According to MRFR, the Global Molecular Diagnostics Market is poised to register a CAGR of 8.57%and is slated to reach USD 16.32 Billion by 2025. The growing prevalence of infectious disorders, increasing occurrence of various forms of cancer, and advances in molecular testing techniques are primary drivers of market development.
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COVID-19 Analysis
The dissemination of COVID-19 worldwide has significantly expanded the number of confirmed cases and the geographic areas where laboratory research must be carried out and strengthened. The molecular testing of COVID-19 resulted in a worldwide lack of molecular research reagents for COVID-19. Beyond supply issues, absorption capacity is limited in a number of regions, especially in low-and middle-income countries. Testing appears to be a key step in monitoring the accelerated dissemination of the virus. With a growing array of cases, regulators around the world are investigating the possibilities for private labs to scale up research. The broad availability of diagnostics would be sufficient for the rapid diagnosis of COVID-19 cases. The World Health Organisation (WHO) has produced guidelines for research methods as part of the strategic preparedness and response strategy.
Market Dynamics
Technological Advancements In Molecular Diagnostics To Drive The Market Growth
In the testing of infectious diseases, molecular diagnostics play an essential role as they offer rapid and effective results. In order to drive the demand for molecular diagnostics over the forecast period, the increasing prevalence of hospital-acquired infections and infectious diseases is further estimated. The detection of numerous diseases has been facilitated by advances in molecular diagnostics and is particularly effective when faced with difficult differential diagnosis. Molecular diagnostic technological advances are expected to significantly drive market growth as they facilitate cost-effectiveness, accuracy and portability.
Opportunities
Growing R&D Investments to Drive the Market Growth
The demand for molecular testing is expected to drive growing funding by governments and numerous organisations for R&D in molecular diagnostics. The availability of R&D funds and increasing government support for the life sciences sector are expected to boost market growth in this region.
Restraints
Stringency Of Molecular Diagnostics Regulations Likely to Impede Market Growth
In the pharmaceutical, biotechnology, and medical technology sectors, the regulatory framework for approvals has always been a major restrictive factor. Inaccurate results could be provided by faulty diagnostic kits. Therefore the strictness of regulations associated with the approval process for molecular diagnostics limits market growth.
Segment Overview
Global Molecular Diagnostics Market has been segmented into Product, Technique, Application, and End User.
By Product
By product, the market has been segregated into reagents & kits, instruments, and services & software. This market segment of molecular diagnostics is dominated by the the reagents segment. Some of the major growth drivers for the segment are high use of reagents in molecular diagnostic testing, growing demand for over-the-counter diagnostic tests, and increased adoption of these tests in non-medical facilities such as home self-testing..
By Technique
Based on the technique, the market has been divided into a isothermal amplification, polymerase chain reaction (PCR), hybridization, sequencing, microarray, and others. PCR dominates the market due to increased use and advances in PCR techniques are some of this segment’s highest impact rendering drivers.
By Application
The market has been segmented into genetic tests, infectious diseases, oncology, and others based on application. In 2019, infectious disease testing dominated the market for molecular diagnostics due to the relapse of infectious diseases, including new multidrug-resistant TB, H1N1, and HIV strains.
By End-User
By end-user, the market has been divided as hospitals & clinics, diagnostic laboratories, and others. The increasing demand for early diagnosis of numerous diseases has increased the funding for advanced diagnostic laboratories, which means that the segment is likely to see significant growth.
Regional Analysis
The regionally based analysis of the Global Molecular Diagnostic Market has been conducted in the Americas, Europe, Asia-Pacific and the Middle East and Africa.
North America Dominates the Market with Superior Healthcare Infrastructure
During the forecast period, the Americas is projected to dominate the global market for molecular diagnostics. The growing geriatric population and the implementation of new health facilities in the region are attributable to this. North America leads the market because of the existence of a well-established diagnostic system, technical advancements, patient awareness, and the presence of innovative technologies in the area of molecular diagnostics..
Growing R&D Investments Drive the Europe Market
During the forecast period, the European market for molecular diagnostics is expected to be the second-largest. The availability of R&D funding and growing government support for the life sciences sector are expected to boost market growth in this region.
Growing Outsourcing Of Clinical Trials to APAC Drives the Market Growth
Asia-Pacific is estimated to be the fastest-growing market due to developing economies like China, India and South Korea emerging as major destinations for the outsourcing of clinical trials, drug manufacturing and pathology testing. In addition, the study being done in the area has strengthened the healthcare system.
Growing Awareness Towards Molecular Diagnostics Solutions Drives the MEA Market Growth
During the review period, the molecular diagnostics market in the Middle East & Africa is expected to experience steady growth. Increasing expenditure on healthcare to provide better healthcare facilities will increase the growth of the market in the coming years. It is expected that increasing awareness and accessibility of advanced molecular diagnostics solutions will further boost the growth of the molecular diagnostics industry in the region.
Competitive Landscape
Acquisitions of established, advance Diagnostic labs to be the primary tactics adopted by leading players
Companies active in the molecular diagnostic industry plan to strengthen their global reach through authorization by government agencies, partnerships, strategic mergers & acquisitions with other market leaders in their respective territories and regions around the world
December 2020: Naveris, a healthcare company dedicated to improving patient care through early detection of virus-related cancers, announced the closure of its expanded Series A funding, bringing the total amount raised to more than $19 million since its inception.
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