Molecular Diagnostics Devices And Equipment Market Continues To Grow With Novel Test Kits For COVID-19 Detection Being Created
28 Jun, 2021
Diagnostic start up DIVOC Health has recently gotten an approval for a novel PCR assay to detect COVID-19 more efficiently. The polymerase chain reaction testing kit is in a ready-to-go bead format, which allows it to endure higher temperatures. This is helpful because it makes it suitable for more tropical countries, where the need for cold-storage is a hindrance.
COVID-19 rapid test kits are usually available as RT PCR test kits, rapid antigen test kits or rapid antibody test kits and are manufactured by the entities that manufacture in-vitro rapid diagnostic tests in the medical equipment industry.
Increasing demand for molecular diagnostics for COVID-19 has been a major driver of the molecular diagnostic devices and equipment market. There has been an increase in the adoption of next generation sequencing technology in the diagnostics of infections owing to its high efficiency and accuracy. In June 2020, FDA issued an emergency use authorization to Ilumina Inc., for Illumina COVIDSeq Test, the first COVID-19 diagnostic test utilizing next generation sequence technology. The advantage of using a next generation sequencing test is that it can generate information about the genomic sequence of the virus present in a sample along with detecting the presence of the virus in the sample. This genomic information can be used for research purposes too, thus supporting the growth of the market.
As per data on the Global Market Model, the global molecular diagnostics devices and equipment market is expected to decline from $18.07 billion in 2020 to $13.57 billion in 2021 at a compound annual growth rate (CAGR) of -24.9%.The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $19.01 billion in 2025 at a CAGR of 8.8%.
The top opportunities in the molecular diagnostics devices and equipment market segmented by product will arise in the reagents and consumables segment, which will gain $610.6 million of global annual sales by 2025. The top opportunities in the market segmented by end-user will arise in the diagnostic laboratories segment, which will gain $530.6 million of global annual sales by 2025, segmented by technology will arise in the DNA (deoxyribonucleic acid) sequencing segment, which will gain $304.7 million of global annual sales by 2025, by application will arise in the genetic testing segment, which will gain $345.8 million of global annual sales by 2025. The molecular diagnostics devices and equipment market size will gain the most in the Japan at $171.3 million.