Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Molecular Diagnostics Market and demographic challenges, showed how it could move forward in the coming years.
Molecular Diagnostics Market Top Vendors
The top vendors in the global molecular diagnostics market include Hologic, Inc. (U.S.), QIAGEN N.V. (the Netherlands), Grifols (Spain), Bio-Rad Laboratories, Inc. (US), Abbott (U.S.), Siemens Healthcare GmbH (Germany), F. Hoffmann-La Roche Ltd. (U.S.), Cepheid (U.S.), BD (U.S.), bioMérieux SA (France), Beckman Coulter Inc. (U.S.), and others.
Molecular Diagnostics Market Outlook
The latest study conducted by Market Research Future (MRFR) envisions a promising future for the global molecular diagnostics market, which is poised to surge at a brilliant CAGR of 9.6% during the forecast period (2017-2023).
Molecular diagnostic tests are highly useful in detecting certain sequences in DNA or RNA, which include single nucleotide polymorphism (SNP), rearrangements, deletions, insertions, as well as others so the disease can be further diagnosed. Such cumulative techniques are used for the analyzation of biological markers at the molecular level, like proteome and genome. Furthermore, such techniques can also be used for diagnosing various infectious diseases, cancer, along with many other conditions, in addition to checking the genetic predisposition to a disease.
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Molecular Diagnostics Market Growth Drivers and Key Barriers
The relentlessly expanding geriatric population around the world is expected to render tremendous positive impact on the growth of the molecular diagnostics market over the given timeframe. This is true as aging radically augments the risk of infectious and chronic conditions which can be taken care of better when diagnosed at an initial stage of development. Also, United Nations forecasts that the global geriatric population is set to expand from the value of 962 million in 2017 to 2.1 billion by the year 2050. This drastic increase in the elderly population base coupled with the consequent surge in demand for early and improved diagnostic methods will be highly instrumental in the growth of the molecular diagnostics market in the near future.
In addition, the aging population generally opt for non-hospital settings like home care on account of the comfort factor as well as the economic benefits associated with this kind of setting. This factor leads to the increased need for point of care diagnostic testing that offer rapid and accurate results.
Besides, numerous companies are making immense efforts for developing point of care molecular diagnostic tests in order to widen their customer base and also rise above their current market position. They also enter into partnerships and collaborations with other companies in a bid to soar above the intense competition the market is characterized by. Accelerated demand for point of care molecular diagnostic supports the development of the molecular diagnostics market as well, laying a strong foundation for further expansion of the market size in the foreseeable future. Illustrating the efforts put in by the players, Sona Nanotech Inc., in March 2019, collaborated with a UK medical diagnostics company for developing a highly sensitive point of care diagnostic tests that are highly useful for diagnosing various infectious diseases.
Molecular Diagnostics Market Opportunities
With the alarming rise in the occurrence of sexually transmitted infections (STIs) like Chlamydia trachomatis and Neisseria gonorrhoeae, the frequent need of diagnostics is equally on the rise around the world. Therefore, the demand for molecular diagnostics has been quite decent in the past couple of years. In short, the increasing adoption of molecular diagnostics in the wake of increasing STIs across the globe will present countless growth opportunities to the molecular diagnostics market.
Molecular Diagnostics Market Segmentation
The market for molecular diagnostics is segmented on the basis of techniques, applications and end users.
The various techniques in the global market are Polymerase chain reaction (PCR) and real-time PCR, fluorescence in-situ hybridization, microarray, transcription-mediated amplification, and next-generation sequencing.
Application-wise, the market caters to infectious diseases, oncology, blood screening, genetic testing, pharmacogenomics, human leukocyte antigen typing, coagulation, others.
Lastly, the end users that are mentioned in the report are hospitals, diagnostic laboratories, academics and research institutions.
Molecular Diagnostics Market Regional Outlook
The regional analysis done for the global molecular diagnostics market is for the key regions of America, Asia Pacific, Europe, as well as Middle East & Africa.
Based on the geographical distribution, America has attained the substantial share of the global molecular diagnostics market, with Europe and Asia Pacific right behind. Growing prevalence of chronic diseases along with a number of cancer types, and massive investment in research sector for the treatment of diseases has elevated the market position of molecular diagnostics at a global level. The constant prediction of the ever-increasing range of infectious diseases like HIV and hepatitis contribute to the market expansion in the region. Apart from this, a swelling demand for biomarkers that are used for rapid diagnosis will auger well with the regional market growth in the near future.
Europe is steadily catching up with America, amassing the second largest share of the global market on account of the elevated demand for biomarker test for diagnosing cardiovascular diseases, especially amongst the obese people. The molecular diagnostics market in the region observes strong growth on the back of the accelerated demand for advanced molecular diagnostic products.
However, it is the region of Asia Pacific that has catapulted right among the strong contenders in the global market, by growing at the fastest rate. The strong presence of growing number of low budget hospitals and clinics along with a massive population base has resulted in the lavish growth of the market in Asia Pacific.
Middle East & Africa will be noting a rather restricted growth in the global market because of the lack of awareness among the general mass, as well as due to the limited development of the medical industry.
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Molecular Diagnostics Industry Developments
February 2019 – Co-Diagnostics, Inc. has recently launched its first multi-disease diagnostic which was built by using their patented CoPrimer design platform. This diagnostic test can be used for dengue, chikungunya and Zika, which was developed to cater to the market demand for a cost-effective and highly-accurate diagnostic tool for all the three diseases.