Molecular Diagnostics Market Research Report: Information By Product (Reagents & Kits, Instruments and Services & Software), Technique (Polymerase Chain Reaction (PCR), Isothermal Amplification, Hybridization, Sequencing, Microarray and others), Application (Infectious Diseases, Oncology, Genetic Tests and others), End User (Hospitals & Clinics, Diagnostic Laboratories and others) - Forecast 2027
|ID: VPR/HC/1063||Publishing Year: January 2022||Pages: 62||Format:|
Molecular Diagnostics Market Overview:
The Molecular Diagnostics Market is projected to grow from USD 5.6 Billion in 2020 to reach USD 18.4 Billion by 2027; it is expected to grow at a CAGR of 18.52% from 2020 to 2027.
Rapid technology improvements that lead to precise results, mobility, and cost-effectiveness are projected to be a major driving force in the Molecular Diagnostics Industry. Companies are improving their products by using new processes in order to obtain more precise and accurate outcomes. For the diagnosis of cancers, Sigma Aldrich Corporation and QIAGEN are developing novel technologies including Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP).
In addition, over the forecast period, the rising incidence of infectious disorders is expected to drive market expansion. According to WHO estimates, 37.0 million people around the world were infected with HIV in 2019. Furthermore, the market for Molecular Diagnostics is expected to be driven by increased initiatives by market participants to improve access to cost-effective resources. F. Hoffmann-La Roche Ltd, for example, expanded its Global Access Program beyond HIV to cover HPV and other infectious diseases in July 2019 in order to improve access to early detection and diagnostics for poor and middle-income nations.
In addition, increased research and development for biomarker discovery has resulted in the creation of new molecular diagnostic tests, which is projected to drive the Molecular Diagnostics Market Forward. Banyan Biomarkes, Inc., for example, was granted marketing permission by the FDA in February 2018 for Banyan BTI, the first diagnostic blood test for traumatic brain injury. In the near future, such advancements for various disease indications are projected to fuel the expansion of the molecular diagnostics market.
- Hoffmann-La Roche Ltd
- Hologic, Inc.
- Becton, Dickinson and Company
- Abbott Laboratories
- Thermo Fisher Scientific
- Agilent Technologies
The rising prevalence of infectious diseases and cancer in both developed and developing countries would boost the Molecular Diagnostics Market's Growth. The rising frequency of prescriptions for Molecular Diagnostic Tests is due to the diagnosis and management of such disorders. During the projection period, these factors, together with the growing tendency toward preventive care, are projected to increase demand for molecular diagnostics. Because molecular diagnostics performs these tests, it is projected to have a favourable impact on this market.
Companion diagnostics are tests or assays that help healthcare providers make treatment decisions for patients based on how well they respond to treatment. Co-creation of companion diagnostics with therapeutic goods has the potential to radically transform the drug development process and commercialise drug candidates by swiftly and cost-effectively producing safer medications with improved therapeutic efficacy. The market for companion diagnostics has a lot of room to develop as demand for high-priced specialist therapies and safer medications grows. Companion diagnostics' expanding importance is generating potential prospects for the Molecular Diagnostics Market. To create safer and more effective treatments, pharmaceutical corporations are increasingly cooperating with diagnostic companies. In the next years, market expansion is likely to be aided by the increasing availability of innovative and efficient companion diagnostic tests.
Type, technology, application, end user, and geography are all used to segment the worldwide Molecular Diagnostics Market. Instruments, reagents, and software & services are the three types of items. Due to increased demand for solutions, quality control reagents, and various reagents for various tests, the reagents category generated the biggest share in 2016. Polymerase chain reaction (PCR), hybridization, DNA sequencing, microarray, isothermal nucleic acid amplification technology (INAAT), and others are some of the technologies used (electrophoresis, mass spectroscopy, and flow cytometry). In 2016, PCR accounted for the largest share, owing to a surge in its use in proteomics and genomics, which is very cost-effective. Infectious diseases, cancer, genetic testing, blood screening, and other applications are categorised by application (Microbiology, neurological diseases, and cardiovascular diseases). Due to an increase in the number of patients suffering from infectious diseases, infectious diseases had the biggest market share in 2016.
North America dominated the Molecular Diagnostics Market in 2020, accounting for 36.2 percent of total revenue. Consumer awareness is increasing, technical improvements are being made, disease prevalence is increasing, and healthcare infrastructure is improving. In 2020, Europe had a large revenue share of 27.5 percent, and it is predicted to increase at a profitable pace during the forecast period. This might be attributable to the increasing epidemiology of infectious and chronic diseases, which encourages R&D and hence boosts market growth. A high standard of living, as well as consumer awareness of early diagnosis and a well-established healthcare system, are major growth factors.
The market for Molecular Diagnostics in Asia Pacific is expected to grow at the quickest rate of 5.7 percent over the projected period, owing to growing market penetration and high unmet market needs, which are driving growth in this region. The market in the region is predicted to grow due to an ever-growing patient pool, early prevention and diagnosis, and more tailored therapies.
COVID-19's global distribution has greatly increased the number of confirmed cases and the geographic areas where laboratory research must be conducted and improved. COVID-19 molecular Testing Resulted in a worldwide shortage of Molecular Research Reagents. Aside from supply constraints, absorption capacity is constrained in certain places, particularly in low- and middle-income countries. Testing looks to be an important step in tracking the virus's rapid spread. Regulators throughout the world are looking into the possibilities for private labs to scale up research as a result of an increasing number of cases. For the quick diagnosis of COVID-19 cases, the wide availability of tests would suffice. As part of its strategic planning and response strategy, the World Health Organization (WHO) has developed recommendations for research methodology.
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