Global Molecular Cytogenetics Market, by Product Type ( Instruments, Consumables, Software, and Services) By Technology (FISH, aCGH), By Application (Genetic Disorders, Cancer, Personalized Medicine, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4,211.4 Million in 2023 and is expected to exhibit a CAGR of 24.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The advent of next-generation sequencing (NGS) is expected to provide lucrative growth opportunities for players. Thus, key market players are focused on adopting growth strategies such as partnerships, which will drive the global molecular cytogenetics market. For example, in October 2019, Illumina, Inc. partnered with QIAGEN N.V. to expand the availability and use of NGS-based in vitro diagnostic kits for patient management, including complementary diagnostics.
Global Molecular Cytogenetics Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global molecular cytogenetics market. For instance, according to an article published in Nature in July 2021, genetic factors influencing susceptibility and severity of COVID-19 provided new biological information about the etiology of the disease and identified molecular targets for therapeutic development or drug repurification. In the current situation, with the removal of restrictions, the market is expected to grow in the coming years due to the increase in the use of cytogenetic testing and the increase in the population of genetic diseases.
Global Molecular Cytogenetics Market: Key Developments
Additionally, workshops and seminars related to cancer cytogenetics across the world to promote anti-cancer treatment are expected to boost market growth during the forecast period. European Cytogeneticists Association is planning to organize the '10th International Workshop on Cancer Genetic & Cytogenetic Diagnostics' in March 2023 focusing on all aspects concerning cancer cytogenetics in a diagnostic setting.
Browse 35 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “Global Molecular Cytogenetics Market”- Forecast to 2030, Global Molecular Cytogenetics Market, by Product and Services (Software, (On-Premises, Web-Based) and Services, (Support & Maintenance, Training & Consulting)), by Infection Type (Surgical Site Infections, Blood Stream Infections, Urinary Tract Infections) by End User (Hospitals, Clinics, Ambulatory Surgical Center, Other (Specialty Center, etc.), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/molecular-cytogenetics-market-2491
Key Takeaways of the Global Molecular Cytogenetics Market:
- The global molecular cytogenetics market is expected to exhibit a CAGR of 5% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global molecular cytogenetics market. The spread of FISH and array-based technologies has been driven by high public awareness in developed economies such as the U.S. and Europe. However, in developing economies in Asia and Latin America, utilization rates are low due to low patient awareness. Economic development in these areas, along with increased patient disposable income and increased awareness, is shifting the attention of physicians to molecular testing.
- Among application, the genetic disorders segment is expected to grow in the global molecular cytogenetics market over the forecast period. For instance, according to an article published in PubMed in July 2022, the researchers strongly emphasized the importance of a cytogenetic study, and karyotype-phenotype correlations in patients with Turner syndrome, to obtain information about X-linked genotype-phenotype correlations. Therefore, with the increasingly widespread adoption of molecular cytogenetics in detecting phenotypes in various genetic diseases, the demand for molecular cytogenetics is expected to grow significantly in the forecast years.
- Among region, North America is expected to be the dominant region in the global molecular cytogenetics market, owing to the increasing launch of products. For instance, in March 2019, Bionano Genomics, Inc. launched multiple new products and advancements for its Saphyr workflow that massively improve throughput, significantly speed up sample prep, and allow for the detection of low-allele frequency structural variants at the 2019 Advances in Genome Biology and Technology (AGBT) meeting.
Major players operating in the global molecular cytogenetics market include Abbott Laboratories, Affymetrix, Inc., Agilent Technologies, Inc., Applied Spectral Imaging, Inc., BI Biological Industries, Bio-Rad Laboratories, Thermo Fisher Scientific Inc., CytoTest Inc., Cytognomix, Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Bionano Genomics, Inc., Precipio, Inc., and Leica Biosystems
