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 a

Report Overview

The global molecular diagnostics market was pegged at ~US$ 9.1 billion in 2020 and is expected to witness a CAGR of ~8.6% during the forecast period.

Market Fundamentals  

Molecular diagnostics is referred to a collection of techniques used for detection of genomic variants, aiming to facilitate detection, diagnosis, sub classification, prognosis, and monitoring response to therapy. It analyses biological markers in the genome and proteome i.e. the individual's genetic code and how their cells express their genes as proteins by applying molecular biology to medical testing. The technique is used to diagnose and monitor disease, detect risk, and decide which therapies will work best for individual patients.

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Market Dynamics

The global molecular diagnostics market is mainly driven by increasing prevalence of chronic diseases, infectious diseases, and genetic disorders; technological advancements in PCR; and increasing demand for rapid diagnostic tests. Furthermore, increasing demand for prenatal genetic testing procedures is likely to play a pivotal role in contributing to growth of the market globally. However, stringent regulatory framework, ethical concerns and high cost of the technologies are likely to restrain the market growth to a certain extent.

Market Ecosystem

The global molecular diagnostics market has been analyzed from five perspectives: Product & Services, Technology, Application, End User, and Region.

Molecular Diagnostics Market by Devices for Product & Services

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Based on devices for product & services, the market has been segmented into systems & instruments, assay reagents & kits and software & service. The assay reagents & kits segment accounted for the largest share in the market (2020) owing to easy accessibility of reagents and their usage across wide range of therapeutic applications.

Molecular Diagnostics Market by Technology

Based on technology, the 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 widely used molecular diagnostic technology, PCR segment accounted for the largest share in the market (2020). Advancements in PCR techniques are expected to further boost the market. For instance, in June 2020, Stilla Technologies, a provider of digital PCR (dPCR) solutions for high-precision genetic analysis, launched the world's first six-color digital PCR instrument, the six-color Prism. The instrument expands the multiplexing capabilities of the company's digital PCR platform, the Naica System.

Molecular Diagnostics Market by Application

Based on application, the market has been segmented into infectious disease, oncology, pharmacogenomics, genetic testing and others (neurological disease, cardiovascular disease, etc.). The infectious disease segment is expected to hold highest share throughout the forecast period. The growth of the segment in the global market can largely be attributed to the sudden viral epidemics of infectious diseases such as H1N1 & COVID-19.  The outbreak of these diseases across the globe have raised the demand for effective molecular testings for detection of such diseases.

Molecular Diagnostics Market by End User

Based on end user, the molecular diagnostics market has been segmented into Hospitals, Academic Institutes & Research Centers and Clinical & Pathology Labs. Clinical & Pathology Labs is estimated to be the fastest growing segment during the forecast period owing to the rise in testing for detection of COVID-19 on an enormous scale.

Molecular Diagnostics Market by Region

Based on region, the global molecular diagnostics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the molecular diagnostics market, followed by Europe. The large share of North America in the global market can largely be attributed to developed healthcare infrastructure, adoption of advanced molecular diagnostics and presence of large number of clinical laboratories in the region. Moreover, high prevalence of infectious diseases & cancers along with growing applications of molecular diagnostics in screening of these diseases is also expected to contribute to the market growth in the region.

Competitive Landscape

Some of the prominent players operating in the molecular diagnostics market includes:

• F. Hoffmann-La Roche Ltd
• bioMerieux SA
• Beckman Coulter, Inc
• BD, Siemens Healthcare Private Limited
• Grifols
• S.A
• Abbott Laboratories
• Hologic, Inc
• Danaher
• QIAGEN, among others

Strategic Developments

• In Sept 2020, QIAGEN N.V. announced the complete acquisition of the diagnostics instruments company NeuMoDx Molecular, Inc. for $248 million in cash. The move rounds out QIAGEN's portfolio of automated molecular testing solutions based on the proven PCR technology. Transaction was aimed to strengthens QIAGEN's leadership position in automated molecular testing
• In Aug 2020, OpGen announced CE-IVD marking and commercial launch in Europe of its own developed molecular diagnostic SARS-CoV-2 Kit with PULB for detection of the virus causing COVID-19
• In Oct 2019, Sherlock Biosciences and Mologic Ltd, announced a new collaboration to revolutionize molecular diagnostic testing in low-resource settings and within the home. The work is being facilitated by the Bill & Melinda Gates Foundation through an expansion of an existing grant to Mologic

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