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Core Clinical Molecular Diagnostics Market Expected to Reach $11.9 Billion by 2032

 
2022
Core Clinical Molecular Diagnostics Market

Report Code : A323203

quote Core clinical molecular diagnostic market growth include increasing demand for precision medicine, rising prevalence of chronic diseases, and advancements in molecular diagnostics technology. quote

Roshan Deshmukh - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Core Clinical Molecular Diagnostics Market," The core clinical molecular diagnostics market was valued at $4.8 billion in 2022, and is estimated to reach $11.9 billion by 2032, growing at a CAGR of 9.5% from 2023 to 2032.

Core clinical molecular diagnostics industry refers to the essential techniques and procedures used in medical laboratories to analyze DNA, RNA, and proteins for the purpose of diagnosing genetic disorders, infectious diseases, and other conditions at the molecular level. These core clinical molecular diagnostics market analysis play a crucial role in personalized medicine, as they allow healthcare professionals to tailor treatments to the specific genetic makeup of individual patients. 

The growing advancements in technology are propelling growth within the core clinical molecular diagnostics market. Innovations such as Next-Generation Sequencing (NGS), digital PCR, and microarray technologies enhance the accuracy, sensitivity, and speed of molecular diagnostic tests. These advancements enable healthcare providers to detect genetic variations, infectious agents, and biomarkers associated with diseases more efficiently. Moreover, technological progress facilitates the development of novel diagnostic assays and platforms, expanding the range of available tests and improving patient care outcomes. As technology continues to evolve, it drives the growth of core clinical molecular diagnostics market trends by meeting the increasing demand for precise and reliable molecular diagnostic solutions. 

On the basis of product type, the market is segmented into instruments, reagents, and software & services. The reagents segment accounted for the largest core clinical molecular diagnostics market share in terms of revenue in 2022 and is expected to maintain its lead during the forecast period. This is attributed to its indispensable role in molecular diagnostics. Reagents are essential components in PCR, sequencing, and other techniques, thus driving demand. Furthermore, rise in innovation and adoption of advanced reagents in effective diagnostic workflows drives the segment growth. However, the instruments segment is expected to exhibit the fastest CAGR during the core clinical molecular diagnostics market forecast period. This is primarily attributed to technological advancements and increase in demand for automated and high-throughput diagnostic platforms. 

On the basis of technique, the market is segmented into PCR, nucleic acid sequencing, fluorescence in situ hybridization (FISH), and others. The PCR segment accounted for the largest core clinical molecular diagnostics market share in terms of revenue in 2022 and is expected to maintain its lead during the forecast period. This is attributed to several factors. PCR techniques are widely utilized for their versatility, sensitivity, and specificity in detecting genetic variations, infectious agents, and mutations associated with various diseases. Additionally, ongoing advancements in PCR technology, such as real-time PCR and digital PCR, further contribute to its sustained leadership in the molecular diagnostic market. However, the nucleic acid sequencing segment is expected to exhibit the fastest CAGR during the forecast period. This is primarily attributed to advancements in next-generation sequencing (NGS) technologies, driving down costs and enabling high-throughput analysis of entire genomes. NGS facilitates comprehensive genetic profiling, enhancing its utility in disease diagnosis, personalized medicine, and research applications.  

On the basis of application, the market is segmented into infectious diseases, genetic disorders, cancer screening, and others. The infectious disease segment accounted for the largest core clinical molecular diagnostics market size in terms of revenue in 2022 and is expected to maintain its lead during the forecast period. This is attributed to an increase in global prevalence of infectious diseases, driving the demand for diagnostic tests. Additionally, ongoing outbreaks and the need for rapid and accurate diagnostics further bolster the market growth in this segment. 

However, the cancer screening segment is expected to exhibit the fastest CAGR during the forecast period. This is driven by several factors, including the rising cancer incidence rates globally that increases the demand for early detection methods. Secondly, advancements in screening technologies enhance accuracy and efficiency, encouraging adoption. Additionally, growing awareness campaigns and government initiatives for cancer prevention and screening contribute to this segment growth. 

On the basis of region, North America has the largest share in terms of revenue in 2022 and is expected to maintain its lead during the forecast period. This is primarily attributed to presence of well-established healthcare infrastructure, robust research and development activities, high adoption rates of advanced diagnostic technologies, favorable reimbursement policies, and a growth in focus on personalized medicine. Additionally, increasing incidences of chronic diseases and infectious outbreaks further drive the demand for diagnostic tests in the region, ensuring sustained market growth. 

However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period. This is attributed to increasing prevalence of chronic and infectious diseases, rising healthcare expenditure, expanding access to healthcare services, growing awareness about early disease detection, and ongoing advancements in diagnostic technologies is driving the core clinical molecular diagnostics industry growth

Key Findings of the Study  

  • On the basis of product type, the reagent segment dominated the core clinical molecular diagnostics market size in terms of revenue in 2022. However, the instruments segment is anticipated to grow at the fastest CAGR during the forecast period.  
  • On the basis of technique, the PCR segment dominated the market in terms of revenue in 2022. However, the nucleic acid sequencing segment is anticipated to grow at the fastest CAGR during the forecast period. 
  • On the basis of application, the infectious disease segment dominated the market in terms of revenue in 2022. However, the cancer screening segment is anticipated to grow at the fastest CAGR during the forecast period. 
  • Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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quote Core Clinical Molecular Diagnostics Market by Product type (Instruments, Reagents, Software and Services), by Technique (PCR, Nucleic Acid Sequencing, Fluorescence In Situ Hybridization (FISH), Others), by Application (Infectious Disease, Genetic disorder, Cancer Screening, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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