The global Molecular Diagnostics Market size is expected to reach USD 18.2 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.0% over the forecast period. Increasing prevalence of infectious diseases such as influenza and human papillomavirus is projected to be the key factor the growth of the market.
In the underdeveloped regions of Africa, increasing instances of infections such as tuberculosis and HIV have been witnessed in the last few years. This is projected to drive the demand for accurate and early diagnostic techniques to curb the spread of these infections.
Rapid technological advancements-leading to accurate results, portability, and cost-effectiveness-are expected to be a high impact rendering driver for this market. Companies are upgrading their products by implementing new techniques to gain specific and accurate results. Companies such as Sigma Aldrich Corporation and Qiagen are developing a new range of molecular diagnostic techniques, such as Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the diagnosis of tumors.
Key players in the market are adopting various marketing strategies such as collaborations with technologically advanced companies and diagnostic centers. Furthermore, players are focusing on expanding their geographic presence in order to increase their market share.
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Further key findings from the report suggest:
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Grand View Research has segmented the global molecular diagnostics market on the basis of product, test location, technology, application, and region:
Molecular Diagnostics Product Outlook (Revenue, USD Million, 2016 – 2027)
Molecular Diagnostics Test Location Outlook (Revenue, USD Million, 2016 – 2027)
Molecular Diagnostics Technology Outlook (Revenue, USD Million, 2016 – 2027)
Molecular Diagnostics Application Outlook (Revenue, USD Million, 2016 – 2027)
Molecular Diagnostics Regional Outlook (Revenue, USD Million, 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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