Increasing genetic disorders and prenatal genetic testing procedures to boost the molecular diagnostics market growth

Molecular Diagnostics Market by Product & Services [Systems & Instruments, Assay Reagents & Kits, and Software & Service], Technology [Polymerase Chain Reaction (PCR), DNA Sequencing & Next-Generation Sequencing (NGS), In Situ Hybridization, and Microarrays], Application [Infectious disease, Oncology, Pharmacogenomics, Genetic Testing], End User [Hospitals, Academic Institutes & Research Centers and Clinical & Pathology Labs] – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by GRG Health, the global Molecular Diagnostics market was pegged at ~US$ 21.1 billion in 2021. The market is expected to witness a CAGR of ~5.10% from 2022 to 2030.

Molecular diagnostic tests are used in reference labs, diagnostics centers, research institutes, hospitals and blood banks, and are used to screen donated blood products for infectious diseases like HIV and hepatitis. In hospitals, testing is often performed to identify specific pathogens in patients with infections for qualitative and quantitative diagnosis. The technique is also used to diagnose and monitor disease, detect risk, and decide which therapies will work best for individual patients. Molecular diagnostics help to understand biological composition on structure and function of nucleic acid and proteins which are found in genetic material or with specific health diseases. It analyses biological markers in the genome and proteome.

Increasing prevalence of chronic diseases, infectious diseases, and genetic disorders; technological advancements in PCR; and increasing demand for prenatal genetic testing procedures are some of the pivotal factors propelling the growth of the molecular diagnostics market. Along with new technologies genome sequencers are most cost efficient and accurate which is also boosting market for this segment. Molecular diagnostics market has been segmented into polymerase chain reaction (PCR), DNA sequencing & next-generation sequencing (NGS), in situ hybridization, microarrays and others (transcription mediated amplification, mass spectrometry etc.). Being the most widely used molecular diagnostic technology PCR segment is accounted for the largest share in the market. Furthermore, advancements in PCR techniques is also expected to boost the market growth to a greater extent. However, stringent regulatory

framework, ethical concerns and high cost of the technologies are likely to restrain market growth.

Government bodies and numerous organizations across the globe are implementing several initiatives to fastrack the development of molecular diagnostics for COVID-19 by providing the necessary funding, grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For instance, in March 2020, QIAGEN gained BARDA (Biomedical Advanced Research and Development Authority) funding for approval process of QIAstat-Dx test kit for SARS-CoV-2 coronavirus. BARDA contributed $ 598,000 to accelerate QIAGEN's evaluation of the testing cartridge that detects the genetic material of COVID-19. Many companies are also working together for new technological development. For instance, in June 2022 CerTest Biotec and BD (Becton Dickinson and Company) announced a collaboration to develop a molecular diagnostic test for the latest Monkeypox virus.

In the recent years, the prevalence of chronic diseases, infectious diseases, and genetic disorders has increased significantly. Molecular diagnostics are widely used for the detection of such diseases. Furthermore, sudden viral outbreaks of H1N1 & COVID-19 and increase in its incidence across the globe have raised the demand for effective diagnostic technologies. The first case of COVID-19 was found in Dec 2019, and by the end of Dec 2020, the count has surged to more than 90.3 million globally. This factor is expected to boost the growth of the market considerably.

In an effort to maintain their position in market, prominent players are continuously making an effort to launch several novel or complementary diagnostic methods that can offer more advantages. For instance, in July 2020, Mylab Discovery Solutions launched ‘Compact XL’ a machine claimed to fully automate the manual lab operations and test multiple samples concurrently including RT-PCR tests for COVID-19.

However, the high cost of testing coupled with lack of coverage associated with many diagnostic technologies is expected to create significant barriers to their widespread adoption, thereby hampering the market to a certain extent.

The Asia Pacific region is projected to be the fastest growing molecular diagnostics market. High growth of region can mainly attributed to its developing healthcare infrastructure, rising pharmaceutical & life science research activities, and high clinical unmet needs. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to the large population, rising geriatric population who have low immunity and increasing cases of COVID-19.

Some of the prominent players operating in the molecular diagnostics market are F. Hoffmann-La Roche Ltd., bioMérieux SA, Beckman Coulter Inc., Becton Dickinson & Company, Siemens Healthcare Private Limited, Grifols SA, Abbott Laboratories Inc, Hologic Inc., Danaher Corporation and QIAGEN NV among others

awards awards key differentiators

Reach Us

enquire@growthplusreports.com

Web –  www.growthplusreports.com