Dublin, Sept. 10, 2021 (GLOBE NEWSWIRE) -- The "Global Molecular Diagnostics Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global molecular diagnostics market size is expected to reach USD 49.3 billion by 2028 and is expected to expand at a CAGR of 3.9% from 2021 to 2028. This growth is owing to factors such as an increasing geriatric population, the outbreak of COVID-19, and the growing demand for point-of-care facilities.
Molecular diagnostics play an important role in infectious disease testing as they can yield effective and fast results. Hence, the increasing prevalence of hospital-acquired infections and infectious diseases is projected to drive the market over the forecast period. Increasing incidence of cardiovascular, neurological, and genetic disorders is further anticipated to accelerate market growth.
The miniaturization of three basic molecular assays - nanobiotechnology, biochips, and microfluidics - is expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to enhance the availability of PoC molecular diagnostic tests to yield quick and effective test results.
Companies expanding their regional presence owing to approval of COVID-19 IVD tests are expected to boost the market growth. For instance, Vela Diagnostics received the CE-IVD mark for ViroKey SARS-CoV-2 RT-PCR Test. It is a probe-based RT-PCR test used on Applied Biosystems 7500 Fast Dx instrument to detect SARS-CoV-2. The CE-IVD mark has enabled Vela diagnostics to expand its COVID-19 test in Europe.
Key players are enhancing their range of testing options for real-time PCR instruments by increasing R&D activities for the development of kits that target emerging diseases, or by entering into agreements with other kit manufacturing companies. These include the introduction of Cobas HPV test assay in Cobas 4800 by Roche Diagnostics. The introduction of tuberculosis testing Xpert assay on GeneXpert platform by Cepheid is an example of such advancement. Such advances are anticipated to drive the market.
Molecular Diagnostics Market Report Highlights
The reagents segment dominated the market majorly driven by the high usage rate
The PCR technology segment accounted for the highest revenue share in 2020, attributable to its wide usage in the diagnosis of COVID-19 and other infectious diseases
The self-testing or OTC segment is anticipated to be the fastest-growing segment over the forecast period as it facilitates early diagnosis and constant patient monitoring
North America accounted for the highest revenue share in 2020, driven by a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improvements in healthcare infrastructure
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Molecular Diagnostics Market Variables, Trends & Scope
3.1 Molecular Diagnostics Market Lineage Outlook
3.1.1 Parent market outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Regulatory and Reimbursement Framework
3.4 CLIA Waived Tests and Instruments
3.5 Market Dynamics
3.5.1 Market Driver Analysis
184.108.40.206 Increase in geriatric population
220.127.116.11 Introduction of technologically advanced products
18.104.22.168 Increase in demand for point-of-care facilities
22.214.171.124 Growing prevalence of target diseases
126.96.36.199 Increasing external funding for R&D
188.8.131.52 Outbreak of COVID-19
3.5.2 Market Restraint Analysis
184.108.40.206 Presence of ambiguous regulatory framework
220.127.116.11 High prices of molecular diagnostics tests
3.6 Molecular Diagnostics Market Analysis Tools
3.6.1 Porter's Five Forces Analysis
3.6.2 SWOT Analysis; By factor (Political & Legal, Economic and Technological)
3.6.3 Major Deals & Strategic Alliances Analysis
18.104.22.168 New product launch
22.214.171.124 Mergers and acquisitions
126.96.36.199 Marketing & promotions
188.8.131.52 Market entry strategies
Chapter 4 Molecular Diagnostics Market - Competitive Analysis
4.1 Recent Developments & Impact Analysis, by Key Market Participants
4.1.1 Company/Competition Categorization (Key innovators, Market leaders, Expansion)
4.1.3 Key Differentiators
4.2 Vendor Landscape
4.2.1 List of key distributors
4.2.2 Key Company Market Share Analysis, 2020
4.3 Public Companies
4.4 Private Companies
Chapter 5 Products Business Analysis
5.1 Molecular Diagnostics Market: Products Movement Analysis
Chapter 6 Test Location Business Analysis
6.1 Molecular Diagnostics Market: Test Location Movement Analysis
184.108.40.206 Point-of-care market estimates and forecast, 2017 - 2028 (USD Million)
6.1.2 Self-testing or Over the Counter
6.1.3 Central Laboratories
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Agilent Technologies, Inc.
Hologic, Inc. (Gen Probe)
Johnson & Johnson Services, Inc.
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