PUBLISHER: The Business Research Company | PRODUCT CODE: 1429561
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429561
Molecular diagnostics devices are utilized for the diagnosis of infectious diseases and screening by detecting specific sequences in DNA or RNA. These devices aid in providing more accurate therapeutic interventions, especially in the early stages of a disease.
The main products of molecular diagnostics devices include instruments, reagents, and consumables. Reagents, in this context, refer to substances used to cause a chemical reaction, often employed to indicate the presence of another substance. Various technologies are involved in molecular diagnostics, such as DNA (deoxyribonucleic acid) sequencing, polymerase chain reaction, isothermal nucleic acid amplification technology, transcription-mediated amplification (TMA), in situ hybridization, microarrays, mass spectrometry, and others such as southern blotting, northern blotting, and electrophoresis. These technologies find applications in cancer diagnosis, pharmacogenomics, genetic testing, infectious disease detection, prenatal screening, neurological disease analysis, and cardiovascular disease assessment. Molecular diagnostics devices are used by various end-users, including diagnostic laboratories, hospitals, and others such as nursing homes, blood banks, and point-of-care facilities.
The molecular diagnostics devices (or) equipment market research report is one of a series of new reports from The Business Research Company that provides molecular diagnostics devices (or) equipment market statistics, including molecular diagnostics devices (or) equipment industry global market size, regional shares, competitors with a molecular diagnostics devices (or) equipment market share, detailed molecular diagnostics devices (or) equipment market segments, market trends and opportunities, and any further data you may need to thrive in the molecular diagnostics devices (or) equipment industry. This molecular diagnostics devices (or) equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The molecular diagnostics devices and equipment market size has grown rapidly in recent years. It will grow from $31.26 billion in 2023 to $34.73 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historical period can be attributed to a rise in funding, an increase in healthcare expenditure, economic growth in emerging markets, rapid technological advances, the emergence of novel pathogenic infestations, and the rapid growth in the geriatric population.
The molecular diagnostics devices and equipment market size is expected to see strong growth in the next few years. It will grow to $48.38 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to the rapid rise in various bacterial and viral epidemics, the aging population, an increase in healthcare access, the rising prevalence of chronic diseases, and the increasing demand for molecular diagnostic devices and equipment, particularly due to the impact of COVID-19. Major trends in the forecast period include automation in the field of molecular diagnostics, the use of artificial intelligence, increased demand for molecular diagnostic devices in studying rare diseases, growing adoption of big data, next-generation sequencing for newborn screening, and the utilization of point-of-care molecular diagnostics (POC MDx).
The expansion of the molecular diagnostic devices and equipment market can be attributed to factors such as the rapid increase in various bacterial and viral epidemics. The surge in disease prevalence has heightened the demand for advanced and early diagnostic methods. To facilitate the development of technologies for the early diagnosis of such diseases, governments and various organizations are providing financial support to key industry players. For example, in October 2021, the Centers for Disease Control and Prevention (CDC) in the US declared melioidosis a multistate epidemic, underscoring the need for accurate and sophisticated diagnostic devices. In response to the rising demand for early diagnosis of B. pseudomallei, InBios launched the Active Melioidosis Detect point-of-care diagnostic test.
The increasing incidence of chronic diseases is anticipated to drive the future growth of the molecular diagnostics devices and equipment market. Chronic diseases, or non-communicable diseases (NCDs), are persistent health conditions that progress slowly and endure for an extended period. Molecular diagnostics devices and equipment play a crucial role in the diagnosis, monitoring, and management of chronic diseases by enabling healthcare professionals to analyze genetic, molecular, and biochemical markers associated with these conditions. For instance, in March 2022, The National Center for Biotechnology Information reported that 21% of the elderly population in India has at least one chronic disease, with hypertension and diabetes accounting for about 68% of all chronic diseases. This highlights the significant role of molecular diagnostics in managing chronic conditions.
Key players in the molecular diagnostic industry are focusing on developing automated solutions for devices and equipment used in molecular diagnostic processes. Automation enhances productivity and consistency in the diagnostic process, providing reliable and efficient test results compared to manual testing. Nanotechnology-based solutions, such as the Oral Fluid Nano Sensor Test (OFNASET) for detecting oral cancer biomarkers in saliva, are being utilized. To align with the trend of automation and accuracy, Roche introduced cobas connection modules (CCM) to improve scalability and sample-flow efficiency by enabling the automatic movement of samples between different systems and instruments, creating a fully automated workflow.
Major companies in the molecular diagnostics devices and equipment market are innovating by developing products such as high-throughput sample-to-result instruments for molecular diagnostics. ELITechGroup, for instance, launched a high-throughput sample-to-result instrument in April 2023, based on its proven extraction and assay technology. The instrument allows continuous loading of samples and reagents with real random-access capability, providing users with the flexibility to run different PCR reagents, protocols, and sample matrices in parallel.
In March 2021, BioFire Diagnostics received the first marketing authorization from the U.S. FDA for its BioFire Respiratory Panel 2.1, a diagnostic product for simultaneous detection of multiple respiratory viral and bacterial nucleic acids in nasopharyngeal swabs obtained from patients.
Major companies operating in the molecular diagnostics devices and equipment market report are F. Hoffmann-La Roche Ltd., QIAGEN N.V., Hologic, Abbott Laboratories, Danaher Corporation, Biomerieux, Becton Dickinson & Co, Siemens Healthineers AG, Grifols S.A., Sysmex Corporation, Abbott India Limited, Qiagen India Pvt Ltd., Biocartis, Bio-Techne India Private Limited, Cleaver Scientific, Zhejiang Di'an Diagnostics Technology Co. Ltd., ADICON Clinical Laboratories, Guangzhou Kingmed Diagnostics Center Co. Ltd., Kindstar Global, BGI-Shenzhen, OriGene Technologies, Bayer AG, Johnson & Johnson, Nippon Becton Dickinson Company, QuantuMDx, Yourgene Health, Genefirst, Interlabservis, GeneMe, TestLine, Clinical Diagnostics s.r.o, Hologic Inc., Illumina Inc., Novartis AG, Cepheid Inc., Admera Health, Agilent technologies Inc., AutoGenomics, Bio-Red Laboratories Inc., Ortho Clinical Diagnostics Inc., Sysmex Middle East FZ-LLC, QIAGEN SA (Pty) Ltd.
Asia-Pacific was the largest region in the global molecular diagnostics devices (or) equipment market in 2023. Western Europe was the second largest market in molecular diagnostics devices (or) equipment market. The regions covered in the molecular diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the molecular diagnostics devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The molecular diagnostics devices and equipment market consist of sales of thermocycler, single particle mass spectrometers, time-of-flight mass spectrometer (TOF) and others that are used to detect pathogen and infectious diseases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. This market is segmented into instruments, reagents, and consumables.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Molecular Diagnostics Devices And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on molecular diagnostics devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for molecular diagnostics devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The molecular diagnostics devices and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.