Germany molecular diagnostics market demand is estimated to witness around a 7.5% CAGR from 2020 to 2026, owing to changing lifestyle preferences, rising incidences of infectious diseases and favorable demographic trends, such as a graying population.
SELBYVILLE, Del., February 11, 2020 (Newswire.com) – Global Market Insights, Inc. has recently added a new report on the molecular diagnostics market, which estimates the global market valuation for molecular diagnostics will cross US $15 billion by 2026. Technological progress and consequent development of advanced molecular diagnostic techniques for accurate and early-stage diagnosis of chronic diseases will drive market growth.
Additionally, recent years have seen significant growth in the number of research studies carried out worldwide. Technologies such as PCR, mass spectroscopy and in-situ hybridization are undeniably a vital part of most of the research studies. Such high usage of molecular diagnostics products will boost the market growth.
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Some major findings of the molecular diagnostics market report include:
1. Technological advances and increasing awareness towards early disease diagnosis in North America.
2. Escalating demand for POC diagnostics in the Asia-Pacific.
3. Increasing geriatric population.
4. Increasing number of R&D initiatives in developing economies.
5. Rising incidences of infectious diseases.
The oncology testing market accounted for more than USD 1.3 billion in 2019 and will witness considerable growth during the forecast period. This is attributable to the growing prevalence of cancer, worldwide. According to the WHO, cancer is the foremost cause of mortality, worldwide, accounting for approximately 9.6 million deaths in 2018. This has increased the demand for diagnostic procedures and is anticipated to fuel the market demand for molecular diagnostics.
The molecular diagnostics industry has witnessed numerous improvements and advancements in the past couple of years. Companies operating in the industry are focusing on the development of innovative products to gain considerable market share. Research in molecular diagnostics has provided the healthcare industry with a better understanding of molecular attributes affecting human health and the tools introduced thereof are becoming the standard of care for disease diagnosis.
The sequencing market segment accounted for around a 12% CAGR during the forecast period. Novel assays based on next-generation sequencing are being developed to help healthcare professionals to unlock the genomic power. Many sequencing-based devices provide reliable, accurate screening and diagnostic testing, granting the accuracy and speed to enhance human understanding of disease for earlier detection and reducing the turnaround time.
Browse key industry insights spread across 180 pages with 220 market data tables and seven figures and charts from the report, “Molecular Diagnostics Market Share & Forecast, 2019 – 2026” in detail, along with the table of contents:
Germany dominated the European molecular diagnostics industry and is projected to witness around a 7.5% CAGR over the forecast period. Changing lifestyle preferences, rising incidences of infectious diseases and favorable demographic trends such as a graying population is anticipated to boost the industry’s growth. Moreover, increasing research and development in the molecular diagnostics field and increasing demand for diagnostic procedures that allows early diagnosis will flourish
Some major findings
- Technological advancements in molecular diagnostic procedure including the development of rapid diagnostic techniques will act as a major impact factor for the molecular diagnostics market growth.
- Factors such as the increasing number of R&D procedures, increasing infectious disease prevalence, and escalating demand for point-of-care diagnostics are some other attributes that will further propel the demand for molecular diagnostics procedures over the coming years.
- Diagnosis options for numerous infectious diseases such as flu, RSV virus, tuberculosis, meningitis, HPV, and STD among many others offered by molecular diagnostics devices will positively impact the market over the projected timeline.
- Latin America molecular diagnostics market size will expand twofold by the end of the projected timeline from that of 2019, owing to the increasing awareness about the early diagnostic benefits of molecular tests.
Some prominent market players include Abbott Molecular, Biocartis Group NV, Becton, Dickinson and Company, Bio-Rad Laboratories, Cepheid, Danaher Corporation, and Johnson & Johnson. These companies are undertaking various organic and inorganic growth strategies to expand their product offerings and to harness maximum share from the molecular diagnostics market.
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Partial chapters of the report’s table of contents (TOC):
Chapter 2. Executive Summary
2.1. Molecular diagnostics industry 360º synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Technology trends
2.1.4. Regional trends
Chapter 3. Molecular Diagnostics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Technological advances and increasing awareness towards early disease diagnosis in North America
220.127.116.11. Escalating demand for POC diagnostics in Asia Pacific
18.104.22.168. Increasing geriatric population
22.214.171.124. Increasing number of R&D initiatives in developing economies
126.96.36.199. Rising incidences of infectious diseases
3.3.2. Industry pitfalls & challenges
188.8.131.52. Lack of clear and uniform regulatory framework
184.108.40.206. Increasing cost of disease diagnostics
3.4. Growth potential analysis
3.4.1. By application
3.4.2. By technology
3.5. Technology landscape
3.6. Pricing analysis
3.7. Porter’s analysis
3.8. Competitive landscape, 2019
3.8.1. Company market share analysis, 2019
3.9. PESTEL analysis
Browse complete report table of contents at https://www.gminsights.com/toc/detail/molecular-diagnostics-market-report
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