United States Molecular Diagnostics Market is projected to reach US$ 12.5 Billion by 2027
According to the publisher, the United States Molecular Diagnostics Market is projected to reach US$ 12.5 Billion by 2027. The detection of genetic divagations is referred to as molecular diagnostics. It aims to make detection, diagnosis, sub-classification, prognosis, and therapeutic response monitoring easier. Furthermore, it is a set of tools for analyzing biological markers in the genome and proteome and how cells convey their genes as proteins. It is utilized in medical diagnostics. Molecular diagnostics has developed as a superior methodology in the United States over the previous decade, achieving the goal of speedier disease diagnosis with fewer complexities. The market for these procedures is increasing, specifically for infectious illness diagnoses.
COVID-19 Benefited the Molecular Diagnostics Industry
Technological improvements, an aging population, and rising demand for genetic testing contribute to the market's growth. Furthermore, the rising demand for POC testing can be ascribed to the increasing desire for self-testing and increased patient knowledge of speedier diagnostics. Increased usage of molecular diagnostics, on the other hand, is likely to provide profitable growth prospects. However, over the projection period, the market is expected to be hampered by strict regulatory requirements to approve new molecular diagnostics techniques.
COVID-19 Impact on the United States Molecular Diagnostics Market
The COVID-19 epidemic has caused widespread disruption in-hospital workflows. The COVID-19 outbreak is expected to boost the growth of the Molecular Diagnostics Market in the United States. The COVID-19 pandemic put a strain on worldwide healthcare systems, necessitating the creation of diagnostic devices and diagnostic service centers. The demand for real-time polymerase chain reaction (RT-PCR) tests to detect COVID-19 has increased as the number of COVID-19 patients has increased. Due these factors market expanded a lot in the year 2022 and 2023.
By-Products, the Reagents Segment Accounts for Dominance
As per our estimates, the reagents category will have the most market share in 2021. Because of its widespread usage in research and clinical contexts is projected to maintain its supremacy in the coming years. Standard reagents help in the production of timely and accurate findings. Due to standardized outcomes, increased efficiency, and cost-effectiveness, the market is expected to rise. During the pandemic, the expanding usage of devices to detect coronavirus, which was previously developed for other infectious diseases, further encouraged market growth. For example, Roche Diagnostics expanded its Covid RT-PCR assays portfolio to include the new Cobas 5800 system in February 2022 in countries that accepted the CE mark approval.
The Oncology Segment Is Growing at A High Growth Rate
By application, in this analysis, we have analyzed the markets for Infectious Disease, Blood Screening, Genetic Testing, and Oncology Testing. In the United States molecular diagnostics market in 2021, the infectious illness category held the most significant market share. The dominance of this sector is due to the increased use of molecular diagnostics, particularly PCR tests, for the diagnosis of COVID-19.
On the other hand, the oncology section is predicted to increase at a rapid rate over the projection period. Cancer is the second ultimate cause of death in the United States. Furthermore, the British In Vitro Diagnostics Association attempted in January 2021 to request that NHS England build a commissioning framework for molecular diagnostics in oncology. This is targeted at increasing oncology molecular diagnostics acceptance and access.
By Technology, In-Situ Hybridization Segment Is Expected to Witness Market Growth
In-Situ Hybridization's sequence specificity is a crucial application that aids in understanding pathogenic processes and performing molecular testing for cancer diagnosis, monitoring, and treatment. Identifying and studying mRNA expression in preserved tissue samples, employing probes that complement the concerning sequence, and molecular diagnostics of chromosomal integrity utilizing Fluorescence ISH are two fundamental applications of ISH technology (FISH). This technology segment is predicted to develop throughout the forecast period, owing to the use of ISH technology for cancer diagnosis, an older population that is more susceptible to cancer, and the introduction of new products.
End-Use Insights Prevailing in the United States Molecular Diagnostics Market
Due to large procedure volumes for Covid testing in central laboratories, laboratories are expected to gain market share as end-users in 2021. Another critical driver expected to boost the market is increased government initiatives to provide various services, such as payment for diagnostic testing. The evolution of molecular diagnostic platforms employed in PoC scenarios is gaining popularity. In March 2020, Abbott announced the ID NOW COVID-19 test, a molecular point-of-care test that diagnoses COVID-19 in less than 5 minutes.
Key Companies Insights
Roche Diagnostics, Abbott Laboratories, Myriad Genetics, BioMerieux SA, Qiagen NV, Hologic (Gen-Probe), Danaher Corporation, Bio-rad laboratories, Inc., and GenMark Diagnostics are some of the prominent participants in the worldwide molecular diagnostics industry. Mergers and acquisitions are being used by the major businesses to improve product capabilities and advertise their services. Optimal research and development techniques, a robust supply chain network, increased research and development investments, and cost management is expected to help the aforementioned vital players lead this market over the projection period.
The publisher's latest report “United States Molecular Diagnostics Market, Global Forecast By Product (Reagents, Instruments and Others), Application (Infectious Disease, Blood Screening, Genetic Testing and Oncology Testing), Technology (Polymerase Chain Reaction, In Situ Hybridization, Isothermal Amplification, Sequencing, Mass Spectrometry and Chips & Microarrays), End User (Laboratories, Hospital& Clinics and Others), Companies (Roche Diagnostics, Abbott Laboratories, Myriad Genetics, BioMerieux SA, Qiagen NV, Hologic (Gen-Probe), Danaher Corporation, Bio-rad laboratories, Inc., and GenMark Diagnostics)” provides a detailed analysis of United States Molecular Diagnostics Industry.
By Product the Market has been covered from 3 viewpoints
1. Reagents
2. Instruments
3. Others
By Application the Market has been covered from 4 viewpoints
1. Infectious Disease
2. Blood Screening
3. Genetic Testing
4. Oncology Testing
By Technology the Market has been covered from 6 viewpoints
1. Polymerase Chain Reaction
2. In Situ Hybridization
3. Isothermal Amplification
4. Sequencing
5. Mass Spectrometry
6. Chips & Microarrays
By End User the Market has been covered from 3 viewpoints
1. Laboratories
2. Hospital & Clinics
3. Others End User
Company Insights
- Overview
- Recent Development
- Revenue
Companies Covered
1. Roche Diagnostic
2. Abbott Laboratories
3. Myriad Genetics
4. BioMerieux SA
5. Qiagen NV
6. Hologic (Gen Probe)
7. Danaher Corporation
8. Bio rad laboratories, Inc.
9. GenMark Diagnostics
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary
Companies Mentioned
- Roche Diagnostic
- Abbott Laboratories
- Myriad Genetics
- BioMerieux SA
- Qiagen NV
- Hologic (Gen Probe)
- Danaher Corporation
- Bio rad laboratories, Inc.
- GenMark Diagnostics
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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