![]() ![]() Report Scope of the Molecular Diagnostics Market Also, an increase for self-testing diagnostic and the awareness among the patient about these faster diagnostics is creating a great growth. These molecular tests or associated with high prices.įactors like the technological advancements, rising elderly population and the increase in demand for genetic testing is creating great opportunities for the growth of this market. There is an acute and effective result generation in the molecular diagnostic tests and it has indispensable application in many disease diagnostics. Infections are anticipated to drive the molecular diagnostics market growth during the forecast period till the year 2032. There is an increase in the initiatives taken by the major market players in order to improve the access to various cost-effective resources that they offer. Increase in various other diseases like HIV, HPV and STI shall help in expanding the market. An increase in the incidence of infectious diseases is expected to propel the market growth. Diseases like cancer, cardiovascular diseases, neurological disorders, diabetes and obesity which could be linked to the rising geriatric population is driving the growth of the market. The increase in the geriatric population globally and an increase in the attracting numerous diseases has led to a growth in the market. There was a 59% rise in the revenue of Thermo Fisher Scientific due to increase in the Revenue of the diagnostics division. Companies that were operating in the infectious diseases segment saw a spike in their revenue during the pandemic. In order to develop novel and rapid diagnostic gifts for detection of coronavirus this market had grown drastically. The diagnostics industry boomed during the outbreak of COVID-19. Europe market has accounted highest revenue share of over 29.6% in 2022.Īs there is a decline in the demand for molecular COVID-19 testing the market is expected to shrink.By region, North America market growth is registering at a CAGR of 9.3% during the forecast period.By end user, the hospitals segment accounted for 62% market share in 2022.By application, the infectious disease segment has reached 47% market share in 2022. ![]() By product type, the reagent segment held a 61% market share in 2022.
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