Molecular Diagnostics Market is expected to grow with a CAGR of 7.38%

The field of genomics has significantly positioned itself as a hotspot of academic scientific research and clinical medicine. Technological developments, such as precision medicine, next-generation sequencing (NGS), and long-read sequencing have made significant advances in science and technology and simultaneously opened avenues for public healthcare. For precision medicine to bolster, genomic sequencing and long-read sequencing are of utmost importance, and since 2003 (after the completion of the Human Genome Project), genomic sequencing has attained great strides in terms of both cost and time. Since then, many genomic research projects and initiatives have been undertaken by developed and developing countries worldwide, with massive fund infusions aimed toward establishing precision medicine in routine healthcare procedures.

Emerging next-generation sequencing offers improvement in genetic variations and regions present on a gene during the diagnosis of a disease, and it is difficult to access them with the Sanger sequencing methods. Significant strides in advancing sequencing technologies and computational tools have facilitated an increasing number of genomic studies to be performed, further generating huge amounts of data. Data generated from the genomic projects and initiatives require in-depth analyses for deriving potential insights, which are then used to improve clinical outcomes. To address this critical requirement pertaining to downstream genomic data analysis, biotechnology companies are significantly investing in research and development (R&D) to expand their respective bioinformatics pipeline for research and clinical applications. As the next frontier of precision medicine, the global molecular diagnostics market showcases enormous potential to completely revolutionize patient care and overall wellness in general.

Global Molecular Diagnostics Market Overview

As per BIS Research analysis, the global molecular diagnostics market is projected to reach $24,228.0 Million by 2031 from $10,914.6 Million in 2020, at a CAGR of 7.38% during the forecast period 2021-2031. Growth in this market is expected to be driven by the decrease in the cost of sequencing, the global increase in the application of next-generation sequencing, and external funding for executing research. However, there are significant challenges restraining the market growth, such as uncertain reimbursement scenario and a lack of tools for computational analysis.

COVID-19 Impact on Global Molecular Diagnostics Market

The current global molecular diagnostics market comprises software, instruments, and consumables. It has been noticed that there has been a reduction in the capacity or shutdowns of laboratories and other research institutions that have led to reduced usage of instruments, consumables, and software related to research.

The exponential rise in the prevalence of infectious diseases and various types of cancer globally has created a buzz among companies to invest in advanced technologies such as molecular diagnostics.

Based on region, North America holds the largest share, owing to improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. However, the Asia-Pacific and Europe regions are anticipated to grow at the fastest CAGR during the forecast period.

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Clinical Decision Support Systems (CDSS) Market registering a CAGR of 6.70% during the forecast period 2021-2030

The global market for clinical decision support systems (CDSS) registered the market value of $1,918.8 million in 2020 and is expected to reach $3,739.2 million by 2030, registering at a CAGR of 6.70% during the forecast period 2020-2030. The clinical decision support systems of the future are expected to be developed to leverage data to make observations which are not interpretable by humans. Healthcare IT systems in the future are expected to leverage cutting-edge technology as an enabler to make clinical care more streamlined and accurate. The technology is still in its nascent stage. One of the strong points of this technology is that it improves with time. Continuous input from clinicians, patients, and other stakeholders will be essential for correctly implementing the technology to enhance meaningful uses, reduce costs, and improve treatment outcomes. Key USPs of the Report Following are some of the key contents of the report: • Industry Analysis ...

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Hyperspectral Imaging Market Projections , Upcoming Trends Focus on Long-Term Impact of Covid-19 and Forecast By 2027

The global hyperspectral imaging market was estimated to be at $791.2 million in 2021, which is expected to grow with a CAGR of 13.17% and reach $1,640.3 million by 2027.The growth in the global hyperspectral imaging market is expected to be primarily driven by increased awareness of the technology in different sectors such as agriculture, healthcare, and mining. The hyperspectral imaging technology has great potential, and the market is anticipated to grow during the forecast period owing to the widespread applications of HSI, increasing investments for RD activities, increasing demand from military and defense sectors, increased food safety concerns, and increasing awareness regarding early diagnosis of diseases. COVID-19 Impact and Post-COVID-19 Scenario The COVID-19 pandemic had a debilitating impact on the global ecosystem. The pandemic led to a shutdown of production facilities, which do not come under essential goods, which led to a negative impact on se...

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