Global Molecular Diagnostics Market Gaining Momentum—Projected to Reach worth USD 31.98 Billion in 2027
Published | April 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global molecular diagnostics market was worth USD 15.29 billion in 2020 and is further projected to reach USD 31.98 billion by 2027, at a CAGR of 11.1% during the forecast period (2021-2027). The market is being driven by the public awareness of the benefits of molecular diagnostics, such as cost-effectiveness and accuracy of outcomes. The increasing occurrence of cancer, technological advances, and the emergence of personalized medicine and companion diagnostic assays are the primary factors driving the growth of this segment. Moreover, the rising demand for self-testing diagnostics such as monthly diabetes testing and government-funded aids such as free vaccination for COVID-19 is driving the growth of the market. In addition, the demand for molecular diagnostics is being fueled by new molecule discovery and research, such as RT-PCR (Reverse Transcription Polymerase Chain Reaction) for COVID-19 testing.
Increased Significance of Companion Diagnostics
The growing prominence of companion diagnostics that can enhance the treatment effects of different diseases by providing clinicians with clear clinical grounds for diagnosis and treatment, is propelling the molecular diagnostics market forward. Furthermore, the companion diagnostics market is likely to benefit from increased government efforts to advance companion diagnostics and therapies used during the treatment of cancer patients. For example, the US government initiated the Precision Medicine Initiative in 2015, which has resulted in many new therapies that are tailored to a specific trait, such as an individual's genetic profiling of a specific tumor, which has helped to transform treatment methods. The global molecular diagnostics market is also being boosted by the availability of oncology therapeutic drugs in the market for detecting cancer in its early stages.
Rising Focus on the Point of Care (POC) Testing
The most common testing method used around the world is point-of-care testing, which is the quickest and least costly method. Point-of-care diagnostics molecular testing allows doctors to enhance the quality of care by integrating rapid diagnosis with treatment decisions at the patient's first visit to derive the test results. Government funding, demand for self-testing diagnostics, and increasing customer awareness about faster diagnostics are all contributing to increased demand for Point-of-Care (PoC) testing. Deployment and miniaturization of advanced technology have also increased demand for POC testing, thereby bolstering the market growth.
Global Molecular Diagnostics Market: By Technology
Based on technology, the global molecular diagnostics market is categorized into PCR (Polymerase chain reaction), isothermal nucleic acid amplification technology, in-situ hybridization, chips and microarrays, transcription-mediated amplification (TMA), sequencing, mass spectrometry, and others. The PCR segment, which helps detect infectious microorganisms such as viruses or bacteria, tops the segment. Because of the related advantages and diverse applications of multiplex PCR over traditional PCR methodologies, the PCR category has a large market share. Additionally, the market is also expected to be driven by the increased use of high-efficiency PCR technology for detecting coronavirus.
Impact of COVID-19
The COVID-19-induced pandemic has had a negative impact on all industries. Following the declaration of COVID-19 as a pandemic, government of different countries around the world proposed rigorous public health measures to curb the spread of the virus. Furthermore, restricted access to clinics, coupled with social distancing norms and total lockdown declared by several countries, impaired patient flow, hindering the growth of the market.
Nevertheless, the abrupt emergence of SARS-CoV-2 and the ensuing disease COVID-19 shifted the world's attention to molecular diagnostics. As the spread of COVID-19 has increased, so has the need for molecular testing, which is considered the best for diagnosing infectious disease. The most commonly used diagnostic tests for COVID-19 are molecular assays and immunoassays. Additionally, digital tools are also being created to control and track the progress of COVID-19.
North America Leads the Global Molecular Diagnostics Market
Out of all the continents, North America dominates the global molecular diagnostics industry. The growth of the North American molecular diagnostics industry is aided by the highly integrated healthcare systems in the United States and Canada, along with the presence of many major global clinical laboratories, and easy access to technologically advanced equipment.
Additionally, the global molecular diagnostics market in the Asia Pacific is also catching up as a result of governments' efforts to raise awareness about early disease detection and daily health check-ups, especially in India as the country is currently experiencing the world’s worst COVID-19 outbreak. According to the current pandemic situation around the globe, India is in the second position in the world to have the most number of COVID-19 cases. Additionally, increased healthcare awareness, and the growing demand for early diagnosis of patients in the Asia-Pacific, along with a growth in outsourcing activities are driving the market growth.
The high growth potential of the molecular diagnostics market has attracted a host of new entrants, resulting in a lucrative opportunity. New entrants have resulted in more healthy rivalry among long-established market players, Some of the key players in the global molecular diagnostics market io-Rad Laboratories, Abbott, Agilent Technologies, Johnson & Johnson Services, Inc, Siemens Healthineers AG, Hologic Inc. (Gen-Probe), Danaher, F. Hoffmann-La Roche, Ltd., QIAGEN, Sysmex Corporation, Bayer Healthcare, Genomic Health Inc., and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global molecular diagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global molecular diagnostics market, along with 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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