Global Molecular Diagnostics Genetic Testing Market 2024 [Latest Trends]: Analysis Future Opportunity and Demand Forecast Year 2030

The Latest Research Report on Global Molecular Diagnostics Genetic Testing Market 2024 outlines the key factors influencing the growth of this area in terms of the competitive and geographic environment. In addition, the research discusses the obstacles to market growth and provides information on unexplored prospects that will promote company progress in the 2024-2030 forecast period.

Major Major Players are:

Abbot Laboratories, Danaher Corporation, Bio-Rad Laboratories Inc., Myriad Genetics, AmGen Inc, Eurofins Genoma, Color Genomics, AncestryDNA, F. Hoffman La-Roche Ltd., Seimens AG

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Global Molecular Diagnostics Genetic Testing Market Overview:

Market Size and Overview:

The Global Molecular Diagnostics Genetic Testing Market was valued at USD 1.33 billion and is projected to reach a market size of USD 2.69 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 10.6%.

The importance of molecular diagnostics holds a crucial role in assessing the prognosis of diseases, monitoring the effectiveness of therapy, and detecting even minimal residual disease. Over the past decade, this field has witnessed substantial growth, propelled by advancements in chemistry and instrumentation, including automation, integration, high throughput capabilities, and flexible instrument utilization.

The global market for molecular diagnostics genetic testing is primarily driven by factors such as the increasing prevalence of chronic and genetic diseases, the emergence of advanced testing kits due to technological advancements, and heightened consumer awareness about sophisticated molecular diagnostic tests. The expanding elderly population is expected to contribute significantly to market growth, and governments worldwide are actively promoting awareness about the benefits of genetic testing. The presence of prominent market players, coupled with substantial investments in research and development, has led to innovations in product design, improved distribution methods, and enhanced product quality. The growing popularity of affordable and accessible direct-to-consumer genetic testing kits is anticipated to further stimulate the adoption of molecular diagnostics and genetic testing on a global scale, boosting the overall growth of the genetic testing market.

Key Market Insights:

The importance of pharmacogenomics testing is increasingly crucial in assisting healthcare professionals in selecting appropriate medications and determining optimal dosage for individual patients. Numerous research studies, endorsed by the Association for Molecular Pathology (AMP) Pharmacogenomics (PGx), advocate for the integration of clinical pharmacogenomics assays to establish a standardized approach among laboratories in this field.

Globally, the frequency of infectious diseases, such as HIV, is on the rise. For instance, the UNAIDS update in August 2022 reported around 38.4 million individuals worldwide living with HIV in 2021, with 36.7 million cases in adults and 1.7 million in children. The growing prevalence of infectious diseases, including HIV, is expected to drive the expansion of the market through increased adoption of molecular diagnostics genetic testing for HIV.

The India TB report for 2022 indicates a notable increase in newly reported and relapse TB patients, with 1,933,381 cases documented in 2021 compared to 1,628,161 cases in 2020. This surge in prevalence and an expanding patient cohort are projected to drive higher demand for molecular diagnostics genetic testing, contributing to market growth.

According to the American Cancer Society, nearly 1.8 million new cancer cases were diagnosed in 2020, resulting in approximately 606,520 cancer-related fatalities in the United States. Globally, cancer stands as the second leading cause of death, with many cancer types having a hereditary component passed down due to genetic factors.

Global Molecular Diagnostic Genetic Testing Market Drivers:

The growth of the Global Molecular Diagnostic Genetic Testing Market is being driven by the increasing incidence of autoimmune diseases worldwide.

The rise in autoimmune diseases necessitates the demand for molecular diagnostics and genetic testing services, with applications in various domains such as oncology, obstetrics, and ancestry analysis. These services serve as valuable tools for clinicians and individuals to identify genetic factors responsible for the onset of medical conditions, aligning with broader factors like population growth and the prevalence of communicable and non-communicable diseases. Collectively, these factors contribute to the expansion of the genetic testing services market.

The market is witnessing growth due to the increasing demand for Molecular Diagnostic Genetic Testing kits in the point-of-care setting.

Molecular diagnostic platforms have gained significant traction in Point-of-Care (PoC) environments, with companies actively creating platforms and assays tailored for PoC or near-patient testing. Ongoing innovation in new assays designed for swift PoC results, such as Abbott's ID NOW COVID-19 test introduced in 2020, is positively impacting market expansion in this sector.

Technological advancements are contributing to the growth of the Molecular Diagnostic Genetic Testing Market.

The genetic testing field has experienced notable technological progress, including next-generation sequencing and chromosomal microarray analysis. These advancements have revolutionized the identification of structural and numerical abnormalities in chromosomes, enabling the detection of rare genomic and genetic disorders. Technologies like cell-free fetal DNA (cffDNA) analysis and carrier screening techniques have been developed, enhancing the capabilities and scope of genetic testing in non-invasive prenatal diagnostics.

Global Molecular Diagnostic Genetic Testing Market Restraints and Challenges:

In less economically developed nations, the expansion of the genetic testing market may encounter obstacles due to financial considerations. The cost of genetic testing varies widely, ranging from below USD 100 to exceeding USD 2,000, contingent upon the complexity and type of test conducted. Expenses escalate when multiple tests are required or when samples from various family members are necessary to generate a comprehensive test outcome. Additionally, the turnaround time for result delivery may extend to several weeks. In certain scenarios, health insurance plans may cover the cost of genetic testing, especially when recommended by medical professionals. However, there exists significant variability among health insurance providers in their policies and the extent of coverage.

Global Molecular Diagnostic Genetic Testing Market Opportunities:

Healthcare systems in developing nations such as Brazil, India, and China have experienced substantial increases in investments directed towards healthcare and infrastructure enhancements. Furthermore, emerging economies face the imperative of achieving cost efficiency and scalability to meet the growing demands of their expanding patient population. The demand for genetic testing has surged in scientific circles globally, fueled by an increasing awareness of genetic disorders in developing economies. The accessibility and practicality of genetic testing methodologies have progressively strengthened research and development efforts in regions like Asia and other developing parts of the world. Simultaneously, diverse genome-oriented initiatives, such as China Genome, in these regions have served as catalysts for market growth. The Asia-Pacific region, with its substantial population, decreasing costs of genetic testing techniques, and heightened awareness regarding genetic disorders, is positioned to offer a range of growth opportunities for market participants throughout the forecast period.

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Market Segmentation are:

Segmented By Technology (Massively Parallel Sequencing, Polymer Chain Reaction, Array, Fluorescent In-situ Hybridization, Isothermal Nucleic Amplification Techniques, Others), By Type (Prenatal & Newborn Testing, Health & Wellness Predisposition, Carrier Testing, Pharmacogenomic Testing, Others), By End User (Diagnostic Laboratories, Hospitals & Clinics, Others)

Global Molecular Diagnostics Genetic Testing insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, Global Molecular Diagnostics Genetic Testing market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?

-Comprehensive assessment of all opportunities and risks in the Global Molecular Diagnostics Genetic Testing market.
-The detailed study of business strategies for the growth of the Global Molecular Diagnostics Genetic Testing market-leading players.
-Conclusive study about the growth plot of the Global Molecular Diagnostics Genetic Testing market for forthcoming years.
-In-depth understanding of Global Molecular Diagnostics Genetic Testing market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Global Molecular Diagnostics Genetic Testing market.

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What Global Molecular Diagnostics Genetic Testing Market report offers:

Global Molecular Diagnostics Genetic Testing Market share assessments for the regional and country-level segments
Market share analysis of the top industry players
Global Molecular Diagnostics Genetic Testing Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on Global Molecular Diagnostics Genetic Testing market.

Competitive Rivalry:

The report highlights vital details based on the leading players in the global Industrial Global Molecular Diagnostics Genetic Testing market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:

1- country-level analysis for any 5 countries of your choice.

2- Competitive analysis of any market players.

3- 40 analyst hours to cover any other data points

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