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Molecular Diagnostics Market - A Global and Regional Analysis

Focus on Product, Testing Location, Application, Technology, and End User - Analysis and Forecast, 2021-2031

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The global molecular diagnostics market is predicted to grow from $10,914.6 million in 2020 to $24,228.0 million in 2031 and is expected to grow with a CAGR of 7.38% during the forecast period 2021-2031.
The top market players are Abbott, Agilent Technologies, Inc., Becton, Dickinson and Company (BD), bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher, F. Hoffmann-La Roche Ltd, Guardant Health, HTG Molecular Diagnostics, Inc., Illumina, Inc., Invivoscribe, Inc., ICON plc, LungLife AI, Inc., QIAGEN, QuantuMDx Group Ltd., Siemens Healthcare GmbH, Thermo Fisher Scientific Inc.
Factors driving the growth of the global molecular diagnostics are a highly increasing prevalence of infectious diseases and various types of cancer, an increase in awareness and acceptance of personalized medicines on a global level, and significant external funding for executing research and development exercises.
Some of the main challenges restricting the growth of the global molecular diagnostics are uncertain reimbursement scenario, lack of high-complexity testing centers, and complex regulatory frameworks delaying the approval of new molecular diagnostic tests.
The potential opportunities that are likely to boost the growth of the global molecular diagnostics are massive scope for adoption of molecular diagnostics in emerging nations, rise of next-generation ultrasensitive molecular diagnostics, and novel revenue streams.
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