Molecular Cytogenetics Market Worth $4.9 Billion | MarketsandMarkets™

CHICAGO , Jan. 24, 2024 /PRNewswire/ -- Molecular Cytogenetics Market in terms of revenue was estimated to be worth $3.1 billion in 2023 and is poised to reach $4.9 billion by 2028, growing at a CAGR of 9.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The high prevalence of cancer and genetic disorders significantly impacts the increased demand for molecular cytogenetics market. Cancer patients require genetic testing in order to chromogenic changes associated with the tumor. This will lead to an increased need for molecular cytogenetics tests. Thus, the escalating demand for cancer diagnosis has led to a pressing need for technologically advanced devices, which is thereby expected to support the growth of the molecular cytogenetics market.

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Molecular Cytogenetics Market Scope:

In 2022, the kits & reagents segment held the largest share of the molecular cytogenetics market by product segment.

The molecular cytogenetics market is segmented into kits & reagents, instruments, consumables and software & services based on products. The kits & reagents segment accounted for the largest share of the molecular cytogenetics market in 2022. This segment covers the most commonly used products, such as probes, testing kits, fluorescent affinity reagents, scanners, software and amongst others. These products are commonly used in clinical laboratories, research laboratories, academic institutes and pharma & biotech companies. As technologies continue to evolve, the efficiency and accuracy of these products contribute significantly to molecular cytogenetics.

The comparative genomic hybridization segment held the largest share of the molecular cytogenetics market by technique segment in 2022.

The global molecular cytogenetics market is differentiated into comparative genomic hybridization, fluorescence in-situ hybridization, chromogenic in-situ hybridization and other techniques based on techniques. In 2022, the comparative genomic hybridization segment dominated the molecular cytogenetics market. The molecular cytogenetics market in cancer is expected to grow at a high rate owing to the growing focus on targeted cancer treatment.

The cancer segment held the largest share of the molecular cytogenetics market by application segment in 2022.

The global molecular cytogenetics market is differentiated into genetic disorders, cancer, personalized medicine and other applications. In 2022, the cancer segment dominated the molecular cytogenetics market. The molecular cytogenetics market in cancer is expected to grow at a high rate owing to the rising incidence of cancer. With a burgeoning global population, the need for cancer diagnosis has significantly increased due to the increased number of cancer diagnoses and research. Diagnostic and research laboratories are at the forefront of this surge, as they cater to routine use of molecular cytogenetics.

The clinical & research laboratories segment held the largest share of the molecular cytogenetics market by end-user segment in 2022.

The global molecular cytogenetics market is differentiated into clinical & research laboratories, academic research institutes, pharmaceutical & biotechnology companies and other end users. In 2022, the clinical & research laboratories segment dominated the molecular cytogenetics market. The molecular cytogenetics market in clinical & research laboratories is expected to grow at a high rate owing to the increasing penetration of molecular cytogenetics in clinical pathological testing. The expanding network of healthcare institutions directly translates to a substantial market share.

North America is the largest regional market for molecular cytogenetics market.

The market for molecular cytogenetics has been divided into five key geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the predominant portion of the molecular cytogenetics market. The dominant share of the molecular cytogenetics market resides in North America, thanks to its advanced healthcare infrastructure and significant investments in healthcare. These factors play a pivotal role in driving the demand for molecular cytogenetics products. Additionally, the anticipated increase in the elderly population and subsequent rise in chronic diseases are expected to further fuel the market's expansion. As the demand for advanced cancer and genetic testing rises, so does the need for precise molecular cytogenetics products to ensure successful and safe procedures.

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Molecular Cytogenetics Market Dynamics:

Drivers:

1.  Increasing incidence of cancer and genetic disorders

Restraint:

1.  High cost of advanced instruments

Opportunities:

1.  Untapped emerging markets

Challenge:

1.  Transition from FISH to array-based techniques

Key Market Players of Molecular Cytogenetics Industry:

The major players operating in this market are Thermo Fisher Scientific Inc. (US), Illumina Inc. (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity (US), Abbott Laboratories (US), Agilent Technologies, Inc. (US), Pacific Biosciences (US), Bio-Rad Laboratories, Inc. (US), Bio-Techne Corporation (US), GeneDx (US), Oncocyte Corporation (US), BioView (Israel), Oxford Gene Technology IP, Limited. (UK), Applied Spectral Imaging, Inc. (US), Cyto-Test Inc. (US), KromaTiD, Inc. (US), Genial Genetic Solutions, Ltd. (UK), Cytognomix, Inc. (Canada), MetaSystems (Germany), SciGene (US), Biomodal (UK), Biocare Medical (US), BioDot (US), OncoDNA (Belgium).

The break-up of the profile of primary participants in the molecular cytogenetics market:

• By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 – 30%
• By Designation: C-level - 27%, D-level - 18%, and Others - 55%
• By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6%, and Middle East & Africa- 4%

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Molecular Cytogenetics Market - Key Benefits of Buying the Report:

The report aims to assist market leaders and new entrants by offering close approximations of revenue figures for both the overall digital therapeutics market and its subsegments. Stakeholders can leverage this report to comprehend the competitive landscape, acquire insights for strategic business positioning, and formulate effective go-to-market strategies. Additionally, it provides stakeholders with the means to assess the market dynamics and furnishes information on crucial market opportunities, restraints, drivers, and challenges.

Reasons to Buy the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall molecular cytogenetics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (increasing incidence of cancer and genetic disorders, growing focus on targeted cancer treatment, rapid growth in aging population and subsequent increase in prevalence of chronic diseases, increasing penetration of molecular cytogenetics in clinical pathological testing), restraints (high cost of advanced instruments, unfavorable reimbursement scenario), opportunities (untapped emerging markets in Asia) and challenges (transition from FISH to array-based techniques) influencing the growth of the molecular cytogenetics market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the molecular cytogenetics market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the molecular cytogenetics market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the molecular cytogenetics market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), Agilent Technologies, Inc. (US), Abbott Laboratories (US), Thermo Fisher Scientific Inc. (US), among others in the molecular cytogenetics market strategies.

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