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Stratview Research on the Molecular Diagnostics Market provides a thorough analysis of the market that can help users to understand the competitive dynamics and different factors driving or restraining industry growth.

Market Insights

The molecular diagnostics market was estimated at USD 24.68 billion in 2022 and is likely to grow at a CAGR of 4.59% during 2023-2028 to reach USD 32.33 billion in 2028.

Market Dynamics

The molecular diagnostics market has experienced significant growth in recent years. Several dynamics have contributed to this growth, a few are mentioned below–

Growing incidence of infectious diseases is one of the primary growth factors over the forecast period. With the growing incidence of STIs such as HIV, HPV, etc. the need for accurate and affordable diagnosis also grows substantially. There are over 38 million (33.9–43.8 million) people living with HIV by the end of 2021, according to WHO. The health organization states that the Global Fund and Joint United Nations Programme on HIV/AIDS – UNAIDS targets to end the HIV epidemic by 2030, and to achieve this, 95% of all HIV-affected people should have a diagnosis.

Rising government initiatives, funding activities, etc. are supporting and promoting development in this sector, providing growth opportunities. For instance – The National Institutes of Health (NIH) has the Molecular and Cellular Biology (MCB) program, the National Institute of Allergy and Infectious Diseases (NIAID) Intramural Research Program, the Molecular and Cellular Oncology (MCO) program, and more. Apart from NIH, The Food and Drug Administration (FDA), The Centers for Disease Control and Prevention (CDC), The Department of Defense (DoD), etc. also have a number of programs that support the development and use of molecular diagnostics for military, public health, and many other purposes.

Rising geriatric population globally is increasing the risk of getting a number of diseases including cardiovascular disease, neurological disorders, diabetes, etc. The global geriatric population (people aged 65 years or older) worldwide is expected to double over the next three decades. According to World Social Report 2023 published by the United Nations (un.org), the count of elderly people will reach 1.6 billion by 2050.

Increasing incidence of cancer calls for early diagnosis. According to the American Cancer Society (ACS), in 2023, ~1,958,310 new cancer cases are predicted in the United States. By 2040, the global cancer cases count is expected to rise to 27.5 million new cases. Since molecular diagnostics is vital in early detection, prognostics, and other clinical trials, the global market for molecular diagnostics will grow with the growing incidence of cancer.

Key players

Some of the key companies that are profiled in this report are:

Agilent Technologies, Inc.

BioMerieux SA

Danaher Corporation

F. Hoffmann-La Roche Ltd.

Illumina, Inc.

Novartis AG

QIAGEN N.V.

Siemens Healthineers AG

TBG Diagnostics Limited

Thermo Fisher Scientific Inc.

Research Methodology

The study incorporates a wide range of analytical resources along with primary and secondary research methodologies.

Frequently Asked Questions (FAQs)

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About Stratview Research

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