Jun 2, 2023

Companies Profiled BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc. (Gen Probe), Illumina, Inc., Johnson & Johnson Services, Inc., Grifols, S.A., QIAGEN, F. Hoffmann-La Roche, Ltd., Siemens Healthineers AG, and Sysmex Corporation among others. Available Customization In addition to the market data for the Molecular Diagnostics Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement. Molecular Diagnostics Market Overview Infectious diseases like HIV are becoming more prevalent on a global scale. For instance, about 38.4 million individuals worldwide had HIV in 2021, according to the UNAIDS estimate from August 2022. There were 1.7 million kids and 36.7 million adults among them. As a result, the rising use of molecular diagnostics for HIV is expected to spur market expansion due to the increased incidence of infectious diseases like HIV. The most effective way to recognise and describe a bacterium is thought to be molecular diagnostics. A successful test must be accurate, quick, and able to quantify the infectious load. Improved testing swiftly detects the strain of the organism and its drug susceptibility, shortening the time it takes to discover the best antibiotic. The discovery of antibiotic resistance genes and the provision of public health information, such as strain characterization by genotyping, have both been made possible by technological breakthroughs such as the polymerase chain reaction (PCR). Therefore, based on the aforementioned considerations, it is anticipated that the market would experience considerable expansion throughout the forecast period. But it's anticipated that the lack of funding for R&D, the slowing economy, and the demand for facilities for complex testing would impede market expansion. To Grow Your Business Revenue, Make an Inquiry Before Buying at: https://www.delvens.com/Inquire-before-buying/molecular-diagnostics-market-trends-forecast-till-2028 Key Companies & Market Share Insights Some of the key players operating in the global Molecular Diagnostics market are BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc. (Gen Probe), Illumina, Inc., Johnson & Johnson Services, Inc., Grifols, S.A., QIAGEN, F. Hoffmann-La Roche, Ltd., Siemens Healthineers AG, and Sysmex Corporation among others. Recent Developments F. Hoffmann-La Roche Ltd. (Switzerland) announced in September 2021 that it had acquired TIB Molbiol (Germany) to expand the range of infectious disease assays that were accessible in its portfolio of PCR testing. In June 2021, QIAGEN N.V. (Netherlands) joined up with Verogen (US) to diversify its NGS technology portfolio. In June 2021, Mobidiag Oy (Finland), a leader in acute care molecular diagnostic testing, was acquired by Hologic, Inc. (US), a pioneer in the field. This acquisition will expand Hologic's product line for molecular diagnostics. In November 2020, the FDA granted Hologic, Inc. (US) further approval for the use of the AptimaHIV-1 Quant Dx Assay as a tool for HIV infection detection. Molecular Diagnostics Market Segmentation Analysis Product Insights With a revenue share of 66.1% in the molecular diagnostics market in 2022, the reagents sector had the greatest revenue share. Due to its widespread use in research and clinical settings, it is anticipated to maintain its supremacy in the next years. Standard reagents aid in obtaining reliable and timely results. It is envisaged that standardised outcomes, increased effectiveness, and cost-effectiveness will support market expansion. The market growth is also predicted to be boosted by the expanding usage of coronavirus detection tools, which were created for other infectious disorders. For instance, in countries that obtained the CE mark approval, Roche Diagnostics expanded its Covid RT-PCR assays offering to the new cobas 5800 system in February 2022. Test Location Insights Due to the significant number of Covid testing procedures performed in central laboratories, central laboratories represented the greatest revenue share of the market in 2022, accounting for 81.7% of total revenues. Another significant factor projected to drive the market is an increase in the number of efforts done by the government to provide various services, such as payment for diagnostic tests. The creation of molecular diagnostic platforms that can be applied in PoC situations is becoming more and more popular. For POC or near-patient testing, different businesses are developing assays and molecular diagnostic platforms. Additionally, market growth is predicted to be boosted by the expanding development of new assays that provide speedy PoC findings. For instance, in March 2020, Abbott introduced the ID NOW COVID-19 test, a molecular point-of-care test for the rapid identification of COVID-19. Application Insights The infectious disease had the greatest revenue share in the molecular diagnostics market in 2022, at 82.4%. The primary factor driving this market's domination is the rising prevalence of molecular diagnostics, particularly PCR tests, for the diagnosis of COVID-19. With the introduction of new technologies like PCR and ISH, the shortcomings of conventional testing have been mitigated, including their lack of sensitivity, lengthy turnaround times, poor in vitro kinetic development, difficulties in cultivating organisms in manually created culture conditions, and difficulty in growing organisms. Regional Insights European revenue contributed 28.1% of worldwide revenue in 2022. This is associated with the rise in infectious and chronic illness prevalence, which has fueled R&D initiatives and accelerated market growth. High standards of living, consumer knowledge of early diagnosis, and an established healthcare system are important determinants of expansion. Asia Pacific is expected to experience a CAGR of -0.4% over the anticipated year due to growing market penetration and huge unmet demand. Because of the region's expanding patient base, early identification, targeted treatment, and early prevention, the Asia Pacific market is expected to expand. The use of molecular diagnostics has dramatically increased in India in recent years. This growth is the result of several factors, including the expanding use of Next-Generation Sequencing (NGS), the rise in the testing of infectious diseases like cancer, COVID-19, TB, and STDs, the demand for individualised medicine, and the development of artificial intelligence and machine learning. Due to how quickly and easily these technologies can be used to comprehend complex genetic data and improve the accuracy of diagnoses, the use of AI and machine learning for molecular diagnostics has gained great popularity in India. Molecular Diagnostics Market Outlook Drivers: increasing R&D emphasis and increasing funding for molecular diagnostics The molecular diagnostics industry may grow as a result of government initiatives, financial efforts, and other activities to support and promote research and development. For instance, the Rapid Acceleration of Diagnostics (RADx) initiative of the NIH, which was launched in August 2020 and has $200 million in funding, is one example. The objective of this effort was to hasten the creation, adoption, and commercialization of technologies for COVID-19 testing. Additionally, the Collaborative Influenza Vaccine Innovation Centres (CIVICs) programme was introduced in 2019 by the National Institute of Allergy and Infectious Diseases (NIAID), a division of the US National Institutes of Health (NIH), to support a wide range of influenza research activities, including the development of vaccines, diagnostics, and therapeutics against seasonal and pandemic influenza. 51 million USD in funding for CIVICs was announced by NIAID. Opportunities: Opportunities for growth in emerging nations The majority of players are turning their attention to emerging regions as the US and European markets mature. Upgrading laboratory facilities in emerging markets is crucial due to the significant investments made in healthcare and life science research in these nations. In turn, this encourages the installation of diagnostic equipment in labs and promotes the expanding use of molecular diagnostics. Restraints: Unfavourable scenario for reimbursement Over the past 40 years, medical testing has suffered a 40% decrease in reimbursement, according to MedPAC (Medicare Payment Advisory Commission). The use of novel diagnostic procedures in clinical laboratories will be significantly hampered by this drop and extra-budgetary worries among healthcare organisations. The Medicare reimbursement rate for COVID-19 tests based on high-throughput technology has been decreased by the Centres for Medicare & Medicaid Services (CMS) to USD 75 unless labs can process results in less than two days. For people without a personal history of cancer, Medicare does not currently fund genetic testing (Source: American Society of Clinical Oncology). These elements are anticipated to harm the US molecular testing business. Challenges: Operational Roadblocks Clinical laboratories are still developing in all major markets; technicians must overcome practical obstacles to ensure efficient sample collection, storage, and transportation, particularly as they incorporate cutting-edge technology like NGS and lab-on-a-chip PCR machines. To prevent cross-contamination and maintain effective time management, laboratory premises also need to be modified to conduct particular molecular diagnostic tests needed for pathogen detection. This causes the maintenance and operation of modern molecular diagnostic instruments, particularly those able to handle a single sample type, to significantly increase in cost. Get Direct Order of this Report: https://www.delvens.com/checkout/molecular-diagnostics-market-trends-forecast-till-2028 Global Molecular Diagnostics Market Table of Contents Product & Service Outlook DNA Sequencing & Next-generation Sequencing (NGS) In Situ Hybridization (ISH) About Delvens Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports, and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide information on the country, regional, and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally. 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