. Besides, the collaborative efforts taken by large academic institutions and hospital research organizations to improve clinical efficiency will also boost the molecular diagnostic market in North America. On the other side, the molecular diagnostics market in Europe is likely to witness remarkable growth owing to the rising adoption of molecular diagnostics by clinical microbiology organizations and bigger hospitals.

The market in Asia Pacific is currently at the premature stage, but the rapidly developing healthcare and medical infrastructure and increasing investments in research and development are likely to create growth opportunities for the molecular diagnostics market in Asia Pacific in the coming years.

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Infectious Diseases: The Largest Growing Segment Among Other Applications

Among applications, infectious diseases segment is expected to account for a majority of share in the global molecular diagnostic market. The scope of this segment is increasing owing to the rising number of patients suffering from infections and microbial outbreaks. Moreover, the infectious diseases segment covered a share of 60% in the year 2017. Development of tests for several diseases and rising awareness about the benefits of adopting molecular diagnostic technologies may prevent the occurrence of infectious diseases. Global organizations such as World Bank and the World Health Organization (WHO) are planning to conduct awareness programs to increase the talent pool for molecular diagnostics. Adoption of molecular diagnostic systems is rising among end-users such as clinics, hospitals, emergency centers, and pathology labs.

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