To know the impact of COVID-19 On Molecular Diagnostics Market Size Share Companies & Trends Analysis Report By Product (Instruments, Reagents), By Technology (DNA Sequencing, Polymerase Chain Reaction, Transcription Mediated Applications (TMA), Isothermal Nucleic Acid Amplification Technology, Microarrays, Mass Spectometry), By Application (Cancer, Genetic Testing, Pharmacogenomics, Infectious Diseases, Prenatal, Neurological Diseases, Cardiovascular Diseases), By End-User (Diagnostics Laboratories, Hospitals, Nursing Homes), Based On Region And Segment Forecasts 2022 - 2028
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Global Molecular Diagnostics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing prevalence of associated diseases, rising technological advancements in the field of molecular diagnostics, and growing demand for point-of-care diagnostics are some of the major factors driving the growth of the Global Molecular Diagnostics Market.
Global Molecular Diagnostics Market is valued at USD 21.79 Billion in 2021 and expected to reach USD 31.53 Billion by 2028 with a CAGR of 5.42% over the forecast period.
Scope of Global Molecular Diagnostics Market Report-
Molecular diagnostic is a collection of techniques used to analyze biological markers in the genome and proteome and how cells express their genes as proteins, applying molecular biology to medical testing. There are three types of molecular diagnostics and these are genetic tests, biomarker tests, and companion diagnostics. The technique is used in medicine to diagnose and monitor disease, identify risks and determine which treatment regimens will be best for individual patients, as well as in agricultural biosecurity to monitor crops and predict risk, and livestock diseases, and determine which quarantines are necessary. Single nucleotide polymorphisms (SNP), deletions, rearrangements, insertions, and disruptions in other elements cause various diseases. Molecular diagnostic testing is indicated for infectious diseases, oncology, virology, and sexually transmitted diseases (STDs). Molecular diagnostics are able to detect specific diseases which helps in providing precise medicine to patients.
The Covid-19 pandemic has shown a positive impact on the growth of the global molecular diagnostics market. The Covid-19 pandemic has strained healthcare systems globally and increased the need to develop diagnostic tools and diagnostic service centers. The increase in Covid-19 cases has also increased the demand for real-time polymerase chain reaction (RT-PCR) testing for the detection of Covid-19.
The global molecular diagnostics market is segmented on the test type, technology, product, application, end-use and region & country level. Based on test type, the global molecular diagnostics market is segmented into PoC tests and lab tests. By technology, the global market is segmented into in situ hybridization, sequencing, chips & microarrays, PCR, mass spectrometry (MS), and others. By product, the global molecular diagnostics market is segmented into reagents, instruments, and others. By application, the global market is segmented into infectious disease, human leukocyte antigen typing, oncology, microbiology, pharmacogenomics, genetic disease screening, and blood screening. By end-use, the global molecular diagnostics market is segmented into laboratories, hospitals, and others.
The regions covered in the global molecular diagnostics market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global molecular diagnostics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Key Players of Global Molecular Diagnostics Market Report-
Some major key players for the global molecular diagnostics market report cover prominent players like QIAGEN, Thermo Fisher Scientific, Siemens, Danaher, Myriad Genetics Inc., Illumina Inc., Agilent Technologies Inc., BD, Grifols S.A., Genetic Signatures, TBG Diagnostics Limited, GenMark Diagnostics Inc., Exact Sciences Corporation, Abbott, and others.
Omicron: South Korea Developed 'molecular Diagnosis' to Detect Covid Variant in 20 Minutes
On December 13th, 2021; As Omicron Covid-19 strains continue to spread, South Korean researchers developed a molecular diagnostic technology that can detect new strains in minutes. According to ANI, POSTECH announced that a research team led by Professor Lee Jung-wook of the Department of Chemical Engineering has developed a molecular diagnostic technology that can detect omicron types in just 20-30 minutes. The development has been completed and is expected to be commercialized.
Roche Launched Cobas 5800 New Molecular Diagnostics System to Expand Access to Testing & Improve Patient Care
On November 18th, 2021; Roche announced the launch of the Cobas 5800 System, a new molecular laboratory instrument, in countries accepting the CE Mark. Testing is one of the first lines of defense to protect a patient's general health and is extremely important in quickly guiding their treatment. The Cobas 5800 system helps laboratories address the challenges faced by increased patient testing, reimbursement complexity, and the need for more diverse test menus while providing meaningful and timely results.
Increasing Prevalence of Associated Diseases, Rising Technological Advancements in Molecular Diagnostics, and Growing Demand for Point-of-Care Diagnostics are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of the molecular diagnostics market is the increasing prevalence of associated diseases. Molecular diagnostics has wide applications in various indications such as oncology, infectious diseases, genetic testing, cardiology, and immune system disorders, among others. The increasing prevalence of related indications is expected to drive the market. Early diagnosis of cancer can prevent the death of patients. POC diagnostics play an essential role in the early detection and monitoring of cancer. For instance, according to World Health Organization, cancer is the leading cause of death worldwide, with about 10 million deaths in 2020. Each type of cancer requires unique treatment. Hence, the increase in cancer prevalence and the need for personalized medicine will drive the demand for molecular diagnostics.
In addition, the technological advancements in molecular diagnostics are also supplementing the growth of the molecular diagnostics market. In the testing of infectious diseases, molecular diagnostics play an essential role as they provide fast and effective results. The increasing prevalence of hospital-acquired infections and infectious diseases is anticipated to drive the demand for molecular diagnostics. Advances in molecular diagnostics have facilitated the detection of numerous diseases and are particularly effective when faced with difficult differential diagnoses. Advances in molecular diagnostic technologies are expected to drive significant growth in the molecular diagnostics market as they facilitate cost-effectiveness, accuracy, and portability. For instance; as per the news published, on May 12th, 2022; BD launched a fully automated, high-throughput infectious disease molecular diagnostic platform in the U.S.
Moreover, the growing demand for point-of-care diagnostics is also fostering the molecular diagnostics market growth. For instance; as per the news published, on march 31st, 2020; Chembio launched DPP Covid-19 serological point-of-care test for the detection of IgM and IgG antibodies. However, the high cost of instruments associated with molecular diagnostics may hinder the growth of the global molecular diagnostics market. Despite that, funding and developments, advancements in testing techniques may create more opportunities for the further growth of the market.
North America Holds a Major Share in the Global Molecular Diagnostics Market
Geographically, North America is expected to capture a major share in the global molecular diagnostics market within the forecast period due to the increasing prevalence of cancer, rising healthcare spending, and the presence of many leading national clinical laboratories in this region. For example; as per a scientific paper published in the American Cancer Society journal, CA: A Cancer Journal for Clinicians; in 2021, there will be an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States.). In addition, the rising healthcare spending is another factor supplementing the market growth in this region. For instance, according to the Centers for Medicare and Medicaid Services, U.S. health care spending rose 9.7 percent in 2020 to $ 4.1 trillion, or $ 12,530 per capita. As a share of the country’s GDP, the share of health expenditure is 19.7 percent.
The Asia Pacific is the fastest-growing region in the global molecular diagnostics market due to consumer awareness about health issues, rising geriatric population, and improving healthcare infrastructure in this region. For instance, according to ageing Asia, in 2019, they were 139 million people aged 65 in India.
Key Benefits of Global Molecular Diagnostics Market Report–
- Global Molecular Diagnostics Market report covers in-depth historical and forecast analysis
- Global Molecular Diagnostics Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Molecular Diagnostics Market report helps to identify opportunities in marketplace.
- Global Molecular Diagnostics Market report covers extensive analysis of emerging trends and competitive landscape.
Global Molecular Diagnostics Market Segmentation:-
By Test Type:
- In Situ Hybridization
- Chips & Microarrays
- Mass Spectrometry (MS)
- Infectious Disease
- Human Leukocyte Antigen Typing
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Molecular Diagnostics Market Size, Share, Growth And Forecast By 2027