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According to The Business Research Company’s research report on the molecular diagnostics point of care market, molecular diagnostic devices and equipment companies are focusing on the development of point-of-care tests (POC) for COVID-19 diagnostics. These are portable devices that can detect the presence of the pathogens instantly by non-invasive methods using a few drops of bodily fluids. The microfluidic cartridges enable the miniaturization of devices and brings about automation in the sample handling and detection processes. Some POC MDx devices also use isothermal amplification of nucleic acid which bypasses the need of thermal cycling and reduces the detection time to just 5 minutes. These tests can be conducted in isolated places and are beneficial for underdeveloped regions where there is lack of hospital care and sophisticated instruments.
For instance, In March 2020, US based leading molecular diagnostics devices company Abbott announced that the U.S. Food and Drug Administration (FDA) had issued an Emergency Use Authorization (EUA) for the Abbott ID NOW™ COVID-19 test, which is a molecular point-of-care test to detect novel coronavirus in almost five minutes. The company also announced that it would increase manufacturing of these tests to deliver 50,000 tests per day. Thus, the critical role that diagnosis plays in such diseases drove the point of care molecular diagnostics market during the COVID-19 crisis.
Molecular diagnostics devices are used to diagnose infectious diseases and perform screening by detecting specific sequences in deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) at a molecular level. It helps doctors to prescribe more accurate therapeutic interventions in the early stages of a disease. Molecular diagnostics devices and equipment are segmented by product into instruments, reagents, consumables and software. These devices and equipment are used in diagnostic laboratories, hospitals and by other end-users such as nursing homes, blood banks and clinical point of care settings.
The global molecular diagnostics devices and equipment market size 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 the molecular diagnostics market 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 Business Research Company’s report titled Molecular Diagnostics Devices And Equipment Global Market Report 2021: COVID 19 Implications And Growth to 2030 covers major molecular diagnostics devices and equipment companies, molecular diagnostics devices and equipment market share by company, molecular diagnostics devices and equipment manufacturers, molecular diagnostics devices and equipment market size, and molecular diagnostics devices and equipment market forecasts. The report also covers the global molecular diagnostics devices and equipment market and its segments.
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The number of people infected with the COVID-19 virus has been increasing significantly, which calls for the need to shorten the time taken for diagnosis and treatment, better and accurate detection speeds and the development of innovative molecular diagnostic techniques. The availability of efficient and accurate laboratory diagnosis is critical for the effective prevention and control of the pandemic. The early detection, diagnosis, isolation and treatment is the most effective way to prevent and control COVID‑19. The pandemic has therefore accelerated the adoption of molecular diagnostics in the healthcare industry, highlighting the power of sequencing-based diagnostic testing in global efforts to combat the spread of the infectious diseases, and its importance in supporting recovery efforts.
TBRC’s molecular diagnostics industry overview shows that this increased demand for testing has prompted major molecular diagnostics companies to focus on the development of new, efficient and faster diagnostic tests for COVID-19. The increased demands for testing would positively impact the companies with an increase in revenues. It is estimated that COVID-19 diagnostics can benefit Abbott to the tune of $860 million of revenue.
Molecular Diagnostics Devices And Equipment Global Market Report 2021: COVID 19 Implications And Growth to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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