Global Molecular Diagnostics Market
Global Molecular Diagnostics Market Flourishing at Robust 11.3% CAGR during Forecast Period
Published | 14 October 2022
The global molecular diagnostics market is thriving because of rising technological developments in molecular diagnostics and a growing awareness of early disease diagnosis in emerging nations are driving market expansion.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global molecular diagnostics market at USD 16.51 billion in 2021. During the forecast period between 2022 and 2028, the size of global molecular diagnostics market is projected to grow at a CAGR of 11.3%, to reach a value of USD 39.4 billion by 2028. Global outbreaks of severe infectious diseases caused by pathogenic microorganisms have posed a huge threat to public health around the world, motivating researchers to create speedy and effective pathogen detection technologies. Traditionally, culture-based pathogen detection techniques have been considered gold standards. However, the significant turnaround time associated with these procedures, due to overnight culturing and pathogen isolation, limits their use. The invention and implementation of molecular diagnostic tools have ushered in a revolution in the diagnosis and surveillance of infectious diseases in recent years.
Global Molecular Diagnostics Market - Overview
Cellular–Molecular diagnostics is a broad term that refers to a group of diagnostic tests that examine a person's health on a cellular and molecular level, detecting and measuring specific cellular alterations, genetic sequences in deoxyribonucleic acid (DNA) or ribonucleic acid (RNA), amino acids, and the proteins they express. The recent advancements in diagnostics such as PCR have gained popularity in recent years due to detection of infectious diseases and genetic modifications. This works by identifying the pathogenic DNA/RNA or abnormalities in cell culture. Molecular diagnostics work efficiently in producing highly accurate results. Furthermore, diagnostic companies have adopted advanced technologies like Artificial Intelligence to render products and services that could produce results in minimal duration with precision.
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Impact of COVID-19 on Global Molecular Diagnostics Market
Coronavirus disease (COVID-19) is an extremely contagious illness. The COVID-19 virus causes mild to moderate respiratory disease in those who are infected. In December 2019, the COVID-19 strain was discovered in Wuhan, Hubei Province, China. It has since spread to various countries throughout the world, prompting the WHO to declare it a pandemic. COVID-19 molecular diagnostic testing has proven critical in the global response to the epidemic. Government organizations around the world are assisting laboratories in expediting COVID-19 testing methods since testing remains a critical step in preventing the disease's rapid spread. As a result, regulatory agencies used techniques to expedite the licensing of molecular diagnostic products.
Corporations have made strategic investments to adopt COVID-19 quick tests and reduce the impact of COVID-19 on their operating capabilities. Diagnostic testing continues to be the backbone of the COVID-19 response, enabling containment and mitigation activities. The severity of the crisis as well as the growing capacity issues associated with PCR-based testing pushed the development of diagnostic solutions to fulfill the demand for mass testing. COVID-19 testing and tracking procedures were built up by major players in the market. Various profiling methods, such as PCR testing panels and medicines, were approved by the FDA for emergency use in COVID-19 testing and diagnostics. Such advancements could drive global molecular diagnostics market.
Global Molecular Diagnostics Market – Regional Analysis
Developing economies, such as India, China, Brazil, Turkey, and South Africa could drive global molecular diagnostics market, as these countries' high disease prevalence, big patient population, expanding healthcare infrastructure, rising disposable income, and growing medical tourism. In addition to the above-mentioned characteristics, Asia Pacific has developed as a flexible and business-friendly center due to its tax regulatory and data requirements.
The global market for molecular diagnostics is fiercely competitive with a number of prominent players. Mid-sized to small businesses, on the other hand, are expanding their market presence by releasing new devices at lower rates, all thanks to technical improvements and product innovations. Key companies in global molecular diagnostics market include Abbott Laboratories, F Hoffmann-la Roche Ltd, Hologic Corporation, Danaher Corporation, and Agilent Technology.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Molecular Diagnostics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Molecular Diagnostics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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