Overview and Scope
Molecular diagnostics devices are used to diagnose infectious diseases and perform screening by detecting specific sequences in DNA or RNA. It helps doctors prescribe more accurate therapeutic interventions in the early stages of a disease.
Sizing and Forecast
The molecular diagnostics devices and equipment market size has grown rapidly in recent years. It will grow from $31.26 billion in 2023 to $34.73 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rise in funding, increase in healthcare expenditure, economic growth in emerging markets, rapid technological advances, emergence of novel pathogenic infestations, and rapid growth in geriatric population.
The molecular diagnostics devices and equipment market size is expected to see strong growth in the next few years. It will grow to $48.38 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rapid rise in various bacterial and viral epidemics, aging population, increase in healthcare access, rising prevalence of chronic diseases and increasing demand for molecular diagnostic devices and equipment due to covid-19 . Major trends in the forecast period include automation in the field of molecular diagnostics, use of artificial intelligence, increased demand for molecular diagnostic devices in studying rare diseases, growing adoption of big data, next generation sequencing for newborn screening, and point-of-care molecular diagnostics (poc mdx).
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Segmentation & Regional Insights
The molecular diagnostics devices and equipment market covered in this report is segmented –
1) By Product: Instruments, Reagents And Consumables, Software
2) By Technology: DNA(Deoxyribonucleic acid) sequencing, Polymerase chain reaction, Isothermal Nucleic Acid Amplification Technology, Transcription Mediated Amplification (TMA), In situ hybridization, Microarrays, Mass spectrometry, Other Technologies
3) By Application: Cancer, Pharmacogenomics, Genetic testing, Infectious disease, Prenatal, Other Applications
4) By End User: Diagnostic laboratories, Hospitals, Other End Users
Asia-Pacific was the largest region in the global molecular diagnostics devices (or) equipment market in 2023. Western Europe was the second largest market in molecular diagnostics devices (or) equipment market. The regions covered in the molecular diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growth in the molecular diagnostic devices and equipment market is attributed to factors such as the rapid rise in various bacterial and viral epidemics. The increase in the spread of diseases increases the demand for early and improved diagnostic methods. To improve the technology to enable the early diagnosis of such diseases, the Government and different organizations extend their financial support towards the major key players of the industry. For example, according to the reports from Centres for Disease Control and Prevention (CDC) US in October 2021, melioidosis was declared as a multistate epidemic. Thus, the rise of such chronic diseases serves as a prime driver for the players in the industry to develop more accurate and sophisticated diagnostic devices and equipment. Following the increase in demand for early diagnosis of B. pseudomallei, InBios, launched Active Meliodosis Detect point of care diagnostic test for the detection of B. pseudomallei.
Key Industry Players
Major companies operating in the molecular diagnostics devices and equipment market report are F. Hoffmann-La Roche Ltd, QIAGEN N.V., Hologic, Abbott Laboratories, Danaher Corporation, Biomérieux, Becton Dickinson & Co, Siemens Healthineers AG, Grifols S.A., Sysmex Corporation, Abbott India Limited, Qiagen India Pvt Ltd, Biocartis, Bio-Techne India Private Limited, Cleaver Scientific, Zhejiang Di’an Diagnostics Technology Co. Ltd, ADICON Clinical Laboratories, Guangzhou Kingmed Diagnostics Center Co. Ltd., Kindstar Global, BGI-Shenzhen, OriGene Technologies, Bayer AG, Johnson & Johnson, Nippon Becton Dickinson Company, QuantuMDx, Yourgene Health, Genefirst, Interlabservis, GeneMe, TestLine, Clinical Diagnostics s.r.o, Hologic Inc., Illumina Inc., Novartis AG, Cepheid Inc., Admera Health, Agilent technologies Inc., AutoGenomics, Bio-Red Laboratories Inc, Ortho Clinical Diagnostics Inc, Sysmex Middle East FZ-LLC, QIAGEN SA (Pty) Ltd.
The molecular diagnostics devices and equipment market report table of contents includes:
- Executive Summary
- Molecular Diagnostics Devices And Equipment Market Characteristics
- Molecular Diagnostics Devices And Equipment Market Trends And Strategies
- Molecular Diagnostics Devices And Equipment Market – Macro Economic Scenario
- Global Molecular Diagnostics Devices And Equipment Market Size and Growth
- Molecular Diagnostics Devices And Equipment Market Segmentation
- Molecular Diagnostics Devices And Equipment Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Molecular Diagnostics Devices And Equipment Market
- Molecular Diagnostics Devices And Equipment Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Molecular Diagnostics Devices And Equipment Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Molecular Diagnostics Devices And Equipment Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Molecular Diagnostics Devices And Equipment Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: F. Hoffmann-La Roche Ltd Financial Performance
Table 76: QIAGEN N.V. Financial Performance
Table 77: Hologic Financial Performance
Table 78: Abbott Laboratories Financial Performance
Table 79: Danaher Corporation Financial Performance
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