Molecular cytogenetics refers to the combination of methods that applies molecular biology techniques to study chromosomes. It is mainly used for cancer diagnosis, genetic disease detection, and research. Molecular cytogenetics helps detect even microscopic genetic changes or mutation in chromosomes that may lead to genetic disorders or increased cancer risk. The technique allows precise visualization and analysis of chromosomes at a molecular level, beyond what is possible through conventional cytogenetics. It provides insight into chromosome structure and function, examines disease-associated chromosomal abnormalities, and aids research in human genetics and cancer biology.
The global Molecular Cytogenetics Market is estimated to be valued at US$ 4211.4 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidence of cancer is a key driver boosting the molecular cytogenetics market growth. According toGlobocan, there were over 19.3 million new cancer cases reported globally in 2020. Early and accurate diagnosis of cancer is crucial to improving clinical outcomes. Molecular cytogenetics allows detailed assessment of cancer-related genetic changes and is widely used in personalized cancer diagnosis and management. Technological advancements are augmenting the capabilities of molecular cytogenetics. Next-generation techniques like SNP microarrays and whole genome sequencing provide richer molecular data and insights compared to traditional cytogenetics approaches. This is increasing the adoption of molecular cytogenetics in both cancer research and clinical settings. Growing R&D investments by pharmaceutical companies and research institutions for developing advanced diagnostics and personalized medicines for cancer and genetic disorders will further stimulate demand.
Threat of new entrants: Low capital requirement and limited economies of scale offer low barriers for new entrants in the molecular cytogenetics market. However, established players dominate through inorganic growth strategies and brand recognition.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes. They can negotiate on price and demand additional services from suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to their differentiated products and services. Established suppliers negotiate on the pricing and influence buyers through product innovation.
Threat of new substitutes: Technology advances offer low threat from substitutes. However, substitute testing methods can be adopted based on application needs and diagnostic accuracy.
Competitive rivalry: The molecular cytogenetics market has fierce competition among the top players. Companies compete based on product offerings, pricing, and service quality.
The Global Molecular Cytogenetics Market Demand is estimated to be valued at US$ 4211.4 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis: The global molecular cytogenetics market is dominated by North America due to established healthcare infrastructure and advanced research activities in genomics. Asia Pacific is expected to witness the fastest growth owing to rising healthcare expenditures and increasing research funding.
Key players: Key players operating in the molecular cytogenetics market are UIC, Inc., Shimadzu Corporation, ELTRA GmbH, Xylem Inc., Skalar Analytical B.V., Hach Company, Inc., GE Analytical Instruments, Inc., Teledyne Analytical Instruments, Mettler-Toledo International Inc., and Analytik Jena AG.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it