by Molecular cytogenetics refers to the integration of molecular biology and cytogenetics techniques to analyze chromosomes. It helps to detect chromosomal abnormalities at a higher resolution. Molecular cytogenetic tests analyze genetic composition and detect various gene mutations associated with diseases like cancer.
The global molecular cytogenetics market is estimated to be valued at US$ 4,211.4 Mn in 2023 and is expected to exhibit a CAGR of 24.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers propelling growth of the molecular cytogenetics market is rising application of molecular cytogenetics techniques in cancer diagnosis and disease prognosis. Molecular cytogenetics helps in early diagnosis of various cancers by detecting specific translocations or mutations. It supports personalized treatment decisions and monitoring of disease progression or treatment response. With increasing incidence of different cancer types, demand for precise diagnostic techniques like molecular cytogenetics is growing. This is expected to boost market growth over the forecast period.
SWOT Analysis
Strength: Molecular cytogenetics help in diagnosing complex genetic disorders more accurately. It has very high resolution to detect structural and numerical chromosomal abnormalities.
Weakness: Molecular cytogenetics techniques are complex and require highly skilled technicians and pathologists for interpretation of results. High investment is also required for setting up molecular cytogenetics facilities.
Opportunity: Growing incidence of genetic disorders and cancer is driving the demand for molecular cytogenetics. Moreover, development of advanced techniques like microarray and next-generation sequencing will provide new opportunities.
Threats: Reimbursement issues related to molecular testing pose significant threat. Rising diagnostic costs can hamper the market growth to some extent.
Key Takeaways
The global Molecular Cytogenetics Market Demand is expected to witness high growth at a CAGR of 24.5% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 4,211.4 Mn by 2023.
Regional analysis
North America is currently the largest as well as the fastest growing regional market for molecular cytogenetics. Factors such as rising healthcare spending, growing research funding, presence of key players and availability of advanced healthcare facilities are supporting market growth in the region. Asia Pacific market is expected to witness highest CAGR during the forecast period supported by growing outsourcing of clinical trials to countries like India and China.
Key players
Key players operating in the 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. These players are focusing on new product launches and adoption of advanced technologies to strengthen their position in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
