SAN FRANCISCO, Sept. 13, 2021 /PRNewswire/ -- The global infectious disease molecular diagnostics market size is expected to reach USD 40.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 3.0% from 2020 to 2028. The market is driven by the introduction of technologically advanced products and an increase in demand for molecular diagnostics in PoC settings.
Key Insights & Findings:
The reagent segment is expected to exhibit the fastest growth rate attributable to increased adoption
The growing geriatric population in Asian countries, such as Japan and China, with high untapped opportunities is expected to drive the market for infectious disease molecular diagnostics in the region during the forecast period
The In Situ Hybridization (ISH) segment is anticipated to witness the fastest growth rate owing to high sensitivity and lower complexity
The high growth rate of the market for infectious disease molecular diagnostics in the Asia Pacific can be attributed to increased access to healthcare in the developing nations
Rapid technological advancements with portability, accurate results, and cost-effectiveness are anticipated to serve as crucial drivers of the market for infectious disease molecular diagnostics. Companies are upgrading their products by implementing new techniques to gain specific and accurate results. Key players are updating their product portfolio for PCR instruments with increased R&D initiatives for developing novel kits to target emerging diseases or by entering into agreements with other kit manufacturing companies.
Technologies such as INAAT, mass spectroscopy, and ISH are advanced and have a low false-positive rate as compared to other traditional diagnostic tests. Advantages such as the cost-effectiveness and user-friendliness of this technology and the accuracy offered are estimated to increase the adoption of this technology.
The use of molecular diagnostics in research institutes is increasing. The use of techniques such as PCR, western blotting, and southern blotting is becoming common. Moreover, the spread of SARS-CoV-2 infection globally has led to an increase in research funding by governments as well as diagnostic companies to search for innovative molecular diagnostics.
Molecular diagnostics deliver effective and accurate results. Moreover, these tests enable the early detection of diseases, maintaining a low threat of substitutes. However, the high prices of these tests are expected to encourage patients to shift to external substitutes. Moreover, for the detection of newer infections such as SARS-CoV-2, the rate of internal substitution is high, which boosts competitive rivalry.
Grand View Research has segmented the global infectious disease molecular diagnostics market based on product, end use, technology, application, and region:
Check out more studies related to molecular diagnostics, conducted by Grand View Research:
Molecular Diagnostics Market – The global molecular diagnostics market size was valued at USD 36.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2028. The growth can be attributed to technological advancements, rising elderly population, and external funding for R&D.
Oncology based Molecular Diagnostics Market – Global oncology based molecular diagnostics market size was valued at USD 1,136.5 million in 2014 and is expected to grow at a CAGR of 14.7% over the forecast period. Rising prevalence of various types of cancer such as breast, colorectal, and Non-Small Cell Lung Cancer (NSCLC) amongst the world population is the key driver propelling the growth of oncology based molecular diagnostics industry.
Point-of-Care Molecular Diagnostics Market – The global point-of-care molecular diagnostics market size was valued at USD 1.72 billion in 2018 and is anticipated to expand at a CAGR of 14.4% over the forecast period. Increased need for accurate and faster testing methods and results for the molecular tests is expected to propel the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.