Global Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), by Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), by End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Other), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 14,772.2 Million in 2022 and is expected to exhibit a CAGR of 11.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing product approvals by regulatory authorities or government organizations is expected to drive market growth over the forecast period. For instance, on April 30, 2020, Enzo’s Diagnostics, a provider of next-generation COVID-19 test kits under the U.S. Food and Drug Administration’s (FDA) Emergency Use Authorization (EUA) authority. Enzo Biochem announced its comprehensive COVID-19 Program incorporating its molecular diagnostic virus screening products, detection for immunity through IgG/IgM serological Enzyme-Linked Immunosorbent Assay (ELISA) products, detection of inflammation on Enzo’s ELISA platform, and a promising proprietary drug candidate (SK1-I).
Global Molecular Diagnostics Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the global molecular diagnostics market, owing to increased government initiatives for development of molecular diagnostics against Covid-19. For instance, On September 1, 2021, The European Union (EU) and World Health Organization (WHO) established molecular diagnostic laboratory in Wau, Western Bahr el Ghazal, South Sudan to increase testing capacity for COVID-19.
Global Molecular Diagnostics Market: Key Developments
On July 7, 2020, Mylab Discovery Solutions, a molecular diagnostics company had launched ‘Compact XL’ –machine to automate the manual processes of molecular diagnostic tests such as RT-PCR tests for Covid-19. Compact XL is a compact bench-top machine that would automate lab processes from sample handling to preparing RT-PCR ready tubes. It is a cartridge-based machine and can test multiple samples at the same time. It can be used for a wide range of Ribonucleic acid (RNA) and Deoxyribonucleic acid (DNA) based tests including Covid-19 RT-PCR tests. The machine can take input of various sample types such as plasma, tissue, sputum and swab.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Molecular Diagnostics Market”- Forecast to 2030, Global Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), by Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), by End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Other), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Molecular Diagnostics Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/molecular-diagnostics-market-1545
Moreover, increasing inorganic activities such as acquisitions among market players is expected to drive market growth during the forecast period. For instance, On November 11, 2021, EKF Diagnostics, a global in vitro diagnostics company, announced that it had acquired Advanced Diagnostic Laboratory LLC, a U.S. based PCR-focused testing laboratory certified under the Clinical Laboratory Improvement Amendments (CLIA) for high-complexity molecular diagnostics testing. ADL Health’s CLIA-certified laboratory covers the fields of clinical, forensic and microbiological tests. The business has ISO 15189 Medical Laboratory accreditation giving it recognition in 44 countries.
Key Takeaways of the Global Molecular Diagnostics Market:
- Global molecular diagnostics market is expected to exhibit a CAGR of 11.6 % during the forecast period due to increasing facility expansion by market players for developing molecular diagnostics. For instance, in May 2022, GeneStore, a manufacturing company of in vitro diagnostic units and genetic testing, announced the launch of the company’s Center of Excellence for Molecular Diagnostics and Proteomics in Haryana, India. The facility is dedicated to the development and manufacturing of RT-PCR kits for infectious diseases such as tuberculosis, Human immunodeficiency viruses (HIV), dengue etc.
- Among Application, the Virology segment holds a dominant position, owing increasing product range for molecular diagnostics by market players. For instance, On November 17, 2020, bioMérieux, a company in the field of in vitro diagnostics, has announced the expansion of its ARGENE range for the detection of SARS-CoV-2. As a complement to nasopharyngeal swab specimens, the singleplex SARS-CoV-2 R-GENE real-time PCR test may be used on saliva and oropharyngeal (throat) swab specimens for the detection of the virus that causes COVID-19. This development helped optimize laboratory workflows.
- Among regions, North America is expected to hold the dominant market for molecular diagnostics, owing to increasing facility expansion in the region by market players. For instance, On March 8, 2022, EKF Diagnostics Holdings PLC, a U.K. based diagnostics and central laboratory assay maker, announced a partnership with U.S. based ABEC Inc., a provider of engineered solutions and services for biotech manufacturing. The partnership provides EKF Life Sciences' South Bend, Indiana, U.S. facility with customized, large-scale bioprocess equipment and would include a 14,500 liters total volume stainless steel fermenter and an 8,000 liters media preparation system. The aim of this partnership is to enhance EKF's production capacity of enzymes used in a variety of diagnostic and life science applications such as in research and development activites, early detection of diseases.
Major players operating in the global molecular diagnostics market include Hologic,Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Agilent Technologies, Inc., Meridian, Cepheid, and Beckman Coulter, Inc.
