The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Explosive Growth Trajectory

• Rapid expansion from $31.26 billion in 2023 to $34.73 billion in 2024.
• CAGR of 11.1% credited to various factors such as funding surge and technological advancements.

Future Projections

• Projected to surge to $48.38 billion by 2028 at a CAGR of 8.6%.
• Driven by escalating bacterial and viral epidemics, aging population, and COVID-19 demand.

Trends Shaping the Market

• Automation in molecular diagnostics.
• Integration of artificial intelligence.
• Growing demand for rare disease diagnosis.
• Adoption of big data and next-generation sequencing.
• Emergence of point-of-care molecular diagnostics (POC mdx).

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Driving Forces For Growth

1. Rise in Disease Epidemics

• Increase in bacterial and viral epidemics necessitates advanced diagnostic methods.
• Government funding supports key players to develop sophisticated diagnostic devices.
• Example: Melioidosis declared as a multistate epidemic, prompting the development of specialized diagnostic tests.

2. Advancements In Automation And Nanotechnology

• Focus on developing automated solutions to enhance productivity and consistency.
• Nanotechnology-based tests for oral cancer biomarker detection.
• Example: Roche’s cobas connection modules (CCM) improve workflow efficiency.

3. Biofire Diagnostics’ Breakthrough

• FDA authorization for BioFire Respiratory Panel 2.1 for simultaneous detection of respiratory viruses and bacteria.
• Highlights the industry’s commitment to innovation and addressing healthcare needs.

Market Segmentation

1. By Product

• Instruments
• Reagents and Consumables
• Software

2. By Technology

• DNA 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

Regional Dominance

• Asia-Pacific leads the global market in 2023.
• Reflects the region’s growing healthcare infrastructure and investment in diagnostics.

Conclusion: A Promising Path Ahead

• The molecular diagnostics devices and equipment market exhibits robust growth prospects driven by technological innovations, increasing healthcare access, and the urgent need for accurate disease diagnosis. With automation, nanotechnology, and breakthrough products like the BioFire Respiratory Panel 2.1, the industry is poised to make significant strides in improving global healthcare outcomes.

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