Pune, July 12, 2024 (GLOBE NEWSWIRE) -- Molecular diagnostics is revolutionizing healthcare with quicker and more accurate diagnostic techniques than many other traditional methods. It is important to develop these technologies as early detection of chronic illnesses such as cancer will be on the rise due to demographic aging. The urgent need for fast and accurate diagnostics is most dramatically illustrated by the rise of infectious diseases like HIV, HPV (causing cervical cancer) and TB.
Although, betterment in technologies such as NGS, PCR and microarrays is boosting the growth of molecular diagnostics tests which are extremely accurate giving healthcare providers to be on point. Molecular diagnostics are also having a big influence in the area of infectious diseases. With the increase in sexually transmitted infections such as HIV and HPV looming on, it is enlarging patient pool for these tests.
Fast diagnostics are similarly needed due to concerning trends in TB. UNAIDS further reports that nearly 38.4 million people live with HIV worldwide in 2021.
Because of the increasing burden from human immunodeficiency virus and its associated complications like TB, there would be surge in usage for molecular techniques as good diagnostics tools which drives overall demand for the molecular diagnostics market. Technological advancements in genome sequencing that is deciphering an individual's entire genetic code. (NGS) is the faster and more efficient analysis, offering a broader scope (e.
g., shotgun metagenomic NGS for comprehensive microorganism identification). Tailoring treatment plans by identifying patients likely to respond positively to specific therapies, accelerating drug development (e.
g., Quest Diagnostics acquiring Haystack Oncology's MRD platform for ctDNA-based cancer detection and personalized therapy). Growing burden of disease according to World Bank data indicates a staggering 779 million people over 65 in 2022, projected to double by 2050 also due to rising infectious diseases according to the World Health Organization estimates nearly 39 million people living with HIV globally in 2022, with 1.
3 million newly infected annually. HIV weakens the immune system, increasing susceptibility to infections like tuberculosis, which leads as the cause of death among HIV-positive individuals. The molecular diagnostics market is fuelling significant growth due to advancements and applications.
Inadequate reimbursements, however, pose a challenge. The market is segmented into reagents (dominant segment due to wide application and ongoing test development) and instruments (driven by their use in diagnosing critical illnesses and advanced technology launches). Reagents, used in research and clinical settings, held the largest share 62.
2% in 2023 due to their wide application and continuous development of new tests. PCR dominated with a 65% market share in 2023, primarily driven by its extensive use in diagnosing COVID-19 and other infectious diseases. Advancements in high-throughput PCR for various illnesses are expected to further propel this segment.
, Infectious diseases dominated the market 45% share in 2023 due to the widespread use of PCR tests for COVID-19 and the rising global burden of infectious diseases. , Central laboratories led with 70% share in 2023 owing to high testing volumes, particularly for COVID-19 diagnostics. Factors like ELITechGroup's new high-throughput equipment and government initiatives promoting reimbursement policies further support this dominance.
North America dominated the market nearly 40% share in 2023, driven by factors like high disease burden, advanced healthcare systems, and strong consumer awareness about early diagnosis. However, the Asia Pacific region is expected to witness the fastest growth due to increased market penetration of novel technologies and a significant unmet need for advanced diagnostics. 1.
Introduction 2. Research Methodology 3. Market Dynamics 4.
Impact Analysis 4.1 COVID-19 Impact Analysis 4.2 Impact of the Ukraine- Russia War 5.
Value Chain Analysis 6. Porter’s 5 forces model 7. PEST Analysis 8.
Molecular Diagnostics Market Segmentation by Product 9. Molecular Diagnostics Market Segmentation by Technology 10. Molecular Diagnostics Market Segmentation by Application 11.
Molecular Diagnostics Market Segmentation by Test Location 12. Regional Analysis 13. Company Profile 14.
Competitive Landscape 15. Use Cases and Best Practices 16. Conclusion is one of the leading market research and consulting agencies that dominates the market research industry globally.
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