(PharmaNewsWire.Com, June 05, 2020 ) Molecular Diagnostics Market Share & Global Forecast, By Application, Technology, End User, Regions, Companies (Roche, Abbott, Myriad Genetics, Qiagen, BioMérieux and Others) provides a complete analysis of Molecular Diagnostics Market.
Coronavirus impact on Molecular Diagnostics Market
Molecular diagnostics is the one industry which has directly benefited from COVID-19. Primarily as the number of coronovirus patient numbers begin to surge globally. The governments all over the world in response to the growing COVID-19 pandemic began to start massive testing. We expect in the year 2020, the molecular diagnostics market is expected to grow in double digit CAGR.
According to Renub Research analysis, Global Molecular Diagnostics Market is anticipated to cross USD 22 Billion by the end of year 2025. The major factors that support the market growth are; the prevalence of Infectious diseases (COVID-19) are growing at rapid pace across the world, increasing diagnostic center worldwide, advancement of technology etc.
Molecular diagnostics is a set of methods used to examine Biological genome and proteome markers by applying molecular biology to medical tests— the genetic code of the organism and how their cells express their genes as proteins. During the 1990s, the discovery of newly discovered genes and new DNA sequencing techniques led to the emergence of a distinct field of molecular and genomic laboratory medicine; in 1995, the Molecular Pathology Association (AMP) was formed to give it structure. In vitro biological assays such as PCR-ELISA or in situ fluorescence hybridization are used in molecular diagnostics. The test identifies a molecule that is a disease marker or risk in a sample taken from a patient, often in low concentrations.
The other growth factors of molecular diagnostic market are; rising global economy, increasing healthcare expenditure by public and private partnership model, increasing out of pocket expenditure, expansion of reimbursement policies, increasing healthcare insurance coverage regarding diagnostic, rising consumer awareness regarding molecular diagnostic testing, increasing incidence of influenza, Hepatitis, HIV and others disease etc.
Nowadays, a new diagnostic technique is being practiced in order to combat infectious diseases such as molecular diagnostic testing, which is quite fast and accurate. The number of cancer patients is growing very rapidly, so the demand for molecular diagnostic tests is expected to grow at a rapid pace in the coming time.
Molecular diagnostic is considered as accurate diagnosis over conventional diagnostic technique. Increasing cases of cardiovascular disease and genetic disorder across the world will further propel the market in coming future. Nanopore Technologies ' marketing of MinION, an inexpensive and compact sequencer, is ideal for use in small laboratories and point-of-care facilities, which is expected to improve the molecular diagnostics market. The overall prevalence rate of hospital-acquired infections in 2019 was 4.5 percent, and 7.1 percent, respectively, in the U.S. and Europe, according to the WHO. Molecular diagnostics play an essential role in infectious disease research as they provide quick and effective tests.
Market Summary:
The report provides detailed market analysis of molecular diagnostic testing by application in ten parts: infectious diseases, genetic testing, blood screening, oncology, HLA (typing of tissue), microbiology, neurological diseases, pharmacogenomics, cardiovascular diseases, and others.
The market is divided into six parts: PCR, TMA, Hybridization (In-situ Hybridization & FISH), DNA Sequencing & NGS, Microarray and Others. In addition, several factors that influence the growth, challenges and market opportunities in the technological context are analyzed.
The report provides full market analysis through types of end users: Hospitals & Academic Laboratories, Clinics & Commercial Laboratories, and Others. Hospitals & Academic Laboratories will hold in the projected period of time the largest market in the global molecular diagnostic test market.
The report covers 10 global market's full geographical profile; United States, Europe, India, China, Japan, Brazil, South Korea, Mexico, Russia, and the Rest of the World (ROW).
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