Latest Study on “Molecular Diagnostics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Molecular Diagnostics market size is expected to be worth around US$ 33.6 Billion by 2027, according to a new report by nova one advisor.
The global Molecular Diagnostics market size was valued at US$ 18.2 Billion in 2020 and is anticipated to grow at a CAGR of 13.1% during forecast period 2021 to 2027.
Overview of Molecular Diagnostics Market Study
Molecular Diagnostics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/4375
Growth Factors:
Market growth is driven by the increasing prevalence of infectious diseases and cancer, the rising funding for R&D, the increase in PoC testing devices and technological advancements.
The increasing prevalence of infectious diseases and cancer in developed and developing regions will positively influence the growth of the molecular diagnostics market. The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for molecular diagnostic tests. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for molecular diagnostics during the forecast period. These tests are performed by molecular diagnostics; hence, it is expected to have a positive impact on this market.
Market Dynamics
Driver: Increasing prevalence of infectious diseases and cancer
The increasing prevalence of infectious diseases and cancer in developed and developing regions will positively influence the growth of the molecular diagnostics market. The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for molecular diagnostic tests. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for molecular diagnostics during the forecast period. These tests are performed by molecular diagnostics; hence, it is expected to have a positive impact on this market.
Opportunity: The growing significance of companion diagnostics
Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients based on the best response to therapy. The co-development of companion diagnostics with therapeutic products can significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With an increase in the demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics has high growth potential. The growing importance of companion diagnostics is also providing growth opportunities for the molecular diagnostics market. Pharmaceutical companies are increasingly collaborating with diagnostic companies to make safer and more effective drugs. The growing availability of such advanced and efficient companion diagnostic tests is expected to support market growth in the coming years.
Restraint: The high cost of instruments
A molecular diagnostic instrument is expensive. The variable costs of the reagents needed, and those fixed by the suppliers thereof, add to the overall expenditure. Furthermore, maintenance and insurance, laboratory supervision, and overhead costs (including utilities, space, and administration) are also additional expenses. The high-volume of molecular diagnostic instruments may be affordable only for large hospitals and reference laboratories with good capital budgets. Most small laboratories, physician’s offices, and sole practitioners have no capital budgets and may not be able to afford a large or very large-sized analyzer. Thus, high-cost requirements might restrain the growth of the molecular diagnostics market.
In 2020, reagents & kits segment accounted for the largest share of the molecular diagnostics market, by product & service
Based on product, the molecular diagnostics market is segmented into into reagents & kits, instruments, and services & software. In 2020, the reagents & kits segment accounted for the largest share of this market. The frequent purchase of these products due to their recurrent usage drives the market growth of this segment.
In 2020, polymerase chain reaction (PCR) segment accounted for the largest share in the market, by technology
The molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), in situ hybridization (ISH), DNA sequencing and next-generation sequencing (NGS), DNA microarray, and other technologies based on test type. In 2020, the polymerase chain reaction (PCR) segment accounted for the largest share. This can be attributed to the growing use of PCR in proteomics and genomics, use of RT-PCR in COVID-19 test, automation of PCR instruments, and the emergence of advanced technologies like qRT-PCR drive this segment’s growth.
North America is the largest regional market for molecular diagnostics
The global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global molecular diagnostics market. The North American molecular diagnostics market’s growth can be attributed to the highly developed healthcare system in the US and Canada, the presence of many leading national clinical laboratories, and the easy accessibility to technologically advanced instruments.
Buy Complete Assessment of Molecular Diagnostics market Now@ https://www.novaoneadvisor.com/report/checkout/4375
COVID-19 Impact on Molecular Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Molecular Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Molecular Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Key Players:
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Molecular Diagnostics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Molecular Diagnostics market include:
- Hoffmann-La Roche Ltd(Switzerland), Hologic, Inc. (US), bioMérieux SA (France), Abbott Laboratories (US), QIAGEN (Netherlands), Thermo Fisher Scientific Inc. (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Myriad Genetics Inc. (US), Illumina Inc. (US), Agilent Technologies Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A (Italy), Grifols S.A. (Spain), Quidel Corporation(US), Genetic Signatures (Australia), MDxHealth, Inc. (US), Exact Sciences Corporation (US), Biocartis NV (Belgium), TBG Diagnostics Ltd. (Australia), GenMark Diagnostics Inc. (US), Luminex Corporation (US), HTG Molecular Diagnostics Inc. (US), Vela Diagnostics (Singapore), Amoy Diagnostics Co., Ltd. (China), Molbio Diagnostics Pvt. Ltd. (India), ELITechGroup (France), Savyon Diagnostics Ltd. (Israel), ABACUS Diagnostica Oy (Finland), and geneOmbio Technologies Pvt. Ltd. (India).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
This report categorizes the molecular diagnostics market into the following segments and subsegments:
By Product
- Reagents & kits
- Instruments
- Tabletop Instruments
- Portable & PoC Instruments
- Services & Software
By Technology
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing & Next-Generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- DNA Microarrays
- Other technologies
By Application
- Infectious Disease Diagnostics
- COVID-19
- Hepatitis
- HIV
- CT/NG
- HAI
- HPV
- Tuberculosis
- Influenza
- Other Infectious Diseases
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Tests
- Other Applications
By End User
- Diagnostic Laboratories
- Hospitals and Clinics
- Other End Users
Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/molecular-diagnostics-market
Why Buy this Report?
The purpose of Nova one advisor’s Molecular Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4375
About Us
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@novaoneadvisor.com