Molecular Diagnostics Market Size Worth USD 31.28 billion by 2030| Global Molecular Diagnostics Industry Updates, Leading Players, Share, Size, Future Growth, Business Statistics Insights, and Industry Expansion Strategies, by Growth Plus Reports
NEW YORK, July 6, 2022 /PRNewswire/ -- The Global Molecular Diagnostics Market is expected to clock US$ ~31.28 billion by 2030 owing to increasing demand for rapid diagnostic tests for detection of various life threatening conditions.
Molecular diagnostic tests are used to screen donated blood products for infectious diseases like HIV and hepatitis. In hospitals, testing is often performed to identify specific pathogens in patients with infections for qualitative and quantitative diagnosis. The technique is also used to diagnose and monitor diseases, detect disease risk, and decide which therapies will work best for individual patients. Molecular diagnostics help to understand biological composition on structure and function of nucleic acid and proteins which are found in genetic material or with specific health diseases.
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The global molecular diagnostics market has been analyzed from five different perspectives – Product & Services, Technology, Application, End User, and Region.
Market Driver
Researchers have been strongly encouraged to create quick and precise pathogen detection technologies as a result of worldwide outbreaks of infectious diseases that are fatal and are brought on by pathogenic microorganisms.
Culture-based methods are often thought of as the gold standard for pathogen detection, however their use is somewhat constrained by the lengthy turnaround time required by overnight growing and pathogen separation.
The creation and use of molecular diagnostic methods have revolutionised the detection and tracking of infectious diseases over the past few years.
Excerpts from 'by product & services segmentation'
The global molecular diagnostics market has been segmented into:-
- Systems & Instruments
- Assays
- Reagents & Kits
- Software & Service
The assay, reagents & kits segment accounted for the largest share in the market owing to easy accessibility of reagents and their usage across a wide range of therapeutic applications.
Followed by this, the molecular diagnostics service segments is also showing growth owing to the entry of new diagnostic laboratories, increasing prevalence of chronic diseases and growing demand for early diagnostic tests and treatments.
Excerpts From'by technology segmentation'
The global molecular diagnostics market has been segmented into:-
- Polymerase Chain Reaction (PCR)
- DNA Sequencing & Next-Generation Sequencing (NGS)
- In Situ Hybridization
- Microarrays
- Others (transcription mediated amplification, mass spectrometry, etc.)
With the introduction of new genome sequencer platforms, genome sequencing is now affordable to many and also the novel personalized medicine approach needs a genome sequencing report. For instance, in Aug 2020 Illunia launched NovaSeq 6000 v1.5 new reagent kit which is more cost effective and had reduced genome sequencing costs by 40% - 70%. The new NovaSeq ^ 6000 v1.5 Reagent Kits were launched to make whole-genome sequencing more affordable and accessible in labs.
Excerpts from 'By Application Segmentation'
The global molecular diagnostics market has been segmented majorly into five distinct applications, viz: -
- Infectious Disease
- Oncology
- Pharmacogenomics
- Genetic Testing
- Others (neurological disease, cardiovascular disease, etc.)
The molecular diagnostics market is expected to grow owing to increased cancer diseases, advanced diagnostic tests for early detection, and precision medicine trends for cancer treatment are pushing the market.
The infectious disease segment also holds largest market share in the molecular diagnostics market. The growth of the segment can be mainly attributed to the sudden viral epidemics of infectious diseases such as H1N1 & COVID-19. The outbreak of these diseases across the globe had raised the demand for effective molecular testings for detection of such diseases.
For instance, in June 2022 CerTest Biotec and BD (Becton Dickinson) announced a collaboration to develop a molecular diagnostic test for the latest Monkeypox virus.
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Excerpts from 'By Region Segmentation'
The global molecular diagnostics market has been segmented into
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
Asia Pacific is also projected to be the fastest-growing molecular diagnostics market. The high growth of region can mainly be attributed to its developing healthcare infrastructure, rising pharmaceutical & life science research activities, the prevalence of cancers, and high clinical unmet needs are driving the market growth. Countries such as India, China, and Japan, are projected to offer significant growth opportunities owing to the large population, increasing consumption of tobacco & alcohol and rising geriatric population who have low immunity are fueling the market growth. Europe is also expected to show growth in the global molecular diagnostics market owing to rapid adoption of novel technologies, availability of robust infrastructure, and high prevalence of infectious and chronic diseases.
Excerpts from 'Competitive Landscape'
The prominent players operating in the global molecular diagnostics market are:
- F. Hoffmann-La Roche Ltd
- bioMérieux SA
- Beckman Coulter Inc
- Becton Dickinson & Company
- Siemens Healthcare Private Limited
- Grifols
- SA
- Abbott Laboratories Inc
- Hologic, Inc
- Danaher Corporation
- QIAGEN NV
- Among others
Table of Content
- INTRODUCTION
- Market Ecosystem
- Geographic Scope
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Technological Advancements
- Key Players & Their Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL MOLECULAR DIAGNOSTICS MARKET – ANALYSIS & FORECAST, BY PRODUCT & SERVICES
- Systems & Instruments
- Assay Reagents & Kits
- Software & Services
TOC Continue…..
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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