The field of genomics has significantly
positioned itself as a hotspot of academic scientific research and clinical
medicine. Technological developments, such as precision medicine,
next-generation sequencing (NGS), and long-read sequencing have made
significant advances in science and technology and simultaneously opened
avenues for public healthcare. For precision medicine to bolster, genomic
sequencing and long-read sequencing are of utmost importance, and since 2003
(after the completion of the Human Genome Project), genomic sequencing has
attained great strides in terms of both cost and time. Since then, many genomic
research projects and initiatives have been undertaken by developed and
developing countries worldwide, with massive fund infusions aimed toward
establishing precision medicine in routine healthcare procedures.
Emerging next-generation sequencing offers
improvement in genetic variations and regions present on a gene during the
diagnosis of a disease, and it is difficult to access them with the Sanger sequencing
methods. Significant strides in advancing sequencing technologies and
computational tools have facilitated an increasing number of genomic studies to
be performed, further generating huge amounts of data. Data generated from the
genomic projects and initiatives require in-depth analyses for deriving
potential insights, which are then used to improve clinical outcomes. To
address this critical requirement pertaining to downstream genomic data
analysis, biotechnology companies are significantly investing in research and
development (R&D) to expand their respective bioinformatics pipeline for
research and clinical applications. As the next frontier of precision medicine,
the global molecular diagnostics market showcases enormous potential to
completely revolutionize patient care and overall wellness in general.
Global Molecular Diagnostics Market Overview
As per BIS Research analysis, the global molecular diagnostics market is projected to reach $24,228.0 Million by 2031 from $10,914.6 Million
in 2020, at a CAGR of 7.38% during the forecast period 2021-2031. Growth in this
market is expected to be driven by the decrease in the cost of sequencing, the
global increase in the application of next-generation sequencing, and external
funding for executing research. However, there are significant challenges
restraining the market growth, such as uncertain reimbursement scenario and a lack
of tools for computational analysis.
COVID-19 Impact on Global Molecular
Diagnostics Market
The
current global molecular diagnostics market comprises software, instruments,
and consumables. It has been noticed that there has been a reduction in the
capacity or shutdowns of laboratories and other research institutions that have
led to reduced usage of instruments, consumables, and software related to
research.
The exponential rise in the prevalence of infectious diseases and various types of cancer globally has created a buzz among companies to invest in advanced technologies such as molecular diagnostics.
Based on region, North America holds the largest share, owing to improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. However, the Asia-Pacific and Europe regions are anticipated to grow at the fastest CAGR during the forecast period.
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