At 11.5% CAGR, Molecular Diagnostics Market Size Expected to Reach USD 32.08 Billion by 2027 Says Brandessence Market Research
PUNE, India, April 27, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report title and According to Study "Global Molecular Diagnostics Market is valued at USD 14.97 Billion in 2020 and expected to reach USD 32.08 Billion by 2027 with a CAGR of 11.5% over the forecast period".
Covid-19 has positively impacted the global molecular diagnostics market. During Covid-19 pandemic, diagnostic is the backbone of the coronavirus disease (COVID-19) response. It is used to support the containment efforts to mitigate the outbreak. In addition, the number of companies extending their regional presence owing to approval of COVID-19 IVD tests is relied upon to support the market growth. For example, Vela Diagnostics got the CE-IVD mark for ViroKey SARS-CoV-2 RT-PCR Test. It is a probe-based RT-PCR test utilized with respect to Applied Biosystems 7500 Fast Dx instrument to distinguish SARS-CoV-2. Also, vital players are improving their scope of testing choices for real-time PCR instruments by expanding R&D activities for the advancement of kits that target arising diseases, or by going into agreements with other kit fabricating companies. These include the presentation of Cobas HPV test in Cobas 4800 by Roche Diagnostics. For example, the presentation of tuberculosis testing Xpert examine on GeneXpert stage by Cepheid.
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Rising prevalence of infectious diseases, rapid technological advancements and growing R&D investments are anticipated to drive the growth of global molecular diagnostics Market.
The process of recognizing a diseases by studying molecules, like proteins, DNA, and RNA, in a tissue or liquid form known as molecular diagnostics. It is a collection of procedures used to break down natural indicators in the genome and proteome, and how their cells express their genes as proteins, applying molecular science to clinical testing. In medication, the method is utilized to analyze and monitor illness, detect hazard and choose which treatments will turn out best for individual patients. In agricultural, bio-security also to monitor crop and animals infection, estimate risk, and choose what isolate measures should be taken. Molecular diagnostics is viewed as the best strategy to identify and characterize a microorganism. An effective test should be exact, fast, and furthermore have the option to measure the infectious weight. Better testing rapidly identifies the living being's strain and medication weakness, accordingly, decreasing the delay in tracking down the correct antibiotic. Technological developments, similar to a polymerase chain reaction (PCR), have likewise made it conceivable to identify the antimicrobial obstruction genes and give general health data, for example, strain characterization by genotyping.
Key Players for Global Molecular Diagnostics Market Report: Some major key players for global molecular diagnostics market report cover prominent players Bio-Rad Laboratories, Abbott laboratories, Becton Dickinson, Novartis, Roche Diagnostics, Danaher Corporation, Qiagen N.V, Siemens Healthcare, Cepheid, Hologic, Inc., Johnson and Johnson, bioMerieux, and others.
Global molecular diagnostics market is segmented on the basis of product, technology, application, end-user and regional level & country level. Based upon product, molecular diagnostics market is classified into instruments, reagents and others. Based upon technology, the market is divided into DNA sequencing, polymerase chain reaction, transcription mediated applications (TMA), isothermal nucleic acid amplification technology, microarrays, mass spectrometry and others. Based on the application, the molecular diagnostics market is classified into cancer, genetic testing, pharmacogenomics, infectious diseases, prenatal, neurological diseases, cardiovascular diseases. Based on end-user, the market is classified into diagnostics laboratories, hospitals, nursing homes and others.
News: BATM Developed Molecular Diagnostics Test for Tuberculosis.
March 29th, 2021; BATM announced that it has developed a new method for the rapid and comprehensive diagnosis of tuberculosis (TB). The new strategy combines a one-step PCR test with testing on the NATlab instrument utilizing the new isothermal RCA measure. The PCR test determined in the event that somebody is infected to TB and, if test positive, the NATlab system is utilized to identify the strain of TB and its protection from antibiotics such as rifampicin, isoniazid and quinolones. This cycle, which tests similar sample in the two stages, is required to deliver results in approximately two hours, compared with a few days for the current generally used methods that frequently depend on brooding to decide antibiotic resistance after a patient has been diagnosed as infected to TB.
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Rising Prevalence of Infectious Diseases is one of the Major Factors Driving the Market Growth
The major factor driving the growth of global molecular diagnostics market is raising prevalence of infectious diseases. According to WHO; acute respiratory infections, measles, diarrheal diseases and vector-borne diseases are the major reason for morbidity and mortality in a disasters. In developing nations, the results of seasonal influenza epidemics are not surely known, but research offered that 99% of deaths among kids less than 5 years old with influenza related lower respiratory tract diseases happen in developing nations. Also, Pneumonia represents 15% of all deaths in children's under age of 5 years, killed 808,694 children in 2017. In addition, rapid technological advancements are also fastening the growth of the market. For example, molecular diagnostics plays an essential part in the testing of infectious diseases, as it offers fast and powerful outcomes. It works with accuracy, cost-effectiveness and portability. Moreover, the detection of various diseases has been worked with by developments in molecular diagnostics and is especially effective when face with difficult differential diagnosis. Various Organizations are developing their products by implementing new techniques to acquire specific and accurate outcomes that also expected to foster the growth of the market. For example, Sigma Aldrich Corporation and QIAGEN are developing new innovations, like Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the analysis of tumors.
However, increasing cost of diagnosis and lack of clear & uniform regulatory systems may hamper the market growth. In spite of that, growing R&D investments can offer more opportunities for the further growth of the molecular diagnostics market.
North America is Expected to Dominate the Global Molecular Diagnostics Market: In North America, molecular diagnostics market is probably going to lead in the development line of the global market. In North America, development is attributed to rising consumer awareness, the growing prevalence of diseases, technological advancements, and better healthcare infrastructure. The U.S. held the biggest income share in 2017 as it makes up the majority of the current market and is the most advanced market, regarding the appropriation of molecular diagnostics. In addition, rising prevalence of chronic diseases among elderly population and increasing focus on market strategies by leading players are also supplementing the market growth. For example, partnership between diagnostic organizations to develop companion diagnostics has additionally fostered the growth of the market. According to the American Academy of Family Physicians (AAFP); infectious diseases are responsible for more than 33% of the all-out number of deaths among the older in the U.S. For instance, In 2020, BioGX and Bosch Healthcare Solutions announced partnership to develop point-of-care infectious disease tests called Vivalytic, all-in-one platform.
In Asia Pacific, molecular diagnostics market is projected to grow predominantly on account of rising cases of fatal and chronic diseases and supportive government initiatives during pandemic. Many companies are focusing on to develop new molecular analytic tests, which may further drive market in this region. For instance, in 2016, Abbott announced the presentation of a next generation system called Alinity. This system is utilized for plasma and blood screening, molecular diagnostics, hematology systems, and clinical science.
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