As per the molecular diagnostics global market report, the molecular-based diagnostics market was valued for approximately US$ 9 million for the year 2019 which is highly expected to grow at the compounded annual growth rate of 9% in the years to come. The advancements in the molecular-based diagnostics have provided a lot of support to the detection of various diseases and this is particularly very much effective because of the nature of diagnosis and treatment.
The main reason behind the growth of this is highly expected to be the technological-based advancements that will provide a high level of accuracy side-by-side. As per the data provided by WHO, the prevailing rate on average basis of all the hospital-acquired based infections was 4.5% in the US and 7.1% in Europe. The concept of molecular-based diagnostics is known to play a very important role in the whole testing process because of the effective results which it can provide.
Hence, there is a huge preference of the hospital acquired based infections and these diseases are estimated that they can increase the demand for molecular based diagnostics in the coming years. Growing support in terms of funding provided by governments and various organizations through their research and development departments has also led to a positive impact over the concept.
- The insights about products: There has been a huge usage of free agents in the molecular diagnostic based testing process which has increased the demand for all the diagnostic based tests. Various advantages like standardized results and improvements in efficiency can be seen here.
- The insights about test locations: The central base laboratories are known to dominate the market because of the higher procedure based on volume and the presence in the terms of infrastructure as well as manpower.
- The insights about technology: PCR is considered to be the most widely accepted technology among all others in the world of diagnostic based tests. The increase in the adaptation of this concept has led to providing a great impact over the whole segment
- The insights about the application: The molecular based diagnostic tests are very well designed with the motive to deal with infectious diseases and this is becoming highly popular especially in oncology. The introduction of advanced molecular based diagnostic technologies has also provided with cost-effective solutions for oncology segment.
- The insights about regions: North America has been considered the highest revenue-generation based region in terms of molecular based diagnostics in the year 2019. North America has dominated the market presence with the help of best quality infrastructure, huge awareness among patients and great advancements in technology. There have been massive improvements in Asia Pacific regions like India as well as China that can improve the health infrastructure in the years to come.
Molecular diagnostics market is also projected to see the fastest growth in the years to come because of the regions of Asia Pacific. The key players have adopted several strategies including the lmstull, mergers as well as acquisitions so that market share can be increased. The whole report is based upon the revenue forecasts, trends and the factors which can stimulate the growth. Market size is expected to reach US$18.2 billion by the year 2027 with a CAGR of 9% approximately.