The Molecular Cytogenetics Market is projected to reach $ 2.52 billion, at a CAGR of 10.1%
The high incidence and large economic burden of genetic disorders and cancer and rise in healthcare expenditure have resulted in the increasing use of molecular cytogenetic products in clinical and research laboratories, academic research institutes, and pharmaceutical and biotechnology companies.
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Molecular Cytogenetics Market by Product
Major Market Dynamics For Molecular Cytogenetics;
1.Drivers
- Increasing Incidence of Genetic Disorders and Cancer
- Growing Focus on Targeted Cancer Treatment
- Increasing Aging Population and Subsequent Rise in Prevalence of Chronic Diseases
- Increasing Penetration of Molecular Cytogenetics in Clinical Pathological Testing
2.Restraint
- High Cost of Advanced Instruments
- Unfavorable Reimbursement Scenario
3. Opportunities
- Untapped Emerging Markets in Asia
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The Molecular Cytogenetics Market is segmented based on products, techniques, application, end user, and region.
Molecular Cytogenetics Market by Product is 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; the increasing incidence of genetic disorders and cancer is a key market driver in this segment.
High Cost of Advanced Instruments Will Restrain the Growth of this 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.
Major Key players in the Molecular Cytogenetics Market:
F. Hoffmann-La Roche Ltd. (Switzerland) Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Abbott Laboratories (US), Agilent Technologies (US), PerkinElmer, Inc. (US), Illumina, Inc. (US), Bio-Rad Laboratories (US), Oxford Gene Technology (UK), and Applied Spectral Imaging (US).
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