Molecular Diagnostics Market to Rise at CAGR of 11.1% during Forecast Period, Observes TMR Study
- Pharmaceutical and biotechnology companies are expected to witness rapid growth due to their increasing research spending, which leads to high usage of molecular diagnostic devices
- The molecular diagnostics market is likely to be fueled by a rise in demand for point-of-care services
ALBANY, N.Y., March 7, 2022 /PRNewswire/ -- /PRNewswire/ -- The value of global molecular diagnostics market stood at US$ 14.99 Mn in 2020. The market is estimated to rise at a CAGR of 11.1% during the forecast period, from 2021 to 2028. The global molecular diagnostics market is anticipated to attain the value of US$ 37.19 Bn by 2028. One of the fastest expanding areas of the in vitro diagnostics field is molecular diagnostics. Since the development of PCR tests for HIV and chlamydia trachomatis and neisseria gonorrhea (CT/NG) in the 1990s, the molecular diagnostics business has grown fast. The market has grown significantly during the last 20 years.
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Molecular diagnostic kits are now being used to diagnose cancer, hepatitis viruses, genetic illnesses, and hospital-acquired infections. In addition, molecular diagnostic kits are widely utilized for hepatitis and HIV screening tests in blood donors. Firms in the global molecular diagnostics market are spending on R&D to allow early illness detection and promotion to raise knowledge about the benefits of early diagnosis of diseases.
In the year 2020, North America emerged as one of the leading regions in the global market. Due to significant expenditures in the field, robust economic growth, and growing prevalence of target chronic conditions, the market in North America is likely to observe significant growth. Besides, technical advancements in the region are also expected to play an important role in the growth of the regional market. Increasing access to healthcare services and arrival of new companies are expected to contribute to the market's expansion in North America during the forecast period.
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Key Findings of Market Report
- Novel technologies, including sequencing and RT-PCR, offer a relatively budget-friendly option for patients to receive prognosis, diagnosis, and therapy selection during their treatment course. This aids clinicians in developing effective therapy regimens for individuals with a variety of disorders. The global molecular diagnostics market is expected to be driven by rise in demand for point-of-care services. In comparison with traditional procedures, point-of-care gives speedy and accurate outcomes.
- Based on product type, the PCR and real-time PCR category held the largest market share in 2020. The PCR process is a cost-effective manner of replicating or amplifying of short segments of DNA or RNA, which is anticipated to fuel the growth of this product category during the forecast period.
- Due to rise in prevalence of chronic infectious disorders, the infectious diseases category held a significant share of the global market in 2020. In addition, the increase in infections, owing to environmental pollution and poor lifestyles among the global population is likely to aid in the expansion of the segment.
- The diagnostic laboratories category led the global molecular diagnostics market in 2020, in terms of end-user, since diagnostic laboratories are only dedicated to illness detection. Individuals in developed countries choose diagnostic laboratories for diagnosis, as they are well fitted with advanced tools. However, due to the rising number of molecular diagnostic processes performed in these settings, the hospitals segment is expected to grow at a high growth rate during the projection period.
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Global Molecular Diagnostics Market: Growth Drivers
- As the research process becomes more automated, the demand for molecular diagnostic systems has increased. These technologies help in the automation of DNA extraction, amplification, and data processing activities. Furthermore, these systems provide a number of benefits, including as greater data accuracy, efficiency, and reduction in the time it takes to get results, all of which add to market expansion.
- Government funding for molecular diagnostic tests has increased in North America, making it one of the leading regions in the global market. Expansion of the regional market is fueled by the increase in the prevalence of cancer and improper lifestyle leading to serious infectious illnesses. Other factors such as the growing elderly population and desire for customized treatments are projected to boost the market in North America.
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Global Molecular Diagnostics Market: Key Players
Some of the key market players are
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- F. Hoffmann-La Roche Ltd.
- Becton, Dickinson and Company
- Danaher Corporation
- Siemens AG
Global Molecular Diagnostics Market: Segmentation
Technology
- PCR & Real-time PCR
- Hybridization
- Microarray
- Transcription-mediated Amplification
- Next Generation Sequencing
- Others
Application
- Infectious Diseases
- Oncology
- Blood Screening
- Microbiology
- Genetic Testing
- Women's Health
End User
- Hospitals
- Diagnostics Laboratories
- Blood Banks
- Academics & Research
- Others
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Veterinary Molecular Diagnostics Market: The global veterinary molecular diagnostics market was valued at US$ 479.3 Mn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2030. Molecular diagnostics are laboratory methods to examine the RNA, DNA, or other proteins in animals and identify diseases or the predisposition stage. Different technologies are used in the diagnosis of veterinary diseases, including conventional PCR, singleplex PCR, multiplex PCR, and real-time PCR.
Multiplex Molecular Diagnostics Market: Multiplex molecular diagnostics market may observe a paradigm shift in the growth rate across the forecast period of 2020-2030 due to the growing threat of the novel coronavirus pandemic. The need for effective testing to contain the spread of COVID-19 is on top priority across the globe. Various researchers, scientists, and pharma companies are coming up with novel testing methods for rapid diagnosis.
Infectious Disease Molecular Diagnostics Tests Market: Molecular diagnostics is one of the more dynamic and transformative fields in medical diagnostics, and is often the source of advances in medical treatments as well as further research and development efforts. These efforts benefit the modernization and development of the healthcare industry across broad range of health conditions and infectious diseases.
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