Global Molecular Diagnostics Market to Reach $18.6 Billion by 2026

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Mar 16, 2022, 10:30 ET

SAN FRANCISCO, March 16, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Molecular Diagnostics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 17; Released: February 2022
Executive Pool: 12781
Companies: 84 - Players covered include Abbott Laboratories; Abbott Molecular; Becton, Dickinson and Company; bioMÃ©rieux SA; Cepheid; F. Hoffmann-La Roche Ltd.; Grifols International, S.A.; Hologic, Inc.; QIAGEN N.V.; QuestDiagnostics, Inc.; Siemens Healthcare GmbH; Tecan Group Ltd.; The ELITechGroup; Thermo Fisher Scientific and Others.
Coverage: All major geographies and key segments
Segments: Component (Reagents & Kits, Instruments, Software & Service); Technology (PCR, In-Situ Hybridization, Isothermal Amplification, Sequencing, Chips & Microarrays, Other Technologies); Application (Infectious Disease, Oncology Testing, Genetic Testing, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Molecular Diagnostics Market to Reach $18.6 Billion by 2026
Molecular diagnostics is the clinical application of molecular technologies to understand, screen, and monitor human diseases. Growth in the global market is set to be driven by continued shift from the traditional tests towards the new tests, increasing applications in infectious disease diagnostics, and a significant rise in prenatal diagnostics, rare diseases, and oncology. Increasing prevalence of various cancer and infectious disease types is a major factor driving growth. Other important factors to propel growth include growing awareness and acceptance of advanced therapeutic and diagnostic choices such as personalized medicine; biomarkers development; and advancement in proteomics and molecular techniques. Reimbursement reformations are also to an extent contributing towards fueling market growth. Increasing use of molecular diagnostics for home healthcare is another important growth driver.

Amid the COVID-19 crisis, the global market for Molecular Diagnostics estimated at US$13.5 Billion in the year 2022, is projected to reach a revised size of US$18.6 Billion by 2026, growing at a CAGR of 9.8% over the analysis period. Reagents & Kits, one of the segments analyzed in the report, is projected to record a 10.4% CAGR and reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Instruments segment is readjusted to a revised 8.7% CAGR for the next 7-year period. Growth in the reagents and kits segment is mainly attributed to the increasing demand for quality control reagents and solutions to perform various tests. Reagents and kits have widespread application in research organizations, academic institutions, and hospitals.

The U.S. Market is Estimated at $5.7 Billion in 2022, While China is Forecast to Reach $1.1 Billion by 2026
The Molecular Diagnostics market in the U.S. is estimated at US$5.7 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2026 trailing a CAGR of 10.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9% and 8.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR. Rapidly evolving healthcare sector in various countries across the regions, implementation of stringent infection control standards and growing emphasis on offering high quality medical services to patients boost market growth in developed regions. Major factor fueling growth in the Asia-Pacific market includes increase in the number of cases undergoing diagnosis for chronic conditions, cancer and infectious diseases.

New Uses Emerge in Blood Donor Screening
A spurt in new infections surfacing worldwide remains a huge concern to the blood banking and blood products industry. Though awareness amongst the consumers, and health workers helped in reducing the intensity of infections, the industry is yet to free itself of the various problems such as safety and availability of quality blood. The awareness has also resulted in the implementation of stringent safety standards for both donors and blood screening (blood) banks to be adhered to before any transfusion. Rigorous testing and screening procedures, along with the help of new technology have sufficiently reduced the threat of diseases being transmitted through transfusions. Though the overall situation improved, instances of diseases spreading through blood transfusion are still common in the developing and under-developed countries. Donor blood screening became mandatory to ensure prevention of Transfusion Transmitted Infections (TTIs). Screening of blood and plasma products is done to determine the presence of syphilis, hepatitis B surface antigen, anti-hepatitis core, alanine aminotransferase (ALT), a liver enzyme and a surrogate indicator for possible non-A and non-B hepatitis, anti-hepatitis C, anti-HIV-1, anti-HIV-2, and anti-HIV-I/II. At times errors in testing do occur, say when it is a little premature for the antibodies to show up in the blood test or when the blood donor exhibits an abnormal response to an infection. Therefore in order to make the screening process more effective, new technologies, such as the DNA amplification technology, are being tested.

Molecular tests are now commonly used for screening blood donations for the presence of HCV, HIV and HBV. To some extent, molecular tests are also used to test donated blood for the presence of parvovirus B19, West Nile virus (WNV) and hepatitis A. Further, molecular tests for sepsis or blood stream infections are used for the detection of pathogens that grow in blood cultures. These tests may be used for the identification of a single microbe or panel tests based on the multiplex systems that may be used for detection of a range of common causes for blood stream infections. Low plex techniques available for the blood culture analysis include molecular diagnostics for testing positive blood cultures, such as peptide nucleic acid-based fluorescence in situ hybridization, and molecular tests for Staph aureus and MRSA. Despite the fact that low plex tests offer reliable diagnosis with higher specificity, of late, multiplex tests are being preferred.

Software & Service Segment to Reach $2.2 Billion by 2026
The market is witnessing considerable advancements concerning the software used in instruments to ensure accurate analysis and interpretation of underlying disease condition. The use of AI and associated software and algorithms allow laboratories to automatically report results. In the global Software & Service segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1 Billion will reach a projected size of US$1.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$182 Million by the year 2026, while Latin America will expand at a 9.9% CAGR through the analysis period. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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