Global Molecular Diagnostics Market to Surpass US$ 35,500.8 Million by 2030 – Coherent Market Insights
SEATTLE, July 20, 2022 /PRNewswire/ — According to Coherent Market Insights, the global molecular diagnostics market is estimated to be valued at US$ 14,772.2 million in 2022 and is expected to exhibit a CAGR of 11.6 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Molecular Diagnostics Market:
Increasing product launches by market players is expected to drive the global molecular diagnostics market over the forecast period. For instance, On May 24, 2022, Illumina, Inc., a global company of Deoxyribonucleic acid (DNA) sequencing and array-based technologies, announced the addition of a companion diagnostic (CDx) indication to its Conformité Européenne (CE)-marked in vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test. This single test kit, was launched across Europe and it assesses multiple tumor genes and biomarkers to reveal the specific molecular profile of a patient’s cancer. The CDx pan-cancer indication would allow identification of cancer patients with solid tumors who are positive for neurotrophic tyrosine receptor kinase (NTRK) gene fusions including NTRK1, NTRK2 or NTRK3.
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Key Market Takeaways:
Global molecular diagnostics market is expected to exhibit a CAGR of 11.6% during the forecast period due to increasing adoption of inorganic growth strategies such as agreements by market players. For instance, on January 5, 2022, DiaCarta Inc., a precision molecular diagnostics company had announced that the company was under a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI), for development of DiaCarta’s proprietary xeno-nucleic acid (XNA) molecular clamping technology. NCI and DiaCarta would collaborate on the following project such as the investigation of low frequency mutation events in cancers and rare diseases using DiaCarta’s proprietary xeno-nucleic acid (XNA) molecular clamping technology, and the development of XNA probes for in situ cancer cell detection.
Among Application, the Oncology segment holds a dominant position, owing to increasing inorganic activities such as partnership among market players. For instance, On January 10, 2022, Illumina, Inc., a biotechnology company had announced a multi-year partnership with Agendia N.V., a manufacturing company in precision oncology for breast cancer, to co-develop in vitro diagnostic (IVD) tests for oncology testing. The partnership is intended to advance the use of next-generation sequencing (NGS) for decentralized oncology testing and aligns with Illumina’s approach to IVD partnerships in oncology. Agendia joins Illumina’s growing portfolio of more than 30 IVD partners developing over 40 sequencing-based solutions for cancer prognosis, therapy selection and other applications.
Key players operating in the global molecular diagnostics market include Hologic,Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Agilent Technologies, Inc., Meridian, Cepheid, and Beckman Coulter, Inc.
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Global Molecular Diagnostics Market, By Product Type:
- Reagents & Kits
Global Molecular Diagnostics Market, By Application:
- Genetic Testing
- Blood Screening
- Tissue Typing
- Prenatal Diagnosis
Global Molecular Diagnostics Market, By End User:
- Diagnostic Laboratories
- Academic and Research Labs
Global Molecular Diagnostics Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Find related trending report below:
U.S., Europe, and Asia Pacific Molecular Diagnostics Market, by Product Type (Reagents and Kits & Instruments), by Technology (PCR-based (Liquid Biopsy Testing, Tissue Testing) and NGS-based (Liquid Biopsy Testing, Tissue Testing)), by Application, (Genetic Testing, Oncology, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, Others), by End Users, (Hospitals, Clinics, and Ambulatory Surgery Centers), and by Region (U.S., Europe, and Asia Pacific) – Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Senior Client Partner – Business Development
Coherent Market Insights
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SOURCE Coherent Market Insights