Molecular Diagnostics Market Size
As per the report published, the size of the global molecular diagnostics market is forecasted to hike at a 9.0% CAGR from 2020 to 2025.
The molecular diagnostic is a collection of techniques used to analyse biological markers in the individual’s genetic code. It is also used to analyse how the cells express their genes as proteins by applying molecular biology to medical testing. Molecular diagnostic tests have initiated a revolution in the diagnosis and monitoring of infectious diseases over the past several years. Molecular diagnostic tests such as microbial phenotypic characteristics, chromatographic profiles, bio typing, and susceptibility testing are widely done for the identification and differentiation of infectious diseases.
Key Market Drivers:
The key factor driving the global molecular diagnostics market is the ability of this technique to identify diseases that are difficult to diagnose using traditional methods. Factors like an increase in the geriatric population and the increase in the prevalence of diseases have increased the demand for molecular diagnostics test all around the globe. The advancement in technology of molecular diagnostics haves made these tests cheaper than before and increased the access to more people. The increase in funding for research and development due to government initiatives or private collaborations will positively influence the growth of the market during the forecast period. The increased accuracy of these tests is expected to increase the popularity of these tests.
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Significant Challenges:
The significant factor hindering the growth of pharmaceutical, biotechnology, and medical technology industries doing research in molecular diagnostics is the regulatory framework to get approval. The faulty molecular diagnostic tests can cause harm to a patient’s life, and this is an important issue with the regulatory bodies. The lack of advancement of technology in some regions acts as a restraining factor for the global molecular diagnostics market growth.
Impact of COVID-19 on the global molecular diagnostics market:
The prevalence of COVID-19 all around the globe has positively impacted the molecular diagnosis market. These tests can help the detection of the coronavirus for the increasing number of patients so that a corona positive patient can be kept in isolation to avoid the spread of viruses. The opening of temporary hospitals and diagnostic centers for the people has improved the market of the molecular diagnostics market. The increase in funding from the government for better research and development will positively impact molecular diagnostics during the forecast period.
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This research report on the global molecular diagnostics market has been segmented and sub-segmented based on the product type, application, end-user, and region.
By Products and Service:
- Reagents and kits
- Instruments
- Software and service
Based on the products and services, the reagents and kit had the largest market share in 2019 and is expected to retain the position during the forecast period. This sub-segment is expected to register the highest CAGR among all other sub-segments. The availability of a wide range of reagents and kits has driven the growth of this segment. The increase in the use of reagents and kits in therapeutic areas will have a positive impact on the market. An increase in basic research and commercial applications has also boosted the growth of this segment. Easy accessibility of a wide range of reagents is the main market driving factor.
The Instruments sub-segment had the second largest market share and is expected to grow at a good rate during the forecast period. The increase in accessibility for a wide range of instruments has driven the market’s growth. The introduction of new players has reduced the prices further and made it more accessible for all.
Software service is expected to register a healthy growth rate during the forecast period. The increase in technological advancement due to growth in the software industry all over the world will positively impact the sub-segment.
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 application, the PCR sub-segment had the largest market share in 2019 and is expected to retain its position during the forecast period. The large share of the PCR segment is attributed to the growing use of PCR in proteomics and genomics and due to the emergence of advanced technologies like qRT-PCR. The increase in research and development will be useful for the future.
The DNA sequencing and NGS segment are projected to register the highest growth rate during the forecast period. The main factor driving growth is to increase cases of cancer. Growing applications of sequencing in genomics research, along with the increased requirement and necessity for molecular-targeted drugs, will help the market growth.
By End-User:
- Hospital and Academic Laboratories
- Reference Laboratories
- Other End-Users
Based on the end-user, the hospital and Academic laboratories sub-segment are expected to dominate the market during the forecast period. An increase in the number of hospitals has increased the accessibility of people and overall benefitted the market. More funding for hospitals will ensure advanced technology molecular diagnosis.
The reference laboratories have the second largest share and are expected to grow at a fast rate, mainly due to an increase in their number. The increase in the prevalence of chronic diseases is ensuring the growth of this sub-segment.
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Regionally, North America had the largest revenue share in 2019. Rising population and increasing disposable incomes are the major market growth driving factors. The increased investment from Feds to improve the healthcare facilities and provide low-cost treatment has helped the market to grow.
The market in the Asia Pacific is projected to register the highest growth during the forecast period. Growing GDP and a significant rise in disposable income levels are the major positively influencing factors on the market. The increasing population in India and China will boost market growth further. The modernization of healthcare infrastructure and use of better technology will also help the market growth.
The European region is expected to grow at the third-highest rate, mainly due to an increase in the geriatric population and improving the quality of healthcare services.
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TOP COMPANIES IN THIS MARKET
Key market participants that are dominating the global molecular diagnostics market analyzed in this report are Abbott Laboratories, Agilent Technologies, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, Diasorin, Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific.
List of Tables and Figures of the report:
- Global Molecular Diagnostics Market, By Technology, From 2020 to 2025 (USD Billion)
- Global Molecular Diagnostics Market, By Application, From 2020 to 2025 (USD Billion)
- Global Molecular Diagnostics Market, By Region, From 2020 to 2025 (USD Billion)
- Global Products and Services Market, By Region, From 2020 to 2025 (USD Billion)
- Global Products and Services Market, By Application, From 2020 to 2025 (USD Billion)
- Global Reagents and kits Market, By Region, From 2020 to 2025 (USD Billion)
- Global Instruments Market, By Region, From 2020 to 2025 (USD Billion)
- Global Software and service Market, By Region, From 2020 to 2025 (USD Billion)
- Global Products and Services Market, By Technology, From 2020 to 2025 (USD Billion)
- Global Polymerase Chain Reaction (PCR) Market, By Region, From 2020 to 2025 (USD Billion)
- Global Isothermal Nucleic Acid Amplification Technology (INAAT)3 Market, By Region, From 2020 to 2025 (USD Billion)
- Global DNA Sequencing and NGS Market, By Region, From 2020 to 2025 (USD Billion)
- Global DNA Microarrays Market, By Region, From 2020 to 2025 (USD Billion)
- Global In Situ Hybridization Market, By Region, From 2020 to 2025 (USD Billion)
- Global Other Technologies Market, By Region, From 2020 to 2025 (USD Billion)
- Global Products and Services Market, By End-User, From 2020 to 2025 (USD Billion)
- Global Hospital and Academic Laboratories Market, By Region, From 2020 to 2025 (USD Billion)
- Global Reference Laboratories Market, By Region, From 2020 to 2025 (USD Billion)
- Global Other End-Users Market, By Region, From 2020 to 2025 (USD Billion)
- 130+ More
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