Pune, India, February 11, 2021 (GLOBE NEWSWIRE) – Molecular Diagnostics Market Overview:
Market Research Future (MRFR) shows the Molecular Diagnostics market will grow at a decent 8.57% growth rate and should reach a whopping $ 16.32 billion by 2025.
Molecular diagnostics is a method / technique with which proteins or nucleic acids can be detected and examined at the molecular level. The technique helps to understand a person’s genome in order to identify predisposition to certain conditions or diseases in order to diagnose them. Molecular diagnostics was critical in assessing a wide variety of infectious diseases and provided effective and rapid results. Technical advances in molecular diagnostics facilitate the effective detection of several diseases and are particularly efficient with complex differential diagnoses.
Latest trends after COVID-19 outbreak
The COVID-19 pandemic has spread at a dramatic pace worldwide, which in turn increases the need for effective laboratory testing. Molecular testing for the novel coronavirus has resulted in a shortage of molecular test reagents. Supply-side challenges aside, the market is facing problems of limited absorption capacity in numerous regions, especially in underdeveloped countries.
However, with the number of SARS-CoV-2 cases rising, governments are doing everything in their power to expedite testing in private laboratories. They are focused on providing a broader range of molecular diagnostics for the rapid detection of COVID-19. The World Health Organization, as part of the Response and Preparedness Plan, has developed test strategy measures that may be beneficial to the molecular diagnostic industry in the years to come.
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Molecular Diagnostics Market Players Locking Horns:
- Illumina (USA)
- CLONIT SRL (Italy)
- Becton, Dickinson and Company (USA)
- Abbott Laboratories (USA)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Hologic, Inc. (USA)
- EKF Diagnostics (UK)
- Thermo Fisher Scientific (USA)
- Agilent Technologies (California)
- Cepheid (USA)
- Novartis (Switzerland)
- Siemens (Germany)
- QIAGEN (Europe)
The Molecular Diagnostics Market There are a multitude of business giants involved in competitive strategies such as launches, collaborations, acquisitions and mergers, as well as agreements to achieve a higher position. This has created a highly competitive environment in the global molecular diagnostics industry.
To cite a reference, Integrity Laboratories introduced a new quantitative index in January 2021 to accompany the COVID-19 sample. This newest feature is called AmpliteCt and is a viral load indicator that can be used to assess the amount of viral genetic material present in the sample. The AmpliteCt algorithm is supported by numerous important data points, e.g. B. a cycle threshold (Ct), with which SARS-CoV-2 patients can be effectively divided into low, medium and high infection rates.
That same month, OmniSeq, an advanced sequencing company specializing in oncology, worked with the University of Pittsburgh Medical Center to use its RNA-seq gene expression profile assay to select immunotherapy combinations for people in Phase II clinical trials enrolled in a recurrent / metastatic squamous cell carcinoma of the head and neck. The main objective is the effective and accurate selection of novel immunotherapeutic combinations through the use of a highly personalized technique to promote response rate and to develop improved predictive biomarkers in terms of effectiveness.
Future market growth factors:
Molecular diagnostics generally provide quantitative estimates at every stage of medical care. Enable efficient management of various health problems or conditions. Molecular diagnostic instruments benefit the clinical setting and offer sensitive and rapid approaches to the detection and monitoring of various infections, various types of cancer and chronic diseases. The geriatric population is extremely susceptible to a number of chronic diseases, including Parkinson’s, lung disease, diabetes, and heart disease, which require accurate molecular diagnostics. As a result, the world’s steadily growing elderly population may favor the molecular diagnostic industry in the years to come.
The Centers for Disease Control and Prevention (CDC) say dementia and Alzheimer’s are common in the age group 60 and over, and the risk increases with age. In developed and developing economies there is an increasing increase in age-related disorders and infections, which is reflected in a strong demand for molecular diagnostics and the global market.
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Molecular Diagnostics Market Segmentation:
The molecular diagnostics market study lists some key segments, namely product, technology, application and end user.
In terms of product technology, the market segments are instruments, services and software as well as reagents and kits. The reagents and kits are the most sought-after products in the molecular diagnostic industry, and the segment is cited as the fastest CAGR for years to come. The increasing availability of various reagents and kits, the increasing use of reagents in various therapeutic areas, and the growth in research as well as commercial applications have increased the demand for molecular diagnostic reagents and kits in the market. Bio-Rad, bioMérieux, and Roche are some of the leading companies offering molecular diagnostic reagents and kits.
In terms of engineering, the key segments can be microarray, isothermal amplification, polymerase chain reaction (PCR), sequencing, hybridization, and others. The PCR segment leads the way and its large market share can be attributed to its increasing use in genomics and proteomics, the automation of a range of PCR instruments and the introduction of cutting edge technologies such as qRT-PCR. However, the sequencing segment could predict the fastest growth rate due to the escalating cancer cases, increasing focus of gamers on developing sequencing kits, and the growing scope of sequencing in genomic research.
The main applications of molecular diagnostics are genetic testing, oncology, infectious diseases and more. Infectious disease testing remains the primary application of molecular diagnostics given the frequent relapse of these diseases, such as new multi-drug resistant H1N1, HIV and TB strains.
Leading end users in global industry are diagnostic laboratories, hospitals and clinics, and others. Hospitals and clinics make up the top segment and were valued at $ 4,078.09 million in 2018.
Regional Status and Challenges of the Molecular Diagnostics Market:
Geographically, the molecular diagnostics market can be split into Europe, America, the Middle East and Africa, or MEA and the Asia-Pacific region, or APAC.
In the coming years, the American market should take the lead in the global market for molecular diagnostics. The main factors driving the growth of the regional market include the growing elderly population and the availability of modern healthcare facilities, as well as the use of advanced equipment and technology. Other factors that promote market growth are the availability of an optimized and modern diagnostic system, technical innovations and a high level of patient awareness.
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MRFR expects the European market to take the second lead in the years to come due to the large budgets for R&D activities and the substantial government support for the life sciences industry. Accelerated cases of various lifestyle related diseases such as heart disease coupled with the increase in discoveries in human genetics and molecular biology are also increasing the market size in the region. The rapid development of techniques in the field of molecular biology, sophisticated scientific and biomedical applications in health care and the introduction of innovative technical approaches would also support the market growth rate in Europe, particularly in Germany, in the assumed period.
The Asia-Pacific region will remain the fastest growing market thanks to the significant contribution from emerging economies such as China, South Korea and India. These countries have proven to be the most popular centers for drug manufacturing outsourcing, pathology testing, and clinical trials. In addition, the increase in large-scale studies in the field of molecular diagnostics has strengthened the health system in the region. The increase in GDP, a significant increase in disposable income, increasing health expenditure, the improvement of health infrastructure and the increasing diffusion of modern clinical laboratory technologies (especially in rural areas) are also accelerating the growth of the molecular diagnostics market in the region.
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