REPORT HIGHLIGHT

The molecular diagnostics market is estimated to represent a global market of USD 5,933 million by 2019 with growth rate of 9.1%.

The molecular diagnostic, a subset of in vitro diagnostics, is a laboratory technique, used to identify the underlying cause of disease condition. It offers a rapid approach for the detection of a wide range of human ailments. Demand for molecular diagnostics is growing at a rapid pace across the globe. This diagnostic test enables to detect specific sequences in genetic material i.e. DNA or RNA associated with the specific disease condition. The diagnosis helps the physician to uncover underlying mechanism of the disease condition. This technique requires easy steps, including, extraction and purification, amplification, and detection of the amplified target using PCR technique. The molecular diagnostic test is a dynamic area of diagnostic technique which has recolonized healthcare industry.

Market Dynamics

Currently, molecular diagnostics captured relatively a small share of the overall diagnostic industry. However, this technique has captured significant attention among scientists as it plays important role in the field of pharmaceutical and biotechnology industries. Nowadays, this technique is routinely used in reference laboratories, hospitals, and blood banks. Continuous innovation in the field of diagnostics is expected to stimulate the development of molecular diagnostics area at rapid pace. For example, increasing automation has enabled molecular tests to be performed at the full scope of healthcare settings.

This advancement has also paved the way for molecular diagnostics to detect various viruses and bacteria which are difficult to culture with traditional techniques. For example, tuberculosis bacillus bacteria can be detected effectively through molecular diagnostic method. Additionally, the emergence of cutting-edge molecular diagnostic technologies for cancer and infectious diseases further boosted the market growth considerably. For example, leading companies are increasingly researching on an application of DNA chip or microarray for a molecular test. This will allow detection of the multitude of pathogens at one point in time. Such advancements are projected to establish the healthy platform for the market growth, leading to driving the industry. However, a high cost of these tests is considered to be one of the major restraining factor. However, faster diagnostic results and more targeted treatment through these tests will reduce the hospitalization cost, decreasing overall healthcare cost.

Products Takeaway

In terms of products, the market is categorized as instruments and reagent. Among which, reagent segment captured the largest share of the total market. Development of new reagents for various diagnostic testing assays is expected to support the market growth to some extent. For example, Bioline offers the variety of molecular reagent for detection and monitoring of various disease condition. Company’s portfolio includes reagents such as ISOLATE II Nucleic Acid Isolation Kits, SensiFAST Real-Time PCR Kits, JetSeq DNA Library Preparation Kit, and many others. Technology segment is divided as In Situ Hybridization, PCR, Mass spectrometry, Chips and microarrays, Sequencing, Transcription Mediated Amplification (TMA), and Others.

COVID-19 Impact and Recovery Analysis
The novel COVID-19 has put the world on a standstill, affecting major operations, leading to an industrial catastrophe. However, this market is positively affected due to this outbreak. This report presented by AnalystView Market Insights contains a thorough analysis of the pre and post COVID-19 market scenarios. The report includes all the recent development and changes recorded during the COVID-19 outbreak and comprehends the analysis of top performer segments and marginal growth segment in blood culture test sector.

Regional Takeaway

Regionally, North America accounted for the largest share owing to the rising research and development activities coupled with new product approvals. In Europe, presence of high prevalence rates of target diseases coupled with high healthcare expenditures in Western European countries support the industry growth. The growth of this market in developing regions is primarily driven by the rising access to the advanced healthcare facilities coupled with favorable government initiatives.

Key Vendor Takeaway

Companies such as Abbott, bioMérieux, Danaher Corporation, Qiagen, and Roche are profiled in the study. The industry is highly competitive and consolidated in nature, led by few number of key players, accounting for majority of revenue share. For example, Roche Diagnostics, with a market share of around 35%, is considered to be the leading player of the market. The market is witnessing a flurry of mergers & acquisitions among small scale and large scale industries. For example, Hologic acquired Gen-Probe in August, 2012, in an attempt to gain share via market expansion.

The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.

The years considered for the study are:

Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027

The proposed reports analyse and evaluates the COVID-19 impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.