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 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global molecular diagnostics market was pegged at ~US$ 9.1 billion in 2020. The market is expected to witness a CAGR of ~8.6% from 2021 to 2031.
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. However, stringent regulatory framework, ethical concerns, and high cost of the technologies are likely to restrain the market growth to a certain extent.
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.
In recent years, the prevalence of chronic diseases, infectious diseases, and genetic disorders has also increased significantly. Molecular diagnostics are widely used for the detection of these diseases. Furthermore, sudden viral outbreaks of H1N1 & COVID-19 and an 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, 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 launching several novel or complementary diagnostic methods. 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 deter their widespread adoption, thereby hampering the market growth to a certain extent.
The Asia Pacific region is projected to be the fastest-growing molecular diagnostics market. The 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 rising geriatric population and increasing cases of COVID-19 in the region.
Some of the prominent players operating in the molecular diagnostics market are F. Hoffmann-La Roche Ltd, bioMérieux SA, Beckman Coulter, Inc., BD, Siemens Healthcare Private Limited, Grifols, S.A, Abbott Laboratories, Hologic, Inc., Danaher, QIAGEN, among others.