Molecular Diagnostics Market Size | Growth drivers and geographic analysis to 2026
Molecular Diagnostics Market size is set to register lucrative gains during the forecast timeframe led by increasing geriatric population.
Delaware , United States – August 3, 2021 /MarketersMedia/ —
In January 2021, QuantuMDx Group, a key molecular diagnostics market player, invested a sum of more than £11 million to ramp up production for mass manufacturing Q-POC, the company’s flagship diagnostic device.
The product is a portable, PCR device that provides sample-to-answer, rapid, and molecular diagnostic testing at the point of care, and gives results in nearly 30 minutes. The Q-POC system includes a single use test cassette, sample collection kit, and analyzer.
The device’s first commercial assay will diagnose SARS-CoV-2, the virus causing Flu A & B as well as COVID-19, and offers a rapid, powerful PCR surveillance and diagnostics tool for public health officials and clinicians. Similar developments are expected to underscore the importance of molecular diagnostics over the forthcoming years.
On this note, the global molecular diagnostics market is projected to register significant gains through 2026, according to the latest research by Global Market Insights Inc.
This upsurge is attributed to the recent advances in molecular diagnostic techniques that are shifting from basic research towards clinical reality. Some of the cost-efficient and popular diagnostic tests in medicine are based on the quantification of a specific protein and are often deployed in hospitals at the global level.
Few major trends boosting molecular diagnostics market growth comprise:
Increasing demand for genetic testing
There is a high demand for genetic testing owing to the extensive scope of applications for the detection of rare disorders. The genetic testing segment in the molecular diagnostics industry registered a commendable CAGR of nearly 11 per cent over 2019-2020.
This is mainly due to the surging advancements in molecular diagnostic techniques that provide higher specificity and sensitivity. Various applications of clinical genetic testing comprise pharmacogenetic testing for guiding individual drug dosage, selection, and response; diagnostic and carrier testing for inherited disorders; screening of newborn individuals for highly penetrant disorders; and others.
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Surging awareness regarding molecular diagnostics in Latin America
Latin America is witnessing increased awareness regarding numerous cost-effective molecular diagnostics alternatives. This has been instrumental in pushing the growth of the Latin America molecular diagnostics industry, which is estimated to reach a valuation of over USD 1 billion by 2026.
Deployed in areas such as patient stratification, therapeutic monitoring, drug regimen selection, and toxicity avoidance, molecular diagnostics has emerged as an integral part of disease management and therapy, bolstering the regional business landscape through the ensuing years.
Rising adoption of in-situ hybridization
In-situ hybridization is a method that enables the localization of a specific nucleic acid segment within a historic section. The in situ hybridization (ISH) segment in the molecular diagnostics industry is expected to surpass USD $3 billion through 2026.
This is on account of soaring advancements in technology that enable low cost gene mapping and diagnostics. The fundamental basis of the ISH technique is that nucleic acids when preserved in an effective manner within a historic specimen, could be discovered by applying a corresponding nucleic acid strand that has a reporter molecule attached to it. The technique is primarily useful in neuroscience.
In a nutshell, the increasing dependence of families and patients on molecular diagnoses for disease prognosis, healthcare management, and family planning is expected to stimulate molecular diagnostics market growth over the forecasted span.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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