Global Molecular Diagnostics Industry Is Expected to Expand at A CAGR of 7.9% From 2021-2027:
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. According to the publisher, the Worldwide Molecular Diagnostics Market Size was worth US$ 18.97 Billion in 2021.
The Reagents Segment Has the Largest Market Share By Product:
We've segmented the market for reagents & kits, and instruments into product categories in our report. According to our estimates, 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:
We've covered the Polymerase Chain Reaction, In Situ Hybridization, Isothermal Amplification, Sequencing, Mass Spectrometry, and Chips & Microarrays markets by technology. 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:
Our analysis includes 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.
The publisher's latest report Molecular Diagnostics Market, Global Forecast By Product (Reagents, Intruments and Others), Application (Infectious Disease, Blood Screening, Genetic Testing and Oncology Testing), Technology (Polymerase Chain Reaction, In Situ Hybridization, Isothermal Amplification, Sequecing, Mass Spectrometry, Chips & Microarrays and Others), End User (Hospital, Cliniques and Others), Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Company Analysis (Abbott Laboratories, Myriad Genetics, Roche Diagnostics, BioMerieux SA, Danaher Corporation, Qiagen NV, GenMark Diagnostics, Bio-rad laboratories, inc, and Hologic (Gen-Probe) provides a detailed analysis of Global Molecular Diagnostic Industry.
Product - Market we have covered the market from 3 viewpoints:
1. Reagents
2. Intruments
3. Others
Application - Market we have covered the market from 4 viewpoints:
1. Infectious Disease
2. Blood Screening
3. Genetic Testing
4. Oncology Testing
Technology - Market we have covered the market from 7 viewpoints:
1. Polymerase Chain Reaction
2. In Situ Hybridization
3. Isothermal Amplification
4. Sequecing
5. Mass Spectrometry
6. Chips & Microarrays
7. Others
End User - Market we have covered the market from 3 viewpoints:
1. Hospital
2. Cliniques
3. Others
Region - Market we have covered the market from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. South America
5. Middle East and Africa
Company Insights:
- Overview
- Recent Developments
- Revenue
Company Analysis:
1. Abbott Laboratories
2. Myriad Genetics
3. Roche Diagnostic
4. BioMerieux SA
5. Danaher Corporation
6. Qiagen NV
7. GenMark Diagnostics
8. Bio rad laboratories, inc
9. Hologic (Gen Probe)
What is the estimated value of the Global Molecular Diagnostics Market?
What is the growth rate of the Global Molecular Diagnostics Market?
What is the forecasted size of the Global Molecular Diagnostics Market?
Who are the key companies in the Global Molecular Diagnostics Market?
Report Attribute | Details |
---|---|
No. of Pages | 170 |
Published | March 2022 |
Forecast Period | 2021 - 2027 |
Estimated Market Value ( USD | $ 18.97 Billion |
Forecasted Market Value ( USD | $ 29.92 Billion |
Compound Annual Growth Rate | 7.9% |
Regions Covered | Global |
No. of Companies Mentioned | 9 |
Table of Contents
Companies Mentioned
- Abbott Laboratories
- Myriad Genetics
- Roche Diagnostic
- BioMerieux SA
- Danaher Corporation
- Qiagen NV
- GenMark Diagnostics
- Bio rad laboratories, inc
- Hologic (Gen Probe)
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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