Molecular Diagnostics Market – Growth, Trends, Opportunity and Regional Forecast upto 2031 bisresearch.com
Diagnostic tests provide critical insights at every stage of medical care – right from the genetic tests providing information about personalized cancer treatment to the microbial culture identifying accurate antibiotics against an infection. The importance of diagnostic tests throughout the entire procedure (i.e., prevention, detection, diagnosis, treatment, and successful management of health conditions) of treating an individual for a particular disease is as consequential as the treatment itself. It has been subjected to extensive research for further refinement of the same.
Our healthcare experts have found the Molecular Diagnostics Market to be one of the stable markets, and the global 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.
Factors fueling the growth of the market include 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. Despite rapid advanced industry growth, several key issues need to be addressed to facilitate future growth. Uncertain reimbursement scenarios, lack of high-complexity testing centers, and complex regulatory frameworks delaying the approval of new molecular diagnostic tests are hampering the market growth. Further, some of the opportunities, such as massive scope for the adoption of molecular diagnostics in emerging nations and the rise of next-generation ultrasensitive molecular diagnostics and novel revenue streams, provide growth to the market.
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