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Global Molecular Diagnostics Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Products and Service, Technology, End-User and Region (North America, Europe, Asia Pacific, Latin America, The Middle East and Africa) – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 10293
Pages: 190
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Molecular Diagnostics Market Size (2022 to 2027)

As per our analysis report, the global molecular diagnostics market size is estimated to grow from USD 11.77 billion in 2022 to USD 18.1 billion by 2027, growing at a CAGR of 9.0% between 2022 to 2027. Abbott Laboratories, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, Illumina, Qiagen, and Roche Diagnostics played a significant role in the recent market past and is predicted to account for significant molecular diagnostics market share during the forecast period.

Molecular diagnostic research blends laboratory testing with the precision of molecular biology. It has revolutionized the way human, bacterial, and microbial genomes, their genes, and clinical and public health laboratories study the products they encode.

MARKET DRIVERS:

The rising prevalence of infectious diseases is expected to drive the global molecular diagnostics market growth.

According to WHO, diarrheal diseases, acute respiratory infections, measles, and vector-borne diseases are the major communicable causes of morbidity and mortality in disasters. Pneumonia accounts for 15% of all deaths in children under the age of 5 years, killing 808,694 children in 2017. The consequences of seasonal influenza epidemics are not well understood in developing countries, but research suggests that 99% of deaths among children under five years of age with influenza-related lower respiratory tract infections occur in developing countries.

Another primary factor for the global molecular diagnostics market's growth is that this technique can identify various diseases at the advanced level, which are very difficult to diagnose. Technological advancements in molecular diagnostics have driven the market as the diagnosis has become much cheaper and more accurate. The diagnosis has also been changed to more portable solutions, further boosting the molecular diagnostics market growth.

Additionally, factors such as an increase in the prevalence of infectious diseases and various types of cancer increased awareness and acceptance of personalized medicines, and the growth in biomarker identification diagnostics drives the market growth. Furthermore, growing funding by governments and numerous organizations for R&D in molecular diagnostics is anticipated to drive the demand for molecular testing.

MARKET RESTRAINTS:

The lack of a transparent and effective regulatory framework is expected to hamper the growth rate of the global molecular diagnostics market.

The majority of human influenza infections are diagnosed clinically. However, the infection of other respiratory viruses during low influenza activity and outside of outbreak is an influenza-like illness (ILI), rhinovirus, respiratory syncytial virus, parainfluenza, and adenovirus may also occur, making it challenging to identify influenza from other pathogens clinically.

Rising diagnostic costs of diseases such as oncology, neurology. With the delay in the approval of experimental tests for molecular diagnosis, regulatory and legal standards are expected to restrict the market growth in molecular diagnostics.

Impact of COVID-19 on the global molecular diagnostics market:

A novel coronavirus (2019-nCoV or SARS-CoV-2) triggers COVID-19 and has become a global emergency for public health. For the screening, isolation, treatment, prevention, and monitoring of COVID-19, rapid and accurate molecular diagnostic technologies are essential. The primary diagnostic methods are nucleic acid detection-based techniques and fast diagnostic tests that identify antigens or antibodies unique to 2019-nCoV infections. In addition, increased testing criteria seek to validate infections and guide the best practices for treating patients and their symptoms as more confirmed cases are identified. Because of the global severity of the SARS-CoV-2 virus this year and its resulting COVID-19 disease, a new challenge has been raised to clinical laboratories, conducting tests that started with numbers in the hundreds that have now entered the millions.

To keep pace with reported cases of COVID-19, already expanded laboratory testing criteria grew even further with the advent of the SARS-CoV-2 virus. As stated by some research groups, the asymptomatic spread of COVID-19 made it necessary to develop multiplex and point-of-care techniques such as isothermal amplification, CRISPR-based techniques, and microfluidic techniques. To test most of the population and isolate infectious people, often in remote areas, quarantine centers, and developing countries that lack adequate infrastructure and expertise, can be used.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By-Products And Service, Technology, End-User and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global molecular diagnostics market has been segmented and sub-segmented based on products and services, technology, end-user, and region.

Molecular Diagnostics Market – By Products and Service:

  • Reagents and kits
  • Instruments
  • Software and service

Based on the products and services, the Reagents and Kits segment is expected to hold the largest share of the global molecular diagnostics market during the forecast period. This segment is also projected to register the highest CAGR during the forecast period. The availability of a wide range of reagents and kits has driven the growth of this segment. In addition, increasing the use of reagents in different therapeutic areas and increasing basic research and commercial applications have also boosted this growth segment. Easy accessibility to a wide range of reagents is the primary factor supporting the growth of the molecular diagnostic reagents and kits market. 

Instruments have the second-largest share in the global molecular diagnostics market and are expected to register decent growth during the forecast period. An increase in accessibility for a wide range of instruments has driven the market's development, and market growth has attracted new players in the market and thus reduced the prices.

Software and services have the third place among all the segments. The market is expected to grow reasonably as more development is going on in the software industry worldwide. Therefore, the investment is being made to increase the potential.

Molecular Diagnostics Market – By Technology:

  • Polymerase Chain Reaction (PCR)
  • Isothermal Nucleic Acid Amplification Technology (INAAT)3.
  • DNA Sequencing and NGS
  • DNA Microarrays
  • In Situ Hybridization
  • Other Technologies

Based on the technology, the PCR segment was expected to account for the largest share of the molecular diagnostics market in 2019. Furthermore, this market is projected to continue doing so during the forecast period. The large percentage of the PCR segment is attributed to the growing use of PCR in proteomics and genomics, the automation of PCR instruments, and the emergence of advanced technologies like qRT-PCR.

However, the DNA sequencing and NGS segments are projected to register the highest growth rate during the forecast period. The increasing incidence of cancer, increasing the focus of key market players on developing and launching diagnostic NGS kits and panels drive growth. In addition, other factors, such as growing sequencing applications in genomics research and increased requirement and necessity for molecular-targeted drugs/therapies (personalized medicine), contribute to the segment's growth.

 Molecular Diagnostics Market – By End-User:

  • Hospital and Academic Laboratories
  • Reference Laboratories
  • Other End-Users

Based on the end-user, the hospital and academic laboratories segment is estimated to account for the largest market share among other segments from 2020 to 2025, mainly due to increased numbers. Now hospitals have more funding and are expected to provide quality healthcare, and thus there is a more advanced technology for molecular diagnosis. The academic laboratories also use it to further technological developments and, in turn, drive market growth.

The reference laboratories have the second largest share and are expected to grow faster, mainly due to increased numbers.

Molecular Diagnostics Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Geographically, during the forecast period, it is expected that the Americas will lead the global molecular diagnostics market due to the growing geriatric population and the availability of advanced healthcare facilities in the region. However, in the forecast period, the European market for molecular diagnostics could become the second-largest market.

The North American molecular diagnostics market is projected to lead the global market during the forecast period due to the rising population and increasing disposable incomes. The Fed has also invested a lot in healthcare to provide cost-friendly treatment. Progress in technology and increasing awareness of the early illness, Advances in molecular diagnostic testing will continue to increase the precision and speed at which microbial pathogens can be identified. The genes of a patient can be analyzed and become an integral element of patient-tailored therapies and therapeutics. Increasing demand for North American diagnosis, North America dominates the molecular diagnostic market due to well-established infrastructure and government initiatives.

The Asia Pacific market is projected to register the highest growth during the forecast period. Growing GDP, a significant rise in disposable income levels, and increased healthcare spending by a more extensive population base are factors driving the market's growth. The modernization of healthcare infrastructure and the rising penetration of cutting-edge clinical laboratory technologies (especially in rural areas) drive the development of the molecular diagnostics market in the Asia Pacific. Rising demand in the Asia Pacific for POC diagnostics due to the growing geriatric population, lifestyle, and awareness among emerging countries. The proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. In 2050, 80% of older people will live in countries with low and medium incomes, reported by WHO.

The European region is expected to grow at the third-highest rate, mainly due to increasing the geriatric population and improving healthcare services quality. In addition, increased number of R&D ventures in developed economies such Americas, Europe, etc.; according to data of the Global Innovation Index 2019, global R&D investment has continued to increase, more than doubling between 1996 and 2017.

KEY MARKET PARTICIPANTS:

Some of the leading competitors that dominate the global molecular diagnostics market in this report are Abbott Laboratories, Agilent Technologies, Becton, Dickinson And CompanyBiomérieux SA, Danaher Corporation, and Diasorin Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific.

RECENT HAPPENINGS IN THIS MARKET:

  • As part of Hologic, Inc.'s expansion into molecular diagnostics, Biotheranostics Inc. (US) was acquired in January 2021.
  • Roche Diagnostics acquired Stratos Genomics (US) in May 2020, which supplemented the company's nanopore technology development and offered Roche Diagnostics access to SBX, a proprietary chemical created by Stratos Genomics.
  • The ID NOW PoC system was launched by Abbott Laboratories in March 2020.
  • Roche and GenMark Diagnostics announced a merger agreement in March 2021 whereby Roche will acquire GenMark in its entirety. Roche and GenMark Diagnostics agreed to combine in March 2021, with Roche acquiring GenMark fully. Roche's current molecular diagnostics portfolio will be supplemented with GenMark's syndrome panel testing portfolio, acquired as part of the deal.
  • In March 2021, QIAGEN NV unveiled the QIAcube Connect MDx, a customized platform for automated sample processing that will be available to molecular diagnostic laboratories in the United States and Canada, as well as other global markets.
  • In April 2020, BD, a medical technology company, and BioGX Inc., a molecular diagnostics company, announced that they had submitted Emergency Use Authorization requests to the US Food and Drug Administration (FDA) for the approval of a new diagnostic test, which, if approved, would allow hospitals to screen for COVID-19 and receive results in three hours.
  • In December 2020, GeneIQ, a Dallas-based molecular diagnostics laboratory, pivoted, like many other firms around the country, to combat the ongoing COVID-19 outbreak with a massive expansion.
  • Co-Diagnostics Inc. announced the sale of over 10 million Logix SmartTM COVID-19 test kits to its domestic and international laboratory, hospital, and supplier network in December 2020.

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FAQ's

What is the projected global market value of molecular diagnostics by 2027?

As per our research report, the global molecular diagnostics market size is estimated to be worth USD 18.1 billion by 2027.

Does this report include the impact of COVID-19 on the molecular diagnostics market?

Yes, in this report, the COVID-19 impact on the global molecular diagnostics market is included.

Which region led the molecular diagnostics market in 2021?

Geographically, the North American regional market dominated the molecular diagnostics market in 2021.

Who are the major players operating in the molecular diagnostics market?

Abbott Laboratories, Agilent Technologies, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, and Diasorin Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific are a few of the notable companies operating in the global molecular diagnostics market.

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