Techniques used to analyse biological markers in genome and proteome are the collection of molecular diagnostics. To monitor and diagnose the disease, detect risk and to make the decision regarding the therapies for individual patient, this technique is used. The necessary underpinnings are supplied by molecular diagnostics for any successful implementation of gene therapy or biologic response modifiers. For detecting minimal residual disease, therapy responses, and assessing disease prognosis the molecular diagnostics offers a great tool.
Moreover, laboratories are having greater impact by adopting molecular diagnostics, on care and treatment of patients. These modern systems are easing doctors to treat infectious diseases fast and with much accuracy.
Figure 1. U.S., Europe, and Asia Pacific Molecular Diagnostics Market (US$ Mn), By Product Type, 2021
Figure 1.1. U.S., Europe, and Asia Pacific Molecular Diagnostics Market (US$ Mn), By Product Type, 2028
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 7,147 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 10.7% | 2028 Value Projection: | US$ 11,000 Mn |
| Geographies covered: |
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| Companies covered: |
Abbott Laboratories, Hologic, Inc., Grifols, S.A., Qiagen N.V., F.Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Beckmann Coulter, Inc., Bio-Rad Laboratories, and Thermo Fisher Scientific Inc. |
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Figure 2. U.S., Europe, and Asia Pacific Molecular Diagnostics Market (US$ Mn), By Technology, 2021
Figure 2.1. U.S., Europe, and Asia Pacific Molecular Diagnostics Market (US$ Mn), By Technology, 2028
U.S., Europe, and Asia Pacific Molecular Diagnostics Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic is the most recent outbreak, which was first reported on December 31, 2019, in Wuhan, China.
The COVID-19 has impacted molecular diagnostics testing and research for non-COVID applications. The deployment of COVID-19 molecular diagnostics slowed down due to lack of equipment, insufficient lab environmental protection, and reagent capacity. Even the laboratory professionals faced immediate urgent testing demands. On non-COVID biologic research, a less adverse consequence has been noticed which also includes molecular diagnostics. By reallocation and equipment, the non-COVID research has been hampered a lot since past year.
Furthermore, among the sectors, hospital based clinical research were most severely affected.
U.S., Europe, and Asia Pacific Molecular Diagnostics Market Restraint
High cost of instruments and regulatory framework in developed economies (Canada and most of Western Europe) are hampering growth of the U.S., Europe, and Asia Pacific molecular diagnostics market.
According to National Library of Medicine, the regulatory landscape struggles to manage the concerns for molecular diagnostics, by treating diagnostics on primary base whether the kit is sold or offered, rather than based on risk. According to National Library of Medicine, in the U.S., the regulatory system for diagnostics is problematic, with inconsistent regulatory pathways and weakness.
Key Players
Major players operating in the U.S., Europe, and Asia Pacific molecular diagnostics market include Abbott Laboratories, Hologic, Inc., Grifols, S.A., Qiagen N.V., F.Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Beckmann Coulter, Inc., Bio-Rad Laboratories, and Thermo Fisher Scientific Inc.
For detecting the disturbance between specific sequences in DNA or RNA, molecular diagnostics tests are used, which may be associated with disease. The other factors which lead to various diseases are disturbance between single nucleotide polymorphism, rearrangements, insertions, and others. Infectious diseases, virology, oncology and STDs are the diseases that are diagnosed by utilizing molecular diagnostic test.
Molecular diagnostics has the capacity of detecting specific disease which access in supplying accurate medicine to patients. On research and development of precision medicine various government economies are focused on diagnostic tests, which is estimated to drive the growth of the U.S., Europe, and Asia Pacific molecular diagnostics market over the forecast period.
The U.S., Europe, and Asia Pacific molecular diagnostics market is estimated to be valued at US$ 7,147 Mn in 2021 and is expected to witness a robust CAGR of 10.7% during the forecast period (2021-2028).
Market Dynamics
Increasing applications of biomarkers, new product launches by market players with increasing government initiatives, increasing demand for molecular diagnostic tests, and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players operating in the market are the major factors that are expected to drive growth of the U.S., Europe, and Asia Pacific molecular diagnostics market.
The growth of molecular diagnostics market is expected to increase the research and development for identification of biomarkers which leads to new molecular diagnostic tests development. For instance, in February 2018, authorization to Banyan Biomarkers, Inc., a biotech company, was given by the U.S. FDA (Food and Drug Administration) for traumatic brain injury, for first diagnostic blood test.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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