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Global Molecular Diagnostics Industry

Global Molecular Diagnostics Industry

  • April 2021
  • 880 pages
  • ID: 90566
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

Abstract:
- With PCR Tests Considered as the Gold Standard of Covid-19 Testing, Molecular Diagnostics Sees a 20.7% Spike in Revenues
- The global market for Molecular Diagnostics is expected witness revenues spike by 20.7% in the year 2020 and thereafter continue to grow and reach US$19.9 billion by the year 2027, trailing a post COVID-19 CAGR of 9.8% over the analysisperiod2020 through 2027. Molecular diagnostic testing for COVID-19 is rapidly evolving each week as global infections continue to surge. Countries worldwide are stepping up testing rates significantly in a bid to control the spread of infections & mortality rates. India which is now in the eye of the pandemic storm is currently carrying out 1 million COVID-19 tests daily. The pressing requirement for massive and universal testing is leading to introduction of various technologies for COVID-19 diagnostics, providing access to new tests in response to the pandemic. These diagnostic techniques, along with approaches to develop new vaccines or therapies, rely heavily on molecules from the coronavirus, including nucleic acids such as DNA or RNA and proteins. COVID-19 diagnostics essentially screen samples for the viral RNA or the presence of antibodies for viral RNA. While viral RNA tests identify presence of SARS-CoV-2 infection from swab samples by reverse transcription of polymerase chain reaction (RT-PCR), immunoassay-based antibody tests delve deeper into the serum and diagnose presence of antibodies produced in the body and quantify the impact and resultant immunity attained. While RT-PCR tests are direct tests, antibody tests are to be paired with viral RNA tests and are not conclusive on their own and sometimes yield inconsistent results if the individual’s immune system produces antibodies later than the time of the test.
- As the gold standard in molecular diagnostics, PCR isa dominant way through which global healthcare systems are testing for Covid-19. These tests work by detecting the viral genomic material of the virus namely ribonucleic acid (RNA) which remains in the body while the virus replicates. Testing for COVID-19 detects genetic material of the virus from the lower and upper respiratory tract. Molecular tests use swab collection of the specimen from the mouth or nose of a person. The specimen is processed for the specific ribonucleic acid (RNA) or genetic signature of the SARS-CoV-2. Molecular tests are commonly used in acute respiratory infections for detecting the viral genetic material in specimens. The approach relies on reverse transcription polymerase chain reaction (RT-PCR) that involves copying and comparison of the genetic material from a specimen to the virus’ genetic sequence. Molecular testing uses swab or saliva samples to detect the virus. The swab test involves insertion of a six inch swab into the back side of the nasal passage. The swab is rotated several times for collecting the sample from both nostrils, which is sent to a laboratory for testing. Abbott Laboratories has launched a point-of-care swab test intended to deliver test results in around five minutes. The availability of point-of-care or portable test kits allows sample collection in provider offices and even at a drive-thru site.
- The FDA has recently authorized the foremost molecular test that considers saliva specimen. Offered by Rutgers’ RUCDR Infinite Biologics, the test is accurate and addresses shortage of swabs. The FDA has allowed several companies to distribute molecular tests and notified various players to start testing people using internally-validated tests. Molecular diagnostics are gaining growing confidence in COVID 19 testing by virtue of their high specificity and accuracy RT-PCR tests in comparison with the cost efficient alternative - antibody tests that falter at authenticity of findings due to inconclusive early stage viral presence. The phenomenal rise in the COVID cases worldwide is poised to grow the market for molecular diagnostics multi-fold. With the recovery across the Asian, European and American markets falling into different stages, it is vital for the molecular diagnostics companies to be present in the right markets at the right time, vet their resources, scale up production, and optimize supply chains to overcome market specific hurdles, shortages, supply disruptions to pocket healthy volumes as long as the demand exists. Volumes may recede as the global infections go down gradually, or are contingent upon the development of the vaccine by 2021. In the post COVID-19 period, demand for molecular diagnostics will grow stronger with pent-up demand for infectious disease testing such as tuberculosis, hepatitis C, hepatitis B, HPV, and also STDs.

- Select Competitors (Total 84 Featured) -
  • Abbott Laboratories
  • Abbott Molecular
  • Becton, Dickinson and Company
  • bioMérieux SA
  • Cepheid
  • F. Hoffmann-La Roche Ltd.
  • Grifols International, S.A.
  • Hologic, Inc.
  • QIAGEN N.V.
  • QuestDiagnostics, Inc.
  • Siemens Healthcare GmbH
  • Tecan Group Ltd.
  • The ELITechGroup
  • Thermo Fisher Scientific

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