VANCOUVER, BC, July 27, 2021 /PRNewswire/ — The global molecular diagnostics market size is expected to reach USD 16.49 billion in 2027 at a CAGR of 8.7%, according to the latest analysis by Emergen Research. Market revenue growth can be attributed to increasing demand for molecular diagnostic testing due to growing global prevalence of infectious diseases such as HIV, tuberculosis, influenza, and hepatitis, rapid technological advancements in molecular diagnostics, and increasing investment to accelerate research and development in diagnostics.
Molecular diagnostics covers a broad range of procedures that assess biological markers and studies how genes are expressed as proteins. It is a branch of clinical pathology that utilizes techniques of molecular biology to offer screening, detection, diagnosis, prognosis, and monitoring effectiveness of therapies – particularly in the field of cancer, infectious disease, and congenital abnormalities. Molecular diagnostics leverages powerful tools such as DNA sequence analysis, gene expression profiling, and detection of biomarkers to determine risk of individuals to certain diseases. High-throughput methods such as next-generation sequencing or genome studies offer critical insights into mechanisms of the disease allowing physicians to design and implement correct diagnostic tools and develop personalized therapeutic models.
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Demand for molecular diagnostics increased significantly amid the COVID-19 pandemic due to increasing need for polymerase chain reactions (PCR), next-generation sequencing (NGS), and serology tests. In addition, growing adoption of molecular diagnostic point-of-care (PoC) facilities and increasing funding to develop advanced molecular diagnostic techniques are some other key factors expected to contribute to revenue growth of the market going ahead. However, high costs associated with the instruments and equipment and stringent regulatory approvals for molecular diagnostic testing can hamper market growth to a certain extent going ahead.
Some Key Highlights in the Report:
- Reagents segment revenue is expected to expand significantly during the forecast period owing to easy accessibility to wide range of cost-effective reagents, growing demand for and use of reagents in various techniques and therapeutic areas, and increasing R&D to develop novel reagents.
- Polymerase chain reaction (PCR) segment accounted for a revenue share of 38.4% in the global market in 2019 and is expected to register considerable revenue growth over the forecast period. Revenue growth can be attributed to increasing usage of PCR technique for detecting and diagnosing chronic and infectious diseases, rising demand for PCR-based tests in detection of COVID-19 infection, and rapid technological advancements in the technique.
- Oncology segment is expected to register robust revenue CAGR over the forecast period owing to growing demand for molecular diagnostic techniques in detection of cancers and increasing incidence of cancer worldwide.
- North America accounted for a largest revenue share in the global market and is expected to register significant revenue growth between 2020 and 2027. Increasing investment to accelerate R&D, establishment of state-of-the-art healthcare facilities, rising prevalence of infectious diseases, rapid adoption of PoC devices, and increasing collaborations between research institutes and hospitals are some key factors expected to drive market revenue growth in North America.
- Major companies in the market include Becton, Dickinson and Company, Abbott Laboratories, Agilent Technologies, Danaher Corporation, bioMérieux SA, Hologic, Inc., Illumina, Inc., Roche Diagnostics, Siemens Healthcare Private Limited, and Diasorin, among others.
- In June 2021, Bio-Rad Laboratories, Inc., which is a global leader in life science industry and clinical diagnostic products, inked a strategic partnership with Seegene, Inc. which is a prominent provider of multiplex molecular diagnostics, for clinical development and commercialization of molecular diagnostics products for infectious diseases.
- In July 2021, Pandemic Response Lab (PRL) and Brio Systems announced a new partnership to offer innovating molecular diagnostic testing for COVID-19 and surveillance of variant zone to minimize the risk of infection from emerging variants for the entertainment industry. Under the partnership, PRL will be conducting laboratory diagnostic including PCR testing and genome sequencing for all the variants.
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For the purpose of this report, Emergen Research has segmented the global molecular diagnostics market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- DNA Sequencing and NGS
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization
- DNA Microarrays
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Other technologies
Application Outlook (Revenue, USD Billion; 2017-2027)
- Infectious Diseases
- Genetic Testing
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Central Laboratories
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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SOURCE Emergen Research