Middle East Molecular Diagnostics Market Size Booming to Reach USD 919 Million by 2029
Middle East molecular diagnostics market is gaining traction because of the increasing awareness and acceptance of personalized medicines in the and significant external funding for executing R&D activities in the region.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East molecular diagnostics market size at USD 527.82 million in 2022. During the forecast period between 2023 and 2029, the Middle East molecular diagnostics market size is projected to grow at an impressive CAGR of 8.3% reaching a value of USD 919.34 million by 2029. The main factors influencing the growth of this market are the increasing focus on diagnosing and treating growing cancer patient population, rapid adoption of technology advancements, and growing acceptance of customized therapy and companion diagnostic tests. Also, the market is expanding due to the increased demand for self-testing diagnostics, such as monthly diabetes testing and government-funded assistance like free COVID-19 vaccinations. In addition, the development and study of novel molecules, such as RT-PCR (Reverse Transcription Polymerase Chain Reaction) for COVID-19 testing, is boosting the demand for molecular diagnostics.
Middle East Molecular Diagnostics Market – Overview
The growing healthcare industry makes use of technology to diagnose and monitor complex conditions, detect risk, and, most importantly, select the most tailored treatments and therapies for individual patients. Molecular diagnostics is the study of how individuals express their genes as proteins and the application of medical and microbiological technology in medical imaging science to examine biological markers residing in the proteome and genome. For decades, molecular diagnostics has been regarded as a superior tool for reaching the goal of faster disease diagnosis with fewer complications. The demand for these procedures is growing, especially for diagnosing infectious diseases.
Middle East Molecular Diagnostics Market – By Application
Based on application, the Middle East molecular diagnostics market is segmented into core molecular diagnostics, reproductive genetics, companion diagnostics (CDX), liquid biopsy, and other applications. The core molecular diagnostics segment holds the highest share in the Middle East molecular diagnostics market. The increasing use of molecular testing in laboratories to treat illnesses is primarily responsible for this market segment's expansion. The majority of the Middle East's molecular diagnostics market is serviced by a wide number of inclusive core molecular diagnostics applications.
Impact of COVID-19 on the Middle East Molecular Diagnostics Market
The development of the molecular diagnostics market was aided by the improved usage of molecular diagnostic technologies for COVID-19 testing. In the Middle East, treating infectious illnesses has risen to the top of the medical priority list as a result of the COVID-19 pandemic. The demand for RT-PCR registered a sharp spike post the pandemic outbreak. According to a report published by the National Institutes of Health, “molecular diagnostic assays are a major group of tests used to diagnose COVID-19.” Reverse transcription polymerase chain reaction (RT-PCR) is now the most used technique for detecting SARS-CoV-2 RNA.
Major players operating in the Middle East molecular diagnostics market include Abbott, Agilent Technologies, Inc., bioMerieux SA, Babirus Medical Equipment LLC, Bio-Rad Laboratories, Inc., Danaher, F. Hoffmann-La Roche Ltd., Guardant Health, Illumina, Inc., QIAGEN N.V., and Thermo Fisher Scientific Inc.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East Molecular Diagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East Molecular Diagnostics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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