Future Outlook of the Molecular Diagnostics Devices And Equipment Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Molecular Diagnostics Devices And Equipment Market Based on Industry Projections?
In the past few years, the molecular diagnostics devices and equipment market has seen a significant expansion. The market, valued at $17.58 billion in 2024, is projected to reach $19.01 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%. Several factors have contributed to this impressive growth during the historic period, such as enhanced funding, spending increments in healthcare, economic advancements in emerging markets, quick technological progress, the appearance of new pathogenic infestations, and swift increment in the older population.
The market size of molecular diagnostics devices and equipment is anticipated to experience significant expansion in the upcoming years, projected to reach $24.77 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. This projected growth during the forecast period can be credited to the sharp increase in bacterial and viral outbreaks, an aging global population, escalation in healthcare outreach, growing incidence of chronic ailments and the escalated requirement for molecular diagnostic devices and equipment triggered by COVID-19. Key trends set to occur during the forecast period involve heightened automation in molecular diagnostics, the deployment of artificial intelligence, amplified demand for molecular diagnostic devices in the study of rare diseases, an increase in big data use, the implementation of next-generation sequencing for newborn screening, and significant uptake of point-of-care molecular diagnostics (POC mdx).
What Are the Primary Drivers Supporting the Growth of the molecular diagnostics devices and equipment Market?
The growth in the molecular diagnostic devices and equipment market is believed to be spurred by the increasing occurrence of infectious diseases. These diseases, caused by harmful microorganisms such as bacteria, viruses, fungi, or parasites, can transmit amongst individuals or between animals and humans. The escalation in infectious diseases is influenced by factors like antimicrobial resistance, globalization and international travel, urbanization, social-economic disparities, and a growing aging population. Molecular diagnostic devices and equipment play a vital role in recognizing and managing these diseases. For example, the Office for National Statistics, a governmental department in the UK, stated that in the week concluding 17th March 2023, the UK had 619 COVID-19-related deaths, which was an increase from the previous week’s 605 cases. During this week, deaths from COVID-19 accounted for 4.5% of all deaths in the UK, marking a small decline from the 4.6% in the preceding week. Thus, the expanding incidence of infectious diseases acts as a catalyst to the molecular diagnostic devices and equipment market growth.
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What Companies Are At the Forefront of Innovation in the Molecular Diagnostics Devices And Equipment Market?
Major companies operating in the molecular diagnostics devices and equipment market include:
• F. Hoffmann-La Roche Ltd_x000D_
• QIAGEN N.V._x000D_
• Abbott Laboratories_x000D_
• Danaher Corporation_x000D_
• Biomérieux_x000D_
How Are Emerging Trends in Consumer Behavior Affecting the Molecular Diagnostics Devices And Equipment Market?
Leading companies in the molecular diagnostic sector are concentrating on creating automated solutions for machinery and gear involved in molecular diagnostic procedures. This automation can amplify the efficiency and uniformity of the overall diagnostic procedure. Digitalization of the diagnostic method delivers dependable and expedient results that distinctive manual testing cannot. Key industry participants are employing nanotechnology-based Oral Fluid Nano Sensor Test (OFNASET). This exam involves a microfluidic-based nanosensor for identifying oral cancer biomarkers in saliva. In line with the trend towards automation and precision, Roche developed cobas connection modules (CCM) to enhance scalability and optimize the flow of samples. This is achieved by enabling samples to autonomously shift between various systems and devices, thereby forging a completely automated workflow.
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Which Key Segments Define the Structure of the Molecular Diagnostics Devices And Equipment Market and Their Growth Potential?
The molecular diagnostics devices and equipment market covered in this report is segmented –
1) By Product: Instruments, Reagents And Consumables, Software
2) By Technology: DNA(Deoxyribonucleic acid) sequencing, Polymerase chain reaction, Isothermal Nucleic Acid Amplification Technology, Transcription Mediated Amplification (TMA), In situ hybridization, Microarrays, Mass spectrometry, Other Technologies
3) By Application: Cancer, Pharmacogenomics, Genetic testing, Infectious disease, Prenatal, Other Applications
4) By End User: Diagnostic laboratories, Hospitals, Other End Users
Subsegments:
1) By Instruments: Polymerase Chain Reaction (PCR) Machines, Nucleic Acid Analyzers, DNA Sequencers, Microarrays
2) By Reagents And Consumables: PCR Reagents, DNA Probes And Primers, Sample Preparation Kits, Control And Calibration Materials
3) By Software: Data Analysis Software, Laboratory Information Management Systems (LIMS), Bioinformatics Software, Integration Software For Instrumentation
What Regions Are Propelling Growth in the Molecular Diagnostics Devices And Equipment Industry?
Asia-Pacific was the largest region in the global molecular diagnostics devices (or) equipment market in 2024. Western Europe was the second largest market in molecular diagnostics devices (or) equipment market. The regions covered in the molecular diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does the Definition of the Molecular Diagnostics Devices And Equipment Market Include?
Molecular diagnostics devices are used to diagnose infectious diseases and perform screening by detecting specific sequences in DNA or RNA. It helps doctors prescribe more accurate therapeutic interventions in the early stages of a disease.
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