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Press Release: Molecular Cytogenetics Market to Reach US$ 11,129.1 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cytogenetics is a technology that studies the structure and function of a cell (chromosome) and gene abnormalities in a disease. Molecular cytogenetics is a combination of molecular biology and cytogenetics.
Statistics:
The global molecular cytogenetics market is estimated to account for US$ 11,129.1 Mn in terms of value by the end of 2027.
Global Molecular Cytogenetics Market: Drivers
Increasing adoption of molecular cytogenetics is expected to propel growth of the global molecular cytogenetics market over the forecast period. For instance, in October 2019, Bionano Genomics, Inc. announced that leading organizations, including PerkinElmer Genomics and the University of Iowa, have adopted Saphyr for use in their clinical genomics laboratories.
Moreover, increasing prevalence of cancer is also expected to boost adoption of molecular cytogenetics. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Statistics:
North America held dominant position in the global molecular cytogenetics market in 2019, accounting for 45.7% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Molecular Cytogenetics Market Share (%) Value, By Region, 2019
Global Molecular Cytogenetics Market: Restraints
Unfavorable reimbursement policies represent a major restraint for the growth of global molecular cytogenetics market. Insurance companies are refraining from reimbursing molecular diagnostic tests.
Moreover, high cost of genetic testing is also expected to limit the market growth. The cost of these tests typically range from US$ 300 to US$ 3,000 per test and are considered the most important technologies for early detection.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,970.8 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 24.2% | 2027 Value Projection: | US$ 11,129.1 Mn |
| Geographies covered: |
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| Companies covered: |
Abbott Laboratories, Affymetrix, Inc., Agilent Technologies, Inc., Applied Spectral Imaging, Inc., BI Biological Industries, Bio-Rad Laboratories, CytoTest Inc., Cytognomix, Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Bionano Genomics, Inc., Precipio, Inc., and Leica Biosystems |
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Global Molecular Cytogenetics Market: Opportunities
Tapping in emerging economies is expected to offer lucrative growth opportunities for players in the global molecular cytogenetics market. FISH and array based technologies have high penetration rate in developed economies such as the U.S and Europe owing to high level of public awareness and adoption rate. However, emerging Asian and Latin American economies have low adoption rate owing to low patient awareness levels. Economic developments in these regions coupled with rising disposable income of patients and increasing awareness are shifting the attention of medical practitioners towards molecular tests.
Moreover, rising incidence of cancer and genetic disorders in emerging economies is also expected to boost demand for molecular cytogenetic technologies in these regions. For instance, according to the World Health Organization, the number of new cancer cases diagnosed per year in Africa is expected to grow from over 1 million in 2018 to over 2.1 million in 2040.
Statistics:
The global molecular cytogenetics market was valued at US$ 1,970.8 Mn in 2019 and is forecast to reach a value of US$ 11,129.1 Mn by 2027 at a CAGR of 24.2% between 2020 and 2027.
Figure 2: Global Molecular Cytogenetics Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Availability of effective molecular cytogenetic systems is expected to propel growth of the global molecular cytogenetics market. For instance, in July 2020, two top cytogeneticists from leading institutions in The Netherlands and France reported that Bionano Genomics' Saphyr demonstrates 100% concordance to standard cytogenetics in genetic disorders.
Moreover, launch of novel NGS panel is also expected to aid in growth of the market. For instance, in February 2020, Oxford Gene Technology launched The CytoSure Constitutional NGS Panel, a transformative next-generation sequencing (NGS) panel for constitutional cytogenetics research.
Global Molecular Cytogenetics Market: Competitive Landscape
Major players operating in the global molecular cytogenetics market include, Abbott Laboratories, Affymetrix, Inc., Agilent Technologies, Inc., Applied Spectral Imaging, Inc., BI Biological Industries, Bio-Rad Laboratories, CytoTest Inc., Cytognomix, Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Bionano Genomics, Inc., Precipio, Inc., and Leica Biosystems.
Global Molecular Cytogenetics Market: Key Developments
Major players in the global molecular cytogenetics market are focused on launching new products to expand their product portfolio. For instance, in March 2020, Agilent Technologies Inc. launched three new microarrays to meet the needs of cytogenetic laboratories conducting both prenatal and postnatal research.
Molecular cytogenetics encompasses the combination of molecular biology and cytogenetics. It enables to differentiate normal and cancer causing cells. Molecular cytogenetics helps to study the structural and functional organization of chromosomes and its nucleus, genomic variations, expression and evolution, and chromosomal abnormalities in medicinal and cancer-related genetics. High prevalence of cancer and increasing application of molecular biology in detection of inherited susceptibilities associated with cancer development is expected to boost the molecular cytogenetics market growth.
Key features of the study:
Detailed Segmentation:
*Browse 22 market data tables and 14 figures on “Molecular Cytogenetics Market - Global forecast to 2027”.
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