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Global Molecular Diagnostics Market is projected to grow at a CAGR of 7.28% by 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled Molecular Diagnostics Market 2022-2032. It includes profiles of Molecular Diagnostics Market and Forecasts Market Segment by Market Segment by Type (Testing service provider, Diagnostic Manufacturers, OEM & Software Providers), Market Segment by Application (Infectious Disease Diagnostics {COVID-19, Hepatitis, HIV, CT/NG, HAI, HPV, Tuberculosis, Influenza & Others}, Oncology Testing, Genetic Tests and Others), Market Segment by End User (Diagnostic Laboratories, Hospitals and Clinics, Other End Users) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global molecular diagnostics market was valued at US$23,498.2 million in 2022 and is projected to grow at a CAGR of 7.28% during the forecast period 2022-2032.
New Product launches and Enhanced Utilization of Biomarkers
Increasing biomarker applications, new product launches by market players in response to increased government initiatives, increased demand for molecular diagnostic tests, and increased adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key market players are the major factors expected to drive growth in the U.S., Europe, and Asia Pacific molecular diagnostics markets. The expansion of the molecular diagnostics market is expected to increase research and development for biomarker identification, resulting in the development of new molecular diagnostic tests. For example, the FDA (Food and Drug Administration) granted authorization to Banyan Biomarkers, Inc., a biotech company, in February 2018 for traumatic brain injury, for the first diagnostic blood test. Molecular diagnostics provides precise and effective results and has critical applications in disease diagnosis. However, one of the major factors impeding market growth is the high cost of molecular tests.
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How has COVID-19 had a significant positive impact on the Molecular Diagnostics Market?
Recent outbreak of COVID-19 impelled the diagnostics industry into quick action, with an emergence to produce novel and rapid diagnostics kits for covid-19 detection. The pandemic led to a spike in the revenue of companies operating in the Software Providers segment. For instance, in April 2021, a 59% rise in revenue was reported by Thermo Fisher Scientific, owing to the diagnostics division that delivered 150% growth. However, with significant number of vaccinations on a global scale, the demand for molecular diagnostics for COVID-19 testing is set to decline in the years to come.
COVID-19 is more common in the elderly population due to decreased immune function, multimorbidity, and physiological changes associated with ageing. The rising geriatric population globally is increasing the risk of getting numerous diseases including obesity, neurological disorders, and diabetes. As per a UN report, in 2020, there were about 727 million people aged 65 years & above globally. Furthermore, the number of people aged 80 and up is expected to double by 2050, reaching more than 1.5 billion. The fact that the global geriatric population is expected to grow over the forecast period is expected to be a significant market driving factor.
How will this Report Benefit you?
Visiongain’s 236-page report provides 106 tables and 173 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vaccine contract manufacturing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Molecular Diagnostics Market. Get financial analysis of the overall market and different segments including type, application and end user, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing vaccine contract manufacturing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Recent Advancements in PCR and real time PCR Molecular Diagnostics
Polymerase chain reaction (PCR) molecular diagnostics have seen a significant increase in popularity in recent years. PCR tests are extremely effective at detecting pathogenic DNA for a variety of infectious diseases. Attempts are being made to broaden the scope of PCR and RT-PCR tests in order to find treatments for life-threatening diseases.
The COVID-19 pandemic has increased the market for PCR and real-time PCR molecular diagnostics. Real-time (qPCR) and digital (dPCR) PCR tests have been used to detect and diagnose potential cases in a variety of healthcare settings. PCR tests have been widely used by healthcare providers due to their high sensitivity. As a result of these trends, the global PCR and real-time PCR molecular diagnostics market is expected to soar to new heights, surpassing an already impressive revenue. Real-time PCR tests are likely to remain profitable due to their higher sensitivity, timely processing of test results, greater precision, and lower proneness to contamination, thereby limiting error margins. The use of RT-PCR tests has increased significantly in the aftermath of the COVID-19 pandemic. Similarly, as smart technology becomes more prevalent in the healthcare sector, digital PCR tests are gaining traction. Calibration against standards is not required for digital PCR tests, which is important for RT-PCR tests. Furthermore, dPCR tests can detect more samples than traditional PCR tests.
Because of the high prevalence of sexually transmitted infections, respiratory infections, and hepatitis C and B, testing for infectious diseases is expected to grow rapidly. Following the COVID-19 pandemic, the PCR and real-time PCR molecular diagnostics market is expected to gain tremendous traction
Rising Outbreaks of Viral and Bacterial Pandemic Globally
The molecular diagnostics market is currently gaining traction due to the fact that molecular tests are routinely used for the diagnosis of cancer and other infectious diseases. The rise in demand for Molecular Diagnostics is primarily due to the increasing prevalence of infectious diseases, such as the recent COVID-19 outbreak and the rising global burden of cancers, Lyme diseases, and others. Furthermore, other factors such as technological advancements and rapid product approvals in the Molecular Diagnostics product arena are expected to drive the Molecular Diagnostics market. Furthermore, product approval for the detection and differentiation of HIV infection for personalised HIV management will boost the molecular diagnostics market.
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Where are the Market Opportunities?
Expanding Technological Advancements in Precision Medicine
On a global scale, medicine is understood differently, and this scenario is changing dramatically as healthcare moves toward precision medicine; it will no longer take a one-size-fits-all approach, but rather one that is more targeted and based on each patient's individual clinical, molecular, and lifestyle data. Key players are widely collaborating with the precision medicine community to advance in molecular diagnosis and treatment by leveraging the global infrastructure and knowledge to deliver industry-leading capabilities ranging from population profiling to targeted therapeutics.
The widespread use of precision medicine will usher in a new era in healthcare and diagnostics in which patients will receive the care they require, particularly for life-threatening conditions. Precision oncology, which makes use of next-generation sequencing (NGS) technology to speed up the selection process.
Competitive Landscape
The major players operating in the molecular diagnostics market are Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd., Hologic Inc., Qiagen N.V., Becton, Dickinson and Company, Cepheid, Siemens Medical Solutions Inc., Danaher Corp., Agilent Technologies Inc., Exact Sciences Corp, Abacus Diagnostica Oy [Uniogen], PerkinElmer, Inc., bioMérieux SA, Thermo Fisher Scientific. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
In May 2021, Roche acquired GenMark Diagnostics for a sum of USD 1.8 billion. This acquisition will aid in the expansion of Roche's molecular diagnostics portfolio. Furthermore, the company completed the acquisition of TIB Molbiol Group in December 2021. TIB Molbiol Group has approximately 45 CE-IVD approved assays for infectious disease diagnosis, inherited genetic testing, transplant medicine, and haematology testing.
In June 2021, Hologic, Inc. (US) completed the acquisition of Mobidiag Oy (Finland) which is an innovator in acute care molecular diagnostic testing. This strategy will help the company in expanding its molecular diagnostics product portfolio.
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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