Molecular Diagnostics Reagent Market

Molecular Diagnostics Reagent Market Outlook (2022 - 2028)

Molecular Diagnostics Reagent Market witnessed a CAGR of 5.9% between 2013 and 2021. The global Molecular Diagnostics Reagent Market is expected to strike a 6.6% CAGR between 2022 and 2028. In 2022, the global Molecular Diagnostics Reagent Market size was US$ 9,253.9 million, which is projected to reach US$ 12,028.7 million by the year 2028.

Molecular Diagnostics Reagent Market Demand Analysis (2013-2021) v/s Market Outlook (2022-2028)

Molecular Diagnostics Reagent Market is expected to witness a CAGR of 4.7% due to the increase in incidences of diseases. Furthermore, several novel molecular technologies are being developed and applied to the diagnosis and treatment of infectious diseases. These new technological advancements will drive the Molecular Diagnostics Reagent market forward.

What is expected to keep the Hopes High for Molecular Diagnostics Reagent Market?

• An increase in the number of diseases

The need for Molecular Diagnostics Reagent has increased due to the growing occurrences of diseases such as cancer, HIV, and others, because Molecular Diagnostic Reagents are used to monitor the therapeutic efficacy of drugs. Hence, the growing prevalence of diseases is expected to drive significant growth in the Molecular Diagnostics Reagent Market globally.

• Technological Advancements

The continuous advancements in molecular biology has changed the way illnesses are detected and treated. Modern molecular diagnostics reagent technologies can identify bacteria, viruses, and transmitted mutations quickly and with unrivaled precision. Due to these technical breakthroughs, there has been a substantial influence on the area of healthcare, and the need for molecular diagnostics reagents has surged in recent times. Producers of Molecular Diagnostic Reagents have a particular emphasis on new technologies that enable biologists to examine and understand massive amounts of genetic data. Hence, Technological Advancements are expected to drive market growth in the near future.

• Increase in the development of biomarkers

Increased spending on biomarker research & development is likely to boost the Global Molecular Diagnostic Reagent market. The increasing use of biomarkers for illness diagnosis and prognosis, along with disease forecasting and evaluation, has increased the need for Molecular Diagnostic Reagents. Various molecular diagnostic kits for contagious diseases, such as hepatitis and HIV, are widely accessible in the market. The growing interest of large corporations in expanding their grit by producing biomarker solutions is projected to boost the market.

What restraints is the Molecular Diagnostics Reagent Market subject to?

• “High Cost of Equipment”

The cost of a molecular diagnostics device is high. In addition, upkeep and licensing, lab monitoring, and the other expenditures including energy, space, and staff are all extra costs. Only big medical institutions and labs with substantial capital budgets can be able to afford a good number of molecular diagnostics equipment. Many small labs, physicians, and independent practitioners do not have huge capital budgets and hence cannot afford large or extremely large-sized analyzers. Hence, the high cost of equipment is a restraint to the expansion of the molecular diagnostics reagent market.

How has Covid-19 affected the Molecular Diagnostics Reagent Market?

“Decrease in demand due to lockdown”

The COVID-19 pandemic had a negative impact on the global economy, but it had a positive impact on the Molecular Diagnostics Reagent Market due to huge demand for the COVID-19 testing using molecular diagnostic techniques. The demand for various diagnostic kits and tests like PCR and rapid antigen skyrocketed, resulting in a significant increase in the sales. Apart from this, COVID-19 has influenced the regulatory system and procedures, since governments and healthcare providers were confronted with new obstacles, the regulatory authorities fast-tracked the approval of diagnostic equipment.

Competitive Landscape

The Molecular Diagnostics Reagent industry is very competitive and highly consolidated due to the presence of several large players. However, with technological advancements and product innovations, medium, and small businesses are expanding their market presence by offering new, lower-cost devices. Key players in the market are focusing on mergers and acquisitions as the industry is in the growth phase. Companies are making strategic decisions to engage in mergers and acquisitions in order to expand their product portfolios and grow their market share.

Recent Developments:

• Roche announced a merger and acquisition with GenMark Diagnostics in March 2021 to obtain access to cutting-edge molecular diagnostics technologies. This collaboration enables it to screen for a broad range of infections with a single patient sample. This collaboration helped the company in accelerating its business growth and expanding its geographic footprint.
• Hologic, Inc. (US) acquired Biotheranostics Inc. (US) in January 2021 to broaden its molecular diagnostics range.
• GeneIQ, a molecular diagnostics laboratory located in Dallas, shifted its focus, like many others around the world, to handle the ongoing COVID-19 pandemic in December 2020, and the change has reinforced a significant growth.

Molecular Diagnostics Reagent Industry Report Scope

Molecular Diagnostics Reagent Market Categorization

Molecular Diagnostics Reagent Market by Product

• Sample Preparation Kits
• PCR Assay Kits
• In situ Hybridization Kits
• Microarray Kit
• Sequencing Kit

Molecular Diagnostics Reagent Market by Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)

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