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Increasing Seaborne Trade Across The Globe To Propel Port Equipment Market

The factors that are expected to fuel the growth of the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in Asia Pacific and the Middle East. Various countries have been focusing on developing new ports owing to the increase in vessel count and trade volume. According to the International Chamber of Shipping, 90% of the world’s trade is carried out through seaways as they are ideal for heavy and bulk goods, have large carrying capabilities, and offer competitive freight costs. The global port equipment market size is expected to grow from USD 29.2 billion in 2018 to USD 36.6 million by 2023, at a CAGR of 3.30% during the forecast period. The major driving factors for the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in Asia Pacific and the Middle East. Based on equipment type, the straddle carriers segment is estimated to lead the port equipm
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Molecular Diagnostics Market Is Prospective To Reach $15.94 Billion By 2027 | CAGR Of 8.4%

The global molecular diagnostics market size is projected to reach USD 11.54 billion by 2023 from USD 7.71 billion in 2018, at CAGR of 8.4%. Growth in this market is driven by the high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques.

The molecular diagnostics market is segmented on the basis of product and service, application, technology, end user, and region. Based on product and service, the market is broadly segmented into reagents and kits, instruments, and services and software. The reagents and kits segment is expected to register the highest CAGR during the forecast period. Growth in this segment can primarily be attributed to the availability of a wide range of reagents and kits, rising use of reagents and kits in different therapeutic areas (such as infectious diseases and oncology), increase in basic research and commercial applications, and easy accessibility to a wide range of reagents.

On the basis of application, the market is broadly segmented into infectious diseases, oncology, genetic tests, and other applications. The oncology segment is expected to witness the highest growth rate during the forecast period. Factors such as technological advancements, rising prevalence of cancer, and growing focus on personalized medicine are supporting the growth of this market segment.

On the basis of technology, the market is broadly segmented into PCR, INAAT, DNA sequencing & NGS, in situ hybridization, DNA microarrays, and other technologies. The DNA sequencing & NGS segment is expected to register the highest CAGR during the forecast period. Factors such as the increasing incidence of cancer, increasing focus of key market players on developing and launching diagnostic NGS kits and panels, increasing applications of sequencing in genomics research, and increased focus and necessity for molecular-targeted drugs/therapies (personalized medicine) are supporting the growth of this segment.

On the basis of end user, the market is broadly segmented into hospitals and academic laboratories, reference laboratories, and other end users. The reference laboratories segment is projected to register the highest CAGR during the forecast period. Reference laboratories provide low-cost services with improved accuracy and quick turnaround times; as a result, the preference for these laboratories is growing, which has aided market growth.
Most companies focus on product launches and approvals to compete in the market. The players also focus on increasing their presence in high-growth markets through acquisitions, agreements, partnerships, collaborations, and expansions. Abbott (US), Hologic (US), and Roche (Switzerland) focus on product launches and approvals to strengthen their positions in the market.

North America to dominate the molecular diagnostics market in 2019

In 2019, North America is expected to account for the largest share of the global molecular diagnostics market. The large share of this region is mainly attributed to the high prevalence of infectious diseases and cancers, presence of a highly developed healthcare system and large number of leading national clinical laboratories, easy accessibility to technologically advanced instruments in the region, availability of government funds, and growing applications of molecular diagnostics in genetic disorders and cancer screening.
Potential Regions:
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
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