Wilmington,Delaware, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Market Scope and Report Overview
Market intelligence for the global molecular diagnostic market covers market sizes on the basis of market value (US$/EUR Million) and volume (units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the molecular diagnostic market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
The Global Molecular Diagnostic Market is estimated at US$ 9.4 billion in 2022 and is expected to grow at a significant CAGR of over 12.1% over the forecast period of 2019-2028, report by RationalStat.
Advances in molecular biology and biotechnology have resulted in the creation of new and more sophisticated diagnostic systems. These advancements have increased the sensitivity, specificity, and throughput of molecular diagnostic procedures, allowing them to be used in clinical settings.
- The polymerase chain reaction (PCR) is a fundamental biochemical technique for amplifying DNA sequences. PCR technological advancements such as real-time PCR (qPCR), digital PCR, and multiplex PCR have enabled more accurate and quantitative detection of nucleic acids over the years, making it a cornerstone of molecular diagnostics.
- Next-Generation Sequencing (NGS), also known as high-throughput sequencing, has revolutionized genomic research and molecular diagnostics. NGS enables the parallel sequencing of millions of DNA molecules, allowing for a thorough examination of genetic variants, mutations, and complicated disorders.
These technical advances have broadened the applicability of molecular diagnostics in areas such as infectious diseases, cancer, genetic disorders, pharmacogenomics, and prenatal screening. As molecular technologies' capabilities improve, the demand for molecular diagnostics is predicted to increase, altering healthcare delivery and precision medicine.
Regional Market Share and Insights
North America accounts for a significant amount of the worldwide molecular diagnostics market. A well-established healthcare infrastructure, early acceptance of modern technology, and major investment in research and development all contribute to the region's large market share. Because of the increasing number of infectious illness outbreaks and the growing elderly population, it is expected to develop as a molecular diagnostics center. According to the Centers for Disease Control and Prevention (CDC), respiratory syncytial virus (RSV) infections hospitalize more than 60,000 - 120,000 older persons in the US each year, resulting in more than 6,000 fatalities.
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Competition Analysis: Regional and Local Players Dominate the Market
Due to the presence of many well-established companies in the global molecular diagnostics sector, there is intense competition. In order to preserve a competitive advantage in the global molecular diagnostics market, local businesses are developing new, advanced technologies and innovations as the government has boosted its investment in diagnostic labs. It is imperative that India is an import-driven market for molecular diagnostics.
Acquisitions, product launches, and partnerships are the identified industry trend in the global molecular diagnostics market. Significant consolidation is expected in the global market during the assessed period 2022-2030.
- In March 2023, BD announced that it received FDA clearance for the BD Vaginal Panel on the BD COR System, which uses BD's high-throughput molecular diagnostic platform to diagnose the three most frequent causes of viral vaginitis.
- In April 2023, Oxford Nanopore Technologies plc and bioMérieux SA collaborated to deliver the latter's nanopore-based molecular sensing technology to the infectious diseases area. This sequencing device detects variations in electrical current as nucleic acids flow through protein nanopores, and the signal is subsequently processed to yield a specific RNA or DNA sequence.
Some of the leading players involved in the production and marketing of the molecular diagnostics market include BioMérieux SA, Bio-Rad Laboratories, Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc, Illumina, Inc., Johnson & Johnson Services, Inc, Grifols, S.A., F. Hoffmann-La Roche, Ltd, Siemens Healthineers AG, Sysmex Corporation, Becton Dickinson and Co., Danaher Corp., and Luminex Corp and others.
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Government Involvement and Conducive Policies
Government involvement and favorable regulations positively impact the landscape of molecular diagnostics. Governments all around the globe recognize the value of molecular diagnostics in healthcare and have launched various efforts to encourage their development and implementation.
Governments frequently allocate cash for molecular diagnostics research and development. These grants promote scientific research, innovation, and the development of new diagnostic technologies and assays. Governments create regulatory agencies to evaluate and approve molecular diagnostic tests and technology. Regulatory approval guarantees these tests fulfill safety and efficacy requirements, giving healthcare practitioners and patients confidence.
Segmental Analysis: Global Molecular Diagnostic Market
- Based on product/services, the reagents segment is accounted for a major revenue share in the molecular diagnostics market. It is projected to maintain its dominance in the next years as a result of its widespread use in research and therapeutic settings. Standard reagents aid in producing efficient and precise outcomes.
- Based on the test, Lab test due to high procedure volumes for Covid testing in central laboratories, the lab test segment maintained the majority of the market revenue share. Another key driver expected to boost the global molecular diagnostics market is an increase in the number of efforts launched by the government to provide various services, such as payment for diagnostic testing.
- Based on application, in 2022, the infectious illness category had the most significant revenue share of the molecular diagnostics market, accounting for 80.7% of total revenue. The increased use of molecular, particularly PCR assays, for diagnosing COVID-19 is the primary cause for this segment's dominance.
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Market Segmentation: Global Molecular Diagnostic Market Analysis
RationalStat has segmented the global Molecular Diagnostic market based on product/services, test type, technology, application, end-user, and region.
- Global Molecular Diagnostic Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Product/services
- Reagents & Kits
- Instruments
- Services and Software
- Global Molecular Diagnostic Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Test Type
- Lab Test
- Point of Care (PoC) Test
- Global Molecular Diagnostic Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Technology
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Transcription Mediated Amplification
- Sequencing
- Isothermal Nucleic Acid Amplification Technology
- Chips and Microarrays
- Others (Mass Spectrometry, etc.)
- Global Molecular Diagnostic Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Application
- Infectious Diseases
- Flu
- RSV Virus
- Tuberculosis
- Meningitis
- HIV Market
- Hepatitis C/B
- Dengue
- Others (H.Pylori, etc.)
- Cardiology
- Autoimmune Diseases
- Diabetes
- Genetic Testing
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Nephrology
- Other (Drug Testing, etc.)
- Infectious Diseases
- Global Molecular Diagnostic Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by End User
- Hospitals
- Diagnostic labs
- Continue!
- Leading Companies and Market Players
- BioMérieux SA
- Bio-Rad Laboratories
- Abbott
- Agilent Technologies, Inc.
- Danahe, Hologic Inc
- Illumina, Inc.
- Johnson & Johnson Services, Inc
- Grifols, S.A.
- F. Hoffmann-La Roche, Ltd
- Siemens Healthineers AG
- Sysmex Corporation
- Becton Dickinson and Co.
- Danaher Corp.
- Luminex Corp
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Key Questions Answered in the Molecular Diagnostic Market Report:
- What will be the market value of the Global Molecular Diagnostic Market by 2028?
- What is the market size of the Global Molecular Diagnostic Market?
- What are the market drivers of the Global Molecular Diagnostic Market?
- What are the key trends in the Global Molecular Diagnostic Market?
- Which is the leading region in the Global Molecular Diagnostic Market?
- What are the major companies operating in the Global Molecular Diagnostic Market?
- What are the market shares by key segments in the Global Molecular Diagnostic Market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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