U.S., Europe, and Asia Pacific Molecular Diagnostics Market, by Product Type (Reagents and Kits & Instruments), by Technology (PCR-based (Liquid Biopsy Testing, Tissue Testing) and NGS-based (Liquid Biopsy Testing, Tissue Testing)), by Application, (Genetic Testing, Oncology, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, Others), by End Users, (Hospitals, Clinics, and Ambulatory Surgery Centers), and by Region (U.S., Europe, and Asia Pacific) is estimated to be valued at US$ 7,147 in 2021 and is expected to exhibit a CAGR of 10.7% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in January 2019, Qiagen, a worldwide provider of molecular sample and assay technologies, launched its QIAscreen HPV PCR Test, for detection of 15 recognized high risk genotypes of human papillomavirus which is a CE-marked in vitro molecular diagnostic test.
U.S., Europe, and Asia Pacific Molecular Diagnostics Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 260 million cases and 5.2 million deaths due to coronavirus (COVID-19) were reported up till December 03, 2021, across the globe.
The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. Likewise, COVID-19 pandemic is expected to have a negative impact on the U.S., Europe, and Asia Pacific molecular diagnostics market. However, the COVID-19 pandemic has increased the demand for PPE kits and gloves, which has led to increase in production of PPE kits, thereby, assisting the market growth.
As per stated in Medical Laboratory Observer, there is increase in lab testing demands due to the emergence of the SARS-CoV-2 Virus, even to keep pace with noticed cases of COVID-19. When it was asked at surveys to the respondents regarding the increased demand of testing, some of the respondents specified that their facilities have grown up to 25%.
Browse 20 Market Data Tables and 35 Figures spread through 220 Pages and in-depth TOC on “U.S., Europe, and Asia Pacific Molecular Diagnostics Market”- Forecast to 2028, by Product Type (Reagents and Kits & Instruments), by Technology (PCR-based (Liquid Biopsy Testing, Tissue Testing) and NGS-based (Liquid Biopsy Testing, Tissue Testing)) by Application, (Genetic Testing, Oncology, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, Others), by End Users (Hospitals, Clinics, and Ambulatory Surgery Centers), and by Region (U.S., Europe, and Asia Pacific)
To know the latest trends and insights prevalent in the U.S., Europe, and Asia Pacific Molecular Diagnostics Market, click the link below:
Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, launches, collaborations, and acquisitions, in order to strengthen their position in the global market. For instance, in February 2020, Qiagen, a worldwide provider of molecular sample and assay technologies, announced launching and CE marking of therascreen PIK3CA RGQ PCR Kit in the Europe as an aid in recognizing breast cancer patients with PIK3CA mutation.
Key Takeaways of the U.S., Europe, and Asia Pacific Molecular Diagnostics Market
- The U.S., Europe, and Asia Pacific Molecular Diagnostics Market is expected to exhibit a CAGR of 10.7% over the forecast period, owing to rising launches, agreement and regulatory approvals of products. For instance, in September 2019, Amoy Diagnostics Co. Ltd., a pharmaceutical company engaged in research, development, production and sales of molecular diagnostic products, announced that AmoyDx Lung Cancer PCR panel was introduced as first line for patients who will potentially benefit from targeted therapy in the Lung Cancer Genomic Screening Project for Individualized Medicine (LC-SCRUM) in Japan.
- Among technology, PCR-based segment is expected to account for largest market share during the forecast period. The PCR-based segment is estimated to be valued at US$ 7,147 Mn in 2021, and is expected to register a CAGR of 10.7% and reach US$ 11,000 Mn by 2028.
- Major players operating in the U.S., Europe, and Asia Pacific molecular diagnostics market include Abbott Laboratories, Hologic, Inc., Grifols, S.A., Qiagen N.V., F.Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Beckmann Coulter, Inc., Bio-Rad Laboratories, and Thermo Fisher Scientific Inc.
