Global $29.92 Bn Molecular Diagnostics Markets to 2027: Focus on Polymerase Chain Reaction, In Situ Hybridization, Isothermal Amplification, Sequencing, Mass Spectrometry, Chips & Microarrays
Global Molecular Diagnostics Market will be worth US$ 29.92 Billion in 2027 from US$ 18.97 Billion in 2021, growing at a CAGR of 7.9%
Today's thriving healthcare sector employs the technology to diagnose and monitor complex illnesses, detect risk, and, most critically, choose the most acceptable personalized drugs and therapies for individual patients.
Globally, the use of medical and microbiological technology in medical imaging science to analyze biological markers existing in the proteome and genome and the study of how an individual expresses their genes as proteins is known as molecular diagnostics.
Furthermore, it is a practical diagnostic, and patient monitoring approach that diagnoses the disease assesses the risks associated with treatment and recommends appropriate medicines.
Molecular diagnostics has evolved as a superior methodology for decades, achieving the goal of speedier illness diagnosis with fewer complexities. The demand for these procedures is increasing, particularly for infectious illness diagnoses. Infectious disease prevalence is rising in developing and developed countries, driving up demand for molecular diagnosis.
Technological developments, an aging population, and foreign financing for R&D are contributing to the growth. Government funding, the need for self-testing diagnostics, and expanding consumer knowledge regarding speedier diagnostics contribute to increased demand for Point-of-Care (POC) testing. Infectious disease prevalence is on the rise, driving up the need for molecular diagnostics.
COVID-19 Impact on Global Molecular Diagnostics Market:
The COVID-19 pandemic harmed most companies' total sales, but it had a favorable impact on the molecular diagnostics market due to the advanced usage of molecular diagnostic technologies for COVID-19 testing. With the COVID-19 pandemic, dealing with infectious ailments has become an immediate medical concern worldwide. Countries are gradually loosening limitations on migration, causing a rise in testing numbers.
Aside from vaccinations and therapeutic medications, there was an increasing demand for the development of more precise and straightforward testing methods and the expansion of testing structures. Regulatory authorities used a variety of approaches to expedite the approval of diagnostic products during the epidemic.
Companies have made strategic determinations to implement COVID-19 rapid tests, sustain revenue, and mitigate COVID-19's impact on their operating capabilities.
The Reagents Segment Has the Largest Market Share By Product:
The reagents category will hold the most significant market share. Because of its widespread use in research and clinical settings is expected to increase at a high rate in the coming years. Standard reagents aid in the production of timely and accurate findings. Market expansion is aided by standardized results, increased efficiency, and cost-effectiveness.
By Application, the Infectious Diseases Segment holds the Lion's Share of the Market:
In 2021, and throughout the study period, infectious disease will occupy the lion's share of the molecular diagnostics market. Traditional testing's disadvantages, such as long turnaround times, difficulty growing organisms in manually prepared culture media, poor in vitro kinetic development, and lack of sensitivity, have been mitigated by technological advancements such as PCR and ISH, which have boosted the infectious disease segment's market.
Surprisingly, during the pandemic, the segment's expansion is aided by molecular diagnostics, which serve as the foundation for COVID-19 medical diagnosis.
The Sequencing Technology Segment Will Witness the Most Elevated Growth:
The benefit of Polymerase Chain Reaction (PCR) in identifying infectious microorganisms such as viruses and bacteria is credited with the segment's rise. Furthermore, DNA sequencing methods and developing NGS technologies, such as sequencing platforms and RNA sequencing, are among the sequencing technologies for the molecular diagnostics market.
Medication research, innovative drug development, and customized treatment depend on DNA sequencing technologies. According to our analysis, the sequencing technology category is predicted to grow the most during the forecast period, owing to an increase in genome profiling projects and R&D for novel medications and a fall in prices and sizes of DNA sequencers.
By End-User, the hospitals' segment dominates the market accounting for the dominant market share:
In 2021, the hospitals' sector dominated the molecular diagnostics market, accounting for most market share. Hospital expansion is attributed to increased market penetration and procedure volumes worldwide.
Another critical driver expected to drive the hospital industry is expanded government programs to provide various services, such as reimbursement for diagnostic testing. Furthermore, many hospitals collaborate with laboratories to incorporate other tests, such as microbiology testing.
Regional Realms of the Molecular Diagnostics Industry:
North America dominates the market for molecular diagnostics because of expanding consumer awareness, technical developments, the increasing occurrence of diseases, and superior healthcare infrastructure.
Furthermore, the market expansion in Europe can be linked to the rising epidemiology of infectious and chronic diseases, which encourages R&D activities, boosting the overall market growth for the Molecular Diagnostics Industry. Furthermore, a high level of living, consumer awareness of early diagnosis, and a well-established healthcare system is significant development drivers.
Key Companies Insights:
Abbott Laboratories, Myriad Genetics, Roche Diagnostics, BioMerieux SA, Danaher Corporation, Qiagen NV, GenMark Diagnostics, Bio-rad laboratories, inc, and Hologic (Gen-Probe) are some of the leading competitors in the molecular diagnostics market.
The market is inherently competitive. To achieve a competitive advantage, manufacturers improve their products in terms of specificity, accuracy, and other factors. In addition, prominent players rely on partnerships to enhance product capabilities and advertise their services.
9. Technology - Global Molecular Diagnostics Market 9.1 Polymerase Chain Reaction 9.2 In Situ Hybridization 9.3 Isothermal Amplification 9.4 Sequencing 9.5 Mass Spectrometry 9.6 Chips & Microarrays 9.7 Others
10. End User - Global Molecular Diagnostics Market 10.1 Hospital 10.2 Clinics 10.3 Others
11. Region - Global Molecular Diagnostics Market 11.1 North America 11.2 Europe 11.3 Asia Pacific 11.4 South America 11.5 Middle East and Africa
12. Porters Five Forces 12.1 Overview 12.2 Bargaining Power of Buyers 12.3 Bargaining Power of Suppliers 12.4 Degree of Competition 12.5 Threat of New Entrants 12.6 Threat of Substitutes
13. Company Analysis 13.1 Overview 13.2 Recent Development 13.3 Sales Analysis
