DUBLIN--(BUSINESS WIRE)--The "Molecular Quality Controls Market by Product (Independent, Instrument Specific), Analyte Type (Single Analyte, Multianalyte), Application (Infectious Diseases), End User (IVD Manufacturers, Research Institute) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
In this report, the global molecular quality controls market has been categorized based on product, application, analyte type, end user, and region.
The market is projected to reach USD 236.8 million by 2024 from USD 132.2 million in 2018, at a CAGR of 10.2% during the forecast period. The growth of this market is primarily driven by factors such as the rising adoption of third-party quality controls, an increasing number of accredited clinical laboratories, and the rising demand for external quality assessment support.
However, the high costs involved in the quality control process, budget constraints in hospitals and laboratories, and the unfavorable reimbursement scenario for molecular tests are the major factors that are expected to restrain the growth of this market during the forecast period.
The molecular quality controls market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2018, North America was the largest regional market for molecular quality controls majorly due to the developed healthcare system in the US and Canada, presence of a large number of leading molecular quality control product manufacturers in the region, as well as the easy accessibility to technologically advanced products in the region.
However, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the significant demand for high-quality and accurate diagnostic tests from the large patient population in this region are the major factors supporting the growth of the Asia Pacific molecular quality controls market.
- Increasing Number of Accredited Clinical Laboratories
- Growing Adoption of Third-Party Quality Controls
- Rising Demand for External Quality Assessment Support
- Additional Costs Involved in Quality Control & Budget Constraints in Hospitals & Laboratories
- Unfavorable Reimbursement Scenario for Molecular Tests
- Rising Demand for Multi-Analyte Controls
- Lack of Mandatory Regulations for Clinical Laboratory Accreditation in Several Emerging Countries
- Complex Regulatory Frameworks
- Abbott Laboratories
- Bio-Rad Laboratories
- Maine Molecular Quality Controls Inc.
- Microbiologics Inc.
- Roche Diagnostics
- Seracare Life Sciences Inc.
- Thermo Fisher Scientific
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