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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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