Molecular Diagnostics Market - Forecast(2021 - 2026)

 

Molecular Diagnostics Market: Making Personalized Medicine Possible

As per the National Center for Biotechnology Information, in the United States, misdiagnosis rate is approximately 10% to 15%, inflicting 100,000 deaths each year[1]. Bourgeoning occurrences of intricate diseases such as cancer, cardiovascular disease, neurological disease, and pulmonary embolism has been constantly challenging the omnipresent traditional diagnostic techniques. Owing to such inevitable scenario, the demand for advanced diagnostics are stroking the healthcare sector, and the molecular diagnostics market is all set to capitalize on this phenomenon. Molecular diagnostics is a diagnosis technique that utilizes DNA, RNA, and proteins to detect specific and intricate health condition or disease. Owing to its accuracy and effectiveness aiding medical diagnosis outputs, global molecular diagnostic market size hovered around $16.54 billion to $17.44billion as of 2018, and the demand will be progressing at a CAGR of 4.5%-4.8% during the forecast period 2019-2025.

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Molecular Diagnostics Market Outlook:

Molecular diagnostics is a group of procedures applied to analyze biological markers at the molecular level such as genome and proteome in the individual's genetic code. The technique is employed by the flourishing healthcare sector to diagnose and monitor complex ailments, detect risk, and most importantly decide best personalized medicines and therapies for individual patients. Molecular diagnostics are beneficial in a wide array of medical fortes comprising of, infectious disease, oncology, human leucocyte antigen typing, coagulation, and pharmacogenomics.

Infectious diseases dominates the application segment. The sheer affluence can be validated by a WHO data that states lower respiratory infection-a kind of lung infectious disease, to be among the top 10 leading causes of mortality[2].  Lower respiratory infections was reckoned as the utmost lethal communicable disease, initiating 3.0 million deaths worldwide in 2016. Increase in the number of patients suffering from different viral and bacterial infections, such as HIV, Hepatitis C virus (HCV), Human Papillomavirus (HPV), and Chlamydia trachomatis is all set to stroke the molecular diagnostics market with abundant demand from infectious disease diagnosis segment. 

As per the American Cancer Society, in 2019, there will be probably 1,762,450 first-hand cancer cases diagnosed and 606,880 cancer related mortality in the United States[3].  Similarly, in American hospitals alone, the Centers for Disease Control (CDC) estimates that Healthcare-Acquired Infections (HAIs) account for an estimated 1.7 million infections and 99,000 associated deaths each year[4].  These two are among many other facts derived in this report to validate the regional outlook analysis of this report that states North America as the leading region in terms of molecular diagnostics market demand. This highly developed region with advanced medical infrastructure and huge influx on investments in R&D, withholds under its territory around 34% - 37% of the global molecular diagnostics marketplace. Molecular diagnostics are very significant in infectious disease analysis as they deliver effective and fast results. Therefore, the escalating popularity of infectious diseases and hospital-acquired infections are anticipated to determine the market growth.

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Molecular Diagnostics Market Growth Drivers and Trends:

• Upsurge in funding by federal bodies and private establishments for scientific studies in the molecular diagnosis sector is forecast to boost the market growth. Such encouraging developments are very effective in the course of new product development. For example, association of Accelerate Diagnostics with Jack W. Schuler Living Trust, the Schuler Family Foundation, Oracle Institutional Partners, L.P. and Oracle Partners for funding and rights offering for an aggregate purchase price of $19,499,608.80.
• AdvanDx is a leading provider of rapid and accurate molecular diagnostic tests for identification of pathogens causing critical infections in hospitalized patients. AdvanDx raised a total of $49.7M in funding over 7 rounds. One of their funding was raised on Mar 17, 2015 from a Debt Financing round.
• Increasing reliability for enhanced medical conduct by healthcare experts on various technological segments of molecular diagnostics such as polymerase chain reaction (PCR), hybridization, DNA sequencing, microarray, isothermal nucleic acid amplification technology (INAAT). Cumulative disposable income in developing regions is diverting traditional healthcare traffic towards intricate diagnostics augmenting molecular diagnostics.

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Molecular Diagnostics Market Players Perspective:

Some of key players functional in the molecular diagnostics market profiled in the report are Roche, Hologic, QIAGEN, Abbott Laboratories, and Danaher Corporation.

In October 3, 2017, Abbot Laboratories closed the Alere acquisition. Abbott mentioned that with this transaction, its total diagnostics sales should be $7 billion. The corporation also forecast to arise as a lead player in the $7 billion point-of-care diagnostic space within the broader $50 billion in-vitro diagnostics market with this takeover.

Molecular Diagnostics Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the molecular diagnostics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various technologies in molecular diagnostics market, and their specific applications in different types of ailments. 

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