New York, USA, May 09, 2023 (GLOBE NEWSWIRE) -- Molecular Diagnostics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Molecular Diagnostics Market Information, By Product, Technique, Application, End User - Forecast till 2030”, the market size is projected to reach USD 29.3 billion by 2030 at 5.7% CAGR during the forecast period 2022-2030
Market Scope:
The fast developing subspecialty of laboratory medicine known as molecular diagnostics (MDx) studies the genomes of living things including people, viruses, and bacteria. In all of clinical and anatomic pathology, molecular diagnostic methods and platforms play a vital and expanding role. In the past ten or so years, the range of clinical laboratory tests that rely on DNA and RNA analysis has multiplied. By giving medical experts including doctors, pharmacists, geneticists, forensic scientists, researchers, and others a new level of information, molecular pathology and diagnostics are changing the diagnostic laboratory. Despite the creation and proliferation of several variant detection tests, DNA sequencing continues to be the best tool for the identification and surveillance of infectious illnesses. Advancements in next-generation sequencing (NGS) are particularly pertinent in this context.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 29.3 Billion |
| CAGR | 5.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Technique, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Advances in molecular testing techniques |
| Growing prevalence of infectious disorders and increasing occurrence of various forms of cancer |
Molecular Diagnostics Market Competitive Outlook:
Organizations in the molecular diagnostics sector want to grow worldwide by obtaining regulatory permission, establishing strategic alliances, and purchasing established rivals in other nations and regions.
- Hoffmann-La Roche Ltd
- Hologic, Inc.
- QIAGEN
- Becton, Dickinson and Company
- Abbott Laboratories
- Cepheid
- Siemens
- Thermo Fisher Scientific
- Agilent Technologies
Molecular Diagnostics Market Trends:
Market Drivers
The market for molecular diagnostics is being driven by advances in molecular testing techniques as well as the increased prevalence of infectious illnesses and malignancies. Because of their speed and precision, molecular diagnostics are crucial in the detection of infectious illnesses. Over the projection period, the incidence of infectious diseases and hospital-acquired illnesses is likely to increase, which would increase demand for molecular diagnostics. Many disorders may now be identified thanks to advancements in molecular diagnostics, especially when a differential diagnosis is proving difficult. Recent scientific advancements in molecular diagnostics enable cost-effectiveness, precision, and mobility, which are all expected to significantly fuel market expansion.
Governments and various organizations are expected to increase their funding of research and development in molecular diagnostics as the demand for these tests rises. This region's molecular diagnostics market is predicted to grow quickly due to increased government funding for the life sciences industry and the availability of funds for R&D.
Market Restraints
A significant barrier to the development of novel pharmaceutical, biotech, and medical technology products has long been the regulatory framework for approvals. Insufficient diagnostic kits may provide false positives or false negatives. Consequently, the strict restrictions governing the licensing procedure for such tests prevent the market for molecular diagnostics from growing.
COVID-19 Analysis:
The number of confirmed cases and the regions where laboratory research must be done and enhanced have substantially expanded as a result of COVID-19's global expansion. There is now a global scarcity of COVID-19 molecular research reagents as a direct result of molecular testing. In addition to shortages, some areas, particularly those with low and moderate incomes, also have insufficient absorption capacity. It seems that testing is crucial for monitoring the virus's quick spread. Authorities from all across the world are investigating whether or not private laboratories can enhance their research output as the number of reported instances rises. Because diagnostics are so widely accessible, rapid diagnosis of COVID-19 should be easy. As a part of the strategic plan for readiness and response, the World Health Organization (WHO) has developed recommendations for research techniques.
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Molecular Diagnostics Market Segmentation:
In comparison to the rest of the sector, the molecular diagnostic reagents segment is substantially larger. Some of the main growth factors for the market are high reagent usage in molecular diagnostic testing, increased demand for over-the-counter diagnostic tests, and rising acceptance of these tests in non-medical institutions, such as home self-testing.
By Technique
Polymerase chain reaction (PCR) is the industry standard for molecular diagnostics due to its extensive use and quick technical advancement.
By Application
The molecular diagnostics market's infectious disease testing sector has emerged as the most profitable due to the recurrence of infectious illnesses such emerging multidrug-resistant strains of TB, influenza, and HIV in 2019.
By End-User
Due to the increasing need for early identification of a variety of illnesses, which has led to greater funding for cutting-edge diagnostic laboratories, the diagnostic laboratories subsector is anticipated to develop quickly.
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Molecular Diagnostics Market Regional Analysis:
Over the projected period, the Americas are expected to be the world's largest regional market for molecular diagnostics. The area's growing older population and new healthcare facilities are to blame. North America dominates the market because to its sophisticated diagnostic infrastructure, technological advancements, elevated patient awareness, and accessibility to state-of-the-art molecular diagnostics equipment.
Europe is estimated to have the second-largest market for molecular diagnostics throughout the anticipated time range. The availability of funds for R&D and the growing government support for the life sciences sector in this region are expected to drive growth in the molecular diagnostics market.
The Asia-Pacific area is anticipated to expand at the fastest rate, with developing economies like China, India, and South Korea acting as key locations for outsourcing clinical trials, drug production, and pathology testing. In addition, the region's healthcare system has advanced as a result of the research carried out there.
Over the course of the study period, the MENA region's molecular diagnostics market is anticipated to grow gradually. The growth of the molecular diagnostics sector will accelerate over the next years as a result of increased healthcare spending intended to upgrade the healthcare system. Rising consumer interest in and accessibility of cutting-edge testing techniques are predicted to support growth in the molecular diagnostics business.
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