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(Health-NewsWire.Net, February 13, 2021 ) Major Growth Boosting Factors: The high incidence and large economic burden of genetic disorders and cancer and rise in healthcare expenditure has resulted in the increasing use of molecular cytogenetic products in clinical and research laboratories, academic research institutes, and pharmaceutical and biotechnology companies
Revenue Growth Opportunities: The Molecular Cytogenetics Market is projected to reach USD 2.52 Billion, at a CAGR of 10.1%
Recent Developments:
# In January 2014, Roche acquired Genia Technologies, Inc. (U.S.). This acquisition strengthened Roche's Next Generation Sequencing pipeline.
# In February 2015, Roche acquired Signature Diagnostics AG (Germany).
# In January 2016, Thermo Fisher Scientific, Inc. acquired Affymetrix (U.S.). This acquisition strengthened Thermo Fisher Scientific's leadership into bioscience business and create new market opportunities in genetic analysis.
# In July 2016, Thermo Fisher Scientific and HEALTH BioMed (China) collaborated to support HBM’s development of molecular diagnostic kits for infectious diseases and pharmacogenomics screening which will serve the Chinese market.
High Cost of Advanced Instruments Will Restrain the Growth of molecular cytogenetics market;
The implementation of molecular cytogenetics in clinical & research laboratories requires high capital investments. The instruments needed for cytogenetics research and procedures are expensive since they are equipped with advanced features and functionalities. Owing to their high costs, companies and research institutes with smaller R&D budgets cannot afford to purchase or produce such expensive instruments.
On the other hand, pharmaceutical companies will require many such systems to maintain efficiency, and hence their capital cost increases significantly. Furthermore, academic research laboratories find it difficult to invest in such systems as they have controlled budgets. In developing countries owing to budget constraints, small- and medium-sized hospitals and clinical pathology laboratories cannot afford high priced, fully automated, technologically advanced instruments.
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On the basis of product,
Segmented into kits and reagents, instruments, consumables, and software and services. The kits and reagents segment is expected to account for the largest share of the global market in 2016; the increasing incidence of genetic disorders and cancer is a key market driver in this segment.
On the basis of technique,
Segmented into comparative genomic hybridization (CGH), fluorescence in situ hybridization (FISH), in situ hybridization (ISH), and other techniques. CGH forms the largest and fastest-growing technology segment of this market, as the increasing laboratory automation will increase areas of application of CGH in molecular cytogenetics market.
Based on application,
Segmented into genetic disorders, cancer, personalized medicine, and other applications. The genetic disorders segment accounts for the largest share of the global market in 2016; and on the basis of end users, the market is segmented into clinical and research laboratories, academic research institutes, pharmaceutical and biotechnology companies, and others. The clinical and research laboratories segment is expected to account for the largest share of the global market.
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Geographical Scenario: the global molecular cytogenetics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as increase in the aging population and increasing prevalence of cancer and genetic disorders in the region.
Global Leaders: Key players in the molecular cytogenetics market include F. Hoffmann-La Roche Ltd. (Switzerland) Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Abbott Laboratories (U.S.), Agilent Technologies (U.S.), PerkinElmer, Inc. (U.S.), Illumina, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Oxford Gene Technology (U.K.), and Applied Spectral Imaging (U.S.).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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