A paradigm shift toward more accurate forms of diagnostics has been observed in the healthcare sector as a result of developments in the era of precision medicine. The precision medicine model refers to the personalization of medical care in light of each patient's unique characteristics. Precision medicine is a patient-centered approach to therapy that has made it possible to eliminate ambiguity in the drug trial-and-error process, thus cutting back on wasteful healthcare spending. With the incorporation of cutting-edge technologies and numerous applications, including companion diagnostics, liquid biopsy, and non-invasive prenatal testing, molecular diagnostics, a crucial component of the precision medicine model, has significantly contributed to the revolutionizing of the precision medicine sector.
The definition of molecular diagnostics is a diagnostic procedure that finds differences in genes, ribonucleic acids (RNAs), and proteins to determine whether a person is predisposed to a particular disease or has been identified as having that condition. It can also determine how likely it is that a certain treatment will be successful in treating the disease. The development of treatment that has changed the healthcare industry has been made possible by the market for molecular diagnostics.
According to the latest market intelligence report by BIS Research titled Molecular Diagnostics Market - A Global and Regional Analysis 2021-2031. The molecular diagnostics market is categorized into various segments such as product, application, technology, region, and end user. These segments are further divided into several sub-segments for a more in-depth analysis of the market. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World; and the molecular diagnostics market by product is segmented into kits and consumables, systems, software, and others.
The prevalence of chronic and infectious diseases, as well as cancers, is on the rise, and this market is expected to grow as a result. Other important factors driving this market growth include the high growth rate of the biomarker identification market, significant funding for research and development, and technological developments that have made molecular diagnostics more accurate. However, a number of issues, such as a dearth of testing facilities, an unclear reimbursement environment, and a holdup in the clearance of new molecular tests, are limiting the market's expansion.
The report, published by BIS Research, discusses about varied applications of the molecular diagnostics market. These include companion diagnostics, liquid biopsy, non-invasive prenatal testing, oncology, and genetic screening, among others. Besides hospitals, diagnostic centres, out-patient clinics, general practitioners, and research laboratories are also prominent end users of the molecular diagnostics market. Key manufacturers contributing significantly to the growth of diagnostics market are Abbott Laboratories, Bio-Rad Laboratories, Agilent Technologies, Inc., Dickinson and Company and Becton.
The emergence of molecular diagnostics as an integral part of the healthcare business is influencing technological breakthroughs as well as the creation of cost-effective diagnostic instruments and novel treatment techniques.
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