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A Large Rise In Bacterial And Viral Epidemics Drives The Molecular Diagnostics Devices And Equipment Market

Segments covered: By Product – Instruments, Reagents, Consumables; By End User – Diagnostic Laboratories, Hospitals, Others (Nursing Home, Blood Banks, Point of Care); By Technology – DNA (Deoxyribonucleic acid) Sequencing, Polymerase Chain Reaction, Isothermal Nucleic Acid Amplification Technology, Transcription Mediated Amplification (TMA), In situ Hybridization, Microarrays, Mass spectrometry, Others (Southern Blotting, Northern Blotting, Electrophoresis); By Application – Cancer, Pharmacogenomics, Genetic Testing, Infectious Disease, Prenatal, Neurological Disease, Cardiovascular Disease

/EIN News/ -- LONDON, June 10, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the molecular diagnostics devices and equipment market, growth in the molecular diagnostic devices and equipment market is attributed to factors such as the rapid rise in various bacterial and viral epidemics. The increase in the spread of diseases increases the demand for early and improved diagnostic methods. In order to improve the technology to enable the early diagnosis of such diseases, the government and different organizations extend their financial support towards the major key players of the industry.

For example, according to the reports from Centres for Disease Control and Prevention (CDC) US, as of March 2019, 72 Zika virus disease cases were reported in U.S state and 148 Zika virus disease cases reported in US Territories. Thus, the rise of such chronic diseases serves as a prime driver for the players in the industry to develop more accurate and sophisticated diagnostic devices and equipment. Following the increase in demand of early diagnosis of Zika virus, Co-Diagnostics, Inc. in February 2019 launched its first multi-disease molecular diagnostic test for dengue, chikungunya and Zika. The test was launched to cater to the market demand for a cost-effective and highly accurate diagnostic tool for all three chronic diseases. The test was built by using their patented CoPrimer design platform.

Increasing demand for molecular diagnostic devices and equipment in diagnostics for COVID-19 is expected to be a major driver of the microbiology diagnostic equipment market going forward. There has been an increase in the adoption of next-generation sequencing technology in the diagnostics of infections owing to its high efficiency and accuracy.

In June 2020, FDA issued an emergency use authorization to Ilumina Inc., for Illumina COVIDSeq Test, the first COVID-19 diagnostic test utilizing next-generation sequence technology. The advantage of using a next generation sequencing test is that it can generate information about the genomic sequence of the virus present in a sample along with detecting the presence of the virus in the sample. This genomic information can be used for research purposes too, thus supporting the growth of the market.

The Business Research Company’s report titled Molecular Diagnostics Devices And Equipment Market Opportunities And Strategies – Global Forecast To 2030 covers major molecular diagnostics devices and equipment companies, molecular diagnostics devices and equipment market share by company, molecular diagnostics devices and equipment manufacturers, molecular diagnostics devices and equipment market size, and molecular diagnostics devices and equipment market forecasts. the report also covers the global molecular diagnostics devices and equipment market and its segments.

Request For A Sample Of The Global Molecular Diagnostics Devices And Equipment Market Report:

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The global molecular diagnostics devices and equipment market is expected to decline from $18.07 billion in 2020 to $13.57 billion in 2021 at a compound annual growth rate (CAGR) of -24.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The microbiology testing market size is expected to reach $19.01 billion in 2025 at a CAGR of 8.8%. The pandemic has accelerated the adoption of molecular diagnostics devices and equipment in the healthcare industry, highlighting the power of sequencing-based diagnostic testing in global efforts to combat the spread of the infectious diseases, and its importance in supporting recovery efforts.

North America was the largest region in the global molecular diagnostics devices and equipment market, accounting for 34.5% of the total in 2020. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the microbiology diagnostic devices market will be South America and Eastern Europe, where growth will be at CAGRs of 4.1% and 3.8% respectively. These will be followed by Africa and Middle East where the markets are expected to grow at CAGRs of 3.7% and 3.1% respectively.

Molecular Diagnostics Devices And Equipment Market - By Product (Instruments, Reagents and consumables, Software), By Technology (DNA (Deoxyribonucleic Acid) Sequencing, Polymerase Chain Reaction, Isothermal Nucleic Acid Amplification Technology, Transcription Mediated Amplification, In Situ Hybridization, Microarrays, Other Technologies), By Application (Cancer, Pharmacogenomics, Genetic testing, Infectious diseases, Prenatal, Other applications), By End User (Diagnostic Laboratories, Hospitals, Others) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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