Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- According to the recent study published by Transparency Market Research, the global molecular diagnostics market was estimated at a market value of USD 14.99 million in 2020. During the forecast years of 2021 to 2028, the market is expected to grow at a rate of 11.1% CAGR and finally reach USD 37.19 billion by 2028.
The aging population is increasing globally. Coincidentally, the chance of developing a wide range of illnesses, including diabetes, cancer, cardiovascular disease, obesity, and neurological problems is rising.
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A United Nations research report estimates that 727 million people worldwide will be 65 years of age or older in 2020. It is anticipated that by 2050, there will be twice as many people aged 80 and older than there are today, or more than 1.5 billion people. The forecasted increase in the worldwide geriatric population over the course of the projected period is likely to have a significant influence on the market.
It is anticipated that throughout the course of the projected period, the prevalence of infectious disorders would fuel market expansion. It is expected that the target population would increase due to the rising prevalence of STIs like HIV and HPV, which will accelerate the market's expansion. Around the world, HIV prevalence and incidence were estimated by the WHO to be around 37.7 million and 1.5 million, respectively, in 2020. Additionally, those who with HIV are extremely vulnerable to other diseases including TB, which is the primary cause of mortality for those with HIV. Factors as these, will propel the global demand for molecular diagnostics in the coming years.
Key Findings of Market Report
- In 2020, the molecular diagnostics market's revenue was dominated by the infectious illness segment.
- The oncology category is anticipated to see strong CAGR growth throughout the projection period.
- In 2020, Europe contributed significantly to revenue. This is explained by the growing prevalence of infectious and chronic illnesses, respectively.
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The Global Market for Molecular Diagnostics: Key Trends
- The category that generated the most earnings in 2021 was polymerase chain reaction (PCR). This is explained by the fact that it is used to identify COVID-19 alongside additional infectious disorders.
- Market expansion is anticipated to be fueled by the growing use of high-throughput capabilities PCR technology to identify viral and genetic illnesses. For example, Seegene announced the arrival of their Allplex SARS-CoV-2 Fast PCR Assay in January 2022. The test may be completed in 60 minutes, making it appropriate for mass testing.
- DNA sequencing procedures and newly developed NGS technologies, like sequencing platforms as well as RNA sequencing, are examples of sequencing technologies that serve the molecular diagnostics market.
Global Molecular Diagnostics Market: Regional Outlook
- North America had a higher revenue share in 2020 as a result of the expanding epidemiology of viral and chronic illnesses. The market is anticipated to expand in the upcoming years as a result of the market-boosting research and development efforts. The high level of living and consumer awareness are resulting in a demand for early diagnosis, which is assisting in the expansion of the market in this area.
- Asia Pacific is predicted to see a significant CAGR over the course of the projected year as a result of growing market penetration and significant unmet demand. The market is anticipated to grow as a result of the region's constantly growing patient pool, early detection, focused therapy, and early prevention.
Global Molecular Diagnostics Market: Key Players
- Stemcell Technologies
- Astellas Pharma Inc.
- Cellular Engineering Technologies Inc.
- BioTime Inc.
- Abbott Laboratories
- Thermo Fisher
- bioMerieux Inc.
- Takara Bio Inc.
- U.S. Stem Cell Inc.
- BrainStorm Cell Therapeutics Inc.
- Cytori Therapeutics Inc.
- Osiris Therapeutics Inc.
- Caladrius Bioscience Inc.
Some developments by the key players in the global market for molecular diagnostics are:
- The TaqPath Enteric Bacterial Select Panel, a CE-IVD certified panel, was introduced by Thermo Fisher Scientific in October 2022 to quickly identify common gastrointestinal bacteria.
- SkylineDx introduced Merlin Assay as a CE-IVD distributable kit for testing in Europe in September 2022. The Merlin Assay detects melanoma (skin cancer) patients who can safely forego a sentinel lymph node biopsy (SLNB) surgery because they have a low risk of nodal spread.
- Roche paid US$ 1.8 billion to purchase GenMark Diagnostics in May 2021. Roche's molecular diagnostics portfolio will grow as a result of this purchase. It acquired TIB Molbiol Group in December 2021. For the detection of infectious illnesses, transplant medicine, inherited genetic testing, and hematological testing, TIB Molbiol Group has over 45 CE-IVD approved assays.
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Global Molecular Diagnostics Market Segmentation
By Technology
- PCR and real-time PCR
- Hybridization
- Microarray
- Transcription-medicated amplification
- Next-generation sequencing
- Others
By Application
- Infectious Diseases
- Virology
- Bacteriology
- Oncology
- Blood screening
- Microbiology
- Genetic Testing
- Women’s Health
By End User
- Hospitals
- Diagnostic Laboratories
- Blood Banks
- Academic and Research
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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