- May 17, 2021
-- A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting,
revealed that the global molecular diagnostics market
was worth USD 15.29 billion in 2020 and is further projected to reach USD 31.98 billion by 2027, at a CAGR of 11.1% during the forecast period (2021-2027). The market is being driven by the public awareness of the benefits of molecular diagnostics, such as cost-effectiveness and accuracy of outcomes. The increasing occurrence of cancer
, technological advances, and the emergence of personalized medicine
and companion diagnostic assays are the primary factors driving the growth of this segment. Moreover, the rising demand for self-testing diagnostics such as monthly diabetes testing and government-funded aids such as free vaccination for COVID-19 is driving the growth of the market. In addition, the demand for molecular diagnostics is being fueled by new molecule discovery and research, such as RT-PCR (Reverse Transcription Polymerase Chain Reaction) for COVID-19 testing.Increased Significance of Companion Diagnostics
The growing prominence of companion diagnostics that can enhance the treatment effects of different diseases by providing clinicians with clear clinical grounds for diagnosis and treatment, is propelling the molecular diagnostics market forward. Furthermore, the companion diagnostics market is likely to benefit from increased government efforts to advance companion diagnostics and therapies used during the treatment of cancer patients. For example, the US government initiated the Precision Medicine Initiative in 2015, which has resulted in many new therapies that are tailored to a specific trait, such as an individual's genetic profiling of a specific tumor, which has helped to transform treatment methods. The global molecular diagnostics market is also being boosted by the availability of oncology therapeutic drugs in the market for detecting cancer in its early stages.Rising Focus on the Point of Care (POC) Testing
The most common testing method used around the world is point-of-care testing, which is the quickest and least costly method. Point-of-care diagnostics molecular testing allows doctors to enhance the quality of care by integrating rapid diagnosis with treatment decisions at the patient's first visit to derive the test results. Government funding, demand for self-testing diagnostics, and increasing customer awareness about faster diagnostics are all contributing to increased demand for Point-of-Care (PoC) testing. Deployment and miniaturization of advanced technology have also increased demand for POC testing, thereby bolstering the market growth.