Pune, India, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Molecular Diagnostics Market Overview:
Market Research Future (MRFR) reveals that the Molecular Diagnostics Market is set to procure a decent growth rate of 8.57% and should be able to touch a whopping USD 16.32 Billion by 2025.
Molecular diagnostics is a method/technique that helps detect and study proteins or nucleic acids at a molecular level. The technique helps understand the genetic makeup of a person for identifying the predisposition to certain conditions or diseases in order to diagnose it. Molecular diagnostics have been crucial in assessing a variety of infectious disorders while offering effective and quick results. Technical advances in molecular diagnostics facilitate effective detection of several diseases and are particularly efficient during complex differential diagnoses.
Latest Trends Post COVID-19 Outbreak
The COVID-19 pandemic has been spreading worldwide at a dramatic pace, in turn boosting the need for effective laboratory testing. Molecular testing for the novel coronavirus has resulted in a shortage of a number of molecular testing reagents. Apart from the supply-based challenges, the market is facing issues in the form of limited absorption capacity across numerous regions, especially in underdeveloped countries.
However, with the escalating number of SARS-CoV-2 cases, governments are doing everything in their capacity to ramp up testing in private laboratories. They are focusing on making available a wider range of molecular diagnostics for fast detection of COVID-19. The World Health Organization has come up with testing strategy measures as part of the response and preparedness plan, which could be favorable for the molecular diagnostics industry in the years to follow.
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Molecular Diagnostics Market Key Players Locking Horns:
- Illumina (US)
- CLONIT SRL (Italy)
- Becton, Dickinson and Company (US)
- Abbott Laboratories (US)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Hologic, Inc. (US)
- EKF Diagnostics (UK)
- Thermo Fisher Scientific (US)
- Agilent Technologies (California)
- Cepheid (US)
- Novartis (Switzerland)
- Siemens (Germany)
- QIAGEN (Europe)
The molecular diagnostics market is rife with a number of business giants that are involved in competitive strategies like new launches, collaborations, acquisitions and mergers as well as agreements, with the aim to seize a higher position. This has resulted in an intensely competitive ambience in the global molecular diagnostics industry.
To cite a reference, in January 2021, Integrity Laboratories launched a new quantitative index that accompanies COVID-19 specimen. This latest feature is called AmpliteCt and is a viral load indicator that helps assess the amount of viral genetic material present in the specimen. The AmpliteCt algorithm is backed by numerous essential data points, such a cycle threshold (Ct) to effectively categorize SARS-CoV-2 patients within low, moderate as well as high levels of infection.
In the same month, OmniSeq, a firm specializing in advanced sequencing in the oncology segment, collaborated with the University of Pittsburgh Medical Center to use its RNA-seq gene expression profile assay to select immunotherapy combinations for individuals in the Phase II of the clinical trial, suffering from Recurrent/Metastatic head and neck squamous cell carcinoma. The main aim is effective and accurate selection of novel immunotherapeutic combinations by employing a highly personalized technique to foster the response rate and also design improved predictive biomarkers in terms of efficacy.
Future Market Growth Factors:
Molecular diagnostics generally offer quantitative estimations at every stage of medical care; enabling efficient management of various health issues or conditions. Molecular diagnostic tools benefit the clinical setting, offering sensitive and rapid approaches to detect and monitor diverse infections, several types of cancer, and chronic disorders. The geriatric populace is extremely prone to a number of chronic ailments that include Parkinson's disease, lung diseases, diabetes, heart disease, which require accurate molecular diagnostics. As a result, the consistently growing elderly population worldwide can favor the molecular diagnostics industry in the ensuing years.
The Centers for Disease Control and Prevention (CDC) says that dementia and Alzheimer’s disease are quite common among the age group of 60 years and more, with the risk rising with age. Developed and developing economies are increasingly encountering a surge in age-related disorders and infections, which translates into a strong demand for molecular diagnostics as well as the global market.
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Molecular Diagnostics Market Segmentation:
The molecular diagnostics market study lists a few key segments, namely product, technique, application, and end user.
Product-wise, the market segments are instruments, services & software and reagents & kits. The reagents and kits are the most sought-after products in the molecular diagnostics industry, and the segment is touted to claim the fastest CAGR in the years ahead. Surging availability of various reagents and kits, reagents’ increasing use in several therapeutic areas and the growth in research as well as commercial applications have fostered the demand for molecular diagnostic reagents and kits in the market. Bio-Rad, bioMérieux and Roche are some of the leading firms that offer molecular diagnostic reagents and kits.
With respect to the technique, the key segments can be microarray, isothermal amplification, polymerase chain reaction (PCR), sequencing, hybridization, and others. PCR segment is in the lead and its large share in the market can be the result of the surging use in genomics and proteomics, the provision of automation of a number of PCR instruments and the introduction of cutting-edge technologies such as qRT-PCR. However, the sequencing segment could project the fastest growth rate on account of the escalating cases of cancer, players’ rising focus on the development of sequencing kits and the expanding application scope of sequencing in researches based on genomics.
Top applications of molecular diagnostics are genetic tests, oncology, infectious diseases, and more. Testing of infectious disease remains the top application of molecular diagnostics in view of the frequent relapse of these diseases, such as new multidrug-resistant H1N1, HIV and TB strains.
Leading end users in the global industry are diagnostic laboratories, hospitals & clinics, and others. Hospitals & clinics form the top segment and was worth USD 4.078.09 million in the year 2018.
Molecular Diagnostics Market Regional Status and Challenges:
Geographically, the molecular diagnostics market can be split into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC.
Over the coming years, the American market should clinch the top position in the global molecular diagnostics market. Some of the primary factors favoring the regional market’s growth include the expanding elderly population and the availability of modern health facilities along with the use of advanced devices and technologies. Other factors that also promote market growth include the existence of a streamlined and modern diagnostic system, technical innovations, high patient awareness.
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MRFR expects the European market to claim the second lead in subsequent years, as a result of the large-scale budgets allocated for R&D activities and the significant government support with respect to the life sciences industry. Accelerated cases of various lifestyle-related diseases like heart disorder paired with the increase in discoveries in human genetics and molecular biology also enhance the market size in the region. Rapidly developing techniques in the molecular biology field, sophisticated scientific and healthcare biomedical applications and the adoption of innovative technical approaches would also bolster the market growth rate in Europe, especially in Germany, over the conjectured period.
Asia Pacific will remain the fastest advancing market thanks to the substantial contribution from emerging countries like China, South Korea and India. These countries have turned out to be the top favored hubs for outsourcing of drug manufacturing, pathology testing and clinical trials. Additionally, the increase in extensive studies in the molecular diagnostics area has bolstered the healthcare system in the region. Surge in GDP, significant increase in disposable incomes, rising healthcare spending, upgradation of the healthcare infrastructure and the mounting penetration of modern clinical laboratory technologies (particularly in rural locations) also accelerate the growth of the molecular diagnostics market in the region.
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