Molecular Diagnostics Market
Market Overview:
In 2018, the worldwide market for molecular diagnostics was valued at USD 7,854.45 million, estimated at USD 13,340.35 million by 2024, while witnessing a CAGR of 9.23 percent during the forecast period 2019-2024. Factors responsible for market development include big global outbreaks of bacterial and viral epidemics, increased demand for point-of-care diagnostics, latest pharmacogenomics advances, and quickly changing technology. The best technique for identifying and characterizing a microorganism is regarded to be molecular diagnostics. An efficient test must be accurate, quick and capable of measuring the burden of infection. Better testing identifies the strain and drug sensitivity of the organism rapidly, thereby decreasing the delay in finding the correct antibiotic. Technological advances, such as a polymerase chain reaction PCR , also made it possible to recognize genes of antimicrobial resistance and provide data on public health, such as genotyping strain characterization. The section of infectious disease presently registers the largest development in the market for molecular diagnostics.
Report Scope:
Molecular diagnostic tests detect specific DNA or RNA sequences including single nucleotide polymorphisms SNP , deletions, rearrangements, insertions, etc. that may or may not be associated with diseases. Over the past few decades, molecular diagnostics have been revolutionized. It is currently the driving force behind healthcare transformation, leading to molecular biology developments.
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These include sequencing of the next generation, microarray techniques, liquid biopsies, early detection of cancer, direct-to-consumer testing, and point-of-care testing.
Market Trends:
Instruments Sub-segment is expected to hold the largest market share in the product section The product segment of the worldwide molecular diagnostics industry is thought to have the biggest market volume and is anticipated to have a CAGR of 9.13% over the forecast period. Molecular testing plays a crucial role in evaluating the prognosis of disease and the reaction to treatment, as well as detecting minimal residual disease. Due to developments in chemistry and instrumentation, including automation, integration, throughput, and the capacity to use the instrumentation in a random access mode, molecular diagnostics has evolved over the previous century. High-performance liquid chromatography HPLC , mass spectrometry MS , and nuclear magnetic resonance NMR are some of the sophisticated instruments used in this market, along with real-time PCR, enzyme-linked ImmunoSorbent Assay ELISA , RadioImmunoAssay RIA , lateral flow devices, patient safety syringes, point-of-care test devices, and others.
North America Dominates the Market and is Expected to do the Same over the Forecast Period:
At present, North America dominates the market for molecular diagnostics and is anticipated to remain its stronghold for a few more years. The United States represents the biggest market share in the molecular diagnostics market in North America as a whole. Molecular diagnostics have played a crucial part in altering the face of diagnosis of disease and ensuring rapid detection and precise care for patients with critical illness. Increasing per capita health spending, advancing healthcare infrastructure, and increasing the amount of infectious diseases and cancer cases in the U.S. has resulted to a change in trend from traditional diagnostic techniques to molecular diagnostics.
Moreover, rising technological advances, increasing fresh players entry, and rapid implementation of sophisticated molecular diagnostics are helping to grow the U.S. market.
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Competitive Landscape:
The global market for molecular diagnostics is extremely competitive and is made up of several significant players. With regard to market share, the market is presently dominated by few of the main players. However, mid-size to tiny businesses are growing their market presence with technological advances and product innovations by introducing new equipment with lower prices. Substantial market shares are held by companies such as Abbott Laboratories, F. Hoffmann-la Roche Ltd, Hologic Corporation, Danaher Corporation, and Agilent Technology.
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