Viral Molecular Diagnostics Market Booming: Growth Fueled by Innovation and Rising Healthcare Needs

The global viral molecular diagnostics market is experiencing significant growth, driven by rising infectious diseases, technological advancements, and increasing healthcare spending. This press release provides a comprehensive overview of the market, analyzing trends, drivers, restraints, and growth opportunities.

Market Overview

The viral molecular diagnostics market size was valued at USD 7,981.4 Million in 2021 and is projected to reach USD 14972.4 Million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.3%. This growth is attributed to the rising prevalence of infectious diseases like COVID-19, HIV, and influenza.

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Key Trends Shaping the Market

Technological Advancements:

Development of faster, more accurate, and user-friendly diagnostic tools like Point-of-Care (POC) testing is propelling market growth.

Integration of automation and artificial intelligence (AI) is streamlining workflows and enhancing diagnostic efficiency.

Growing Focus on Personalized Medicine:

Viral molecular diagnostics play a crucial role in identifying genetic variations of viruses, enabling targeted treatment approaches.

Increasing Healthcare Expenditure:

Rising government and private investments in healthcare infrastructure and diagnostics are fueling market expansion.

Drivers and Restraints

Drivers

Growing awareness of early disease detection and personalized medicine

Rising burden of chronic viral infections

Increasing research and development (R&D) activities in molecular diagnostics

Government initiatives supporting the adoption of advanced diagnostics

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Restraints

High cost of instruments and consumables

Stringent regulatory requirements for market approval

Lack of skilled personnel for operating advanced diagnostic equipment

Growth Opportunities

Rising demand for rapid and accurate diagnostic tests in developing economies

Technological advancements in multiplex testing capabilities

Increasing focus on automation and integration of diagnostics into healthcare IT systems

Growing adoption of POC testing in various clinical settings

Market Insights

the global viral molecular diagnostics market has been segmented into instruments, reagents, and others. Reagents segment is expected to register a significant revenue growth rate over the forecast period. A reagent is an essential component of any chemical process. A reagent is a material or product that facilitates a reaction and is utilized in the majority of commonly used tests such as pregnancy tests, blood glucose tests, and the majority of COVID-19 test kits.

the global viral molecular diagnostics market is segmented into hospitals, diagnostic laboratories, academic institutions, and ambulatory clinics. Diagnostic Laboratories segment is expected to register a significant revenue growth rate over the forecast period. A medical laboratory professional's ability to undertake molecular diagnostic testing is of vital importance in medical laboratory field. Understanding methodology related to pathogen detection and monitoring, cancer biomarkers, inherited genetic disorders, or other biomarkers are key in diagnostic laboratories and increasing demand from viral molecular diagnostics is a key factor driving revenue growth of this segment.

Market in North America accounted for the largest revenue share in 2021. The development of viral molecular diagnostic technologies for applications in PoC settings is a key factor driving market revenue growth. As a result, numerous firms are developing point-of-care (POC) diagnostic assays and molecular diagnostic systems. POC tests are portable and provide quick results when detecting genetic material from an infectious disease. Moreover, presence of key players in the market is also driving market revenue growth in the region. For instance, on 11 June 2022, Thermo Fisher Scientific, a global leader in scientific services, announced the release of the Applied Biosystems TaqPath Respiratory Viral Select Panel, a CE-IVD-marked molecular assay panel for the detection of five common viruses, including those that cause the common cold, bronchiolitis, croup, influenza-like illnesses, and pneumonia.

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SWOT Analysis

Strengths

High accuracy and sensitivity of molecular diagnostic tests

Growing demand for personalized medicine

Technological advancements leading to faster turnaround times

Weaknesses

High cost of instruments and consumables

Limited availability of skilled personnel

Opportunities

Rising demand in developing economies

Technological advancements in multiplex testing

Integration with healthcare IT systems

Threats

Stringent regulatory requirements

Reimbursement challenges

Competitive Landscape:

Competitive landscape of the global viral molecular diagnostics market is consolidated with a few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major companies in the global market report include Abbott, BD, Bio-Rad Laboratories, Inc., Danaher, Hologic, Inc., Thermo Fisher Scientific Inc., Johnson & Johnson Services, Inc., Grifols, S.A, QIAGEN, and Siemens.

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This release was published on openPR.