PUBLISHER: Allied Market Research | PRODUCT CODE: 1472399
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472399
The core clinical molecular diagnostics market was valued at $4.8 billion in 2022 and is estimated to reach $11.9 billion by 2032, exhibiting a CAGR of 9.50% from 2023 to 2032. Core clinical molecular diagnostics refer to essential techniques and procedures conducted in medical laboratories. They focus on analyzing genetic material (DNA, RNA) and proteins at the molecular level to diagnose diseases and guide treatment decisions. These diagnostics encompass various methodologies such as Polymerase Chain Reaction (PCR), DNA sequencing, Next-Generation Sequencing (NGS), Fluorescence In Situ Hybridization (FISH), and immunohistochemistry (IHC). Core clinical molecular diagnostics play a crucial role in personalized medicine by identifying genetic variations, infectious agents, and biomarkers associated with diseases, enabling tailored patient care and improving clinical outcomes.
The increasing prevalence of diseases and the aging population are major driving forces behind the growing demand for core clinical molecular diagnostics. As populations age, the incidence of chronic and age-related diseases such as cancer, cardiovascular diseases, and neurodegenerative disorders rises significantly. Additionally, the aging demographic is more susceptible to infectious diseases due to weakened immune systems. According to data obtained from the U.S. Census Bureau, in 2021, elderly population in the U.S. accounted for 16.5% of the total population, which is 54 million. Moreover, this number is anticipated to increase to 85.7 million by 2050. In addition, according to the National Cancer Institute, the median age for diagnosis is 61 years for breast cancer, 68 years for colorectal cancer, 70 years for lung cancer, and 66 years for prostate cancer.
Thus, clinical molecular diagnostics play a critical role in accurately diagnosing these conditions by identifying genetic variations, infectious agents, and biomarkers associated with specific diseases. Their ability to provide precise and timely diagnostic information enables healthcare providers to implement personalized treatment strategies, improving patient outcomes and contributing to more effective disease management in an aging population. As such, the demand for core clinical molecular diagnostics is expected to continue increasing to meet the healthcare needs of aging populations worldwide.
In addition, the rising expenditure in healthcare is indeed a significant driver propelling the growth of the core clinical molecular diagnostics market. As healthcare spending increases globally, there's a greater emphasis on improving diagnostic capabilities to enhance patient care and outcomes. The ability of clinical core molecular diagnostics offers precise and personalized diagnostic information, which aligns well with the growing trend towards precision medicine. With more resources being allocated to healthcare, there's an increased ability and willingness to invest in advanced diagnostic technologies such as PCR, DNA sequencing, and NGS, driving market growth. Additionally, as healthcare systems strive to optimize resource utilization and improve cost-effectiveness, the efficiency and accuracy offered by core clinical molecular diagnostics become increasingly attractive, further fueling market expansion.
The core clinical molecular diagnostics market is segmented on the basis of product type, technique, application, and region. On the basis of product type, the market is segmented into Instruments, reagents and software & services. On the basis of technique, the market is segmented into PCR, nucleic acid sequencing, fluorescence in situ hybridization (FISH), and others. On the basis of application, the market is segmented into infectious diseases, genetic disorders, cancer screening, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LA (Brazil, Colombia, Argentina, and rest of LA) and MEA (GCC, South Africa, North Africa and rest of MEA).
The major key players that operate in the core clinical molecular diagnostics market are F. Hoffmann-La Roche Ltd., Novartis, Abbott Laboratories, Becton, Dickinson and Company, Siemens Healthineers, Agilent Technologies, Hologic, Inc. Bio-Rad Laboratories, Inc., Qiagen and bioMerieux. The key players have adopted product launch, product development and product approval as the key strategy to expand their product portfolio.
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