viral molecular diagnostics market Report Overview
-
Request a Free Sample to learn more about this report
The global viral molecular diagnostics market size was USD 8622.1 million in 2022 and the market is projected to touch USD 17286.9 million by 2032 at a CAGR of 7.2% during the forecast period.
Viral molecular diagnostics refers to the use of molecular biology techniques and tools to detect and identify viral infections in biological samples. This approach focuses on the genetic material (such as DNA or RNA) of viruses to diagnose infections with high specificity and sensitivity. Viral molecular diagnostics can detect various viral pathogens, including those responsible for diseases such as influenza, HIV/AIDS, hepatitis, COVID-19, and many others.
The market has witnessed an exceptional growth rate in the last few years due to the prevalence of viral infection diseases all over the world and the increased awareness about the advantages of early diagnostics treatment. These tests can provide rapid and accurate results and help in the early detection, monitoring, and management of viral infections.
COVID-19 Impact: Coronavirus Outbreak Surged the Demand for Viral Diagnostics Test
The global COVID-19 pandemic has been unprecedented and staggering, with the viral molecular diagnostics market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic led to an unprecedented surge in demand for viral molecular diagnostics. PCR-based tests, particularly RT-PCR tests, became the gold standard for diagnosing COVID-19. This resulted in a massive increase in testing volumes and the need for testing infrastructure. Additionally, the urgency of the pandemic drove rapid innovation in viral diagnostics. As a result, many companies developed and commercialized new COVID-19 tests that contributed to the expansion of the diagnostic test menu throughout the pandemic. Considering this, the market is projected to continue to grow in the future due to rising other viral infection diseases.
Latest Trends
"New Product Launches Expand the Market Prospects"
In the viral molecular diagnostics market, two prominent trends have been gaining traction. Firstly, there is a noticeable uptick in collaborations and partnerships between various stakeholders in the industry. These collaborations often involve diagnostic companies joining forces with research institutions, healthcare providers, and technology firms. Such partnerships aim to leverage the combined expertise and resources to develop cutting-edge viral diagnostic solutions, enhance research capabilities, and expand market reach. Secondly, a wave of innovation is sweeping the market, characterized by a continuous stream of new product launches. These product launches include a broad spectrum of viral diagnostic technologies, ranging from advanced PCR-based tests to rapid point-of-care solutions. Consequently, these trends are shaping the viral molecular diagnostics market dynamic and contributing to its growth.
viral molecular diagnostics market Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be bifurcated into Hepatitis B Virus (HBV), Hepatitis C Virus (HCV)
Human Immunodeficiency Virus (HIV), and Human Papillomavirus (HPV)
- By Application Analysis
Based on application, the market can be divided into Hospitals, Academics Institutions, Laboratories, and Others.
Driving Factors
"Increasing Prevalence of Viral Diseases Spurs the Demand for Diagnostics Procedures"
The market for viral molecular diagnostics has continued to expand over the years majorly driven by the growing incidence of viral infectious diseases such as influenzas, hepatitis, AIDS, and others. This growth is driven by the growing awareness of the importance of early and accurate diagnosis, advancements in diagnostic technologies, and the ongoing need to monitor and control viral outbreaks, including the global response to the COVID-19 pandemic. As a result, companies in this sector are actively innovating and developing new diagnostic solutions to meet the rising demand for effective viral diagnostics which is expected to continue to enhance the viral molecular diagnostics market growth throughout this forecast period.
"Expanding Geriatric Population Accelerates the Market Development"
The global aging population is also a significant key factor in raising the demand for viral diagnostics, as the healthcare system seeks to address the unique healthcare needs and challenges associated with the elderly demographic. This demographic shift highlights the importance of diagnostic testing in ensuring the health and well-being of older individuals and the broader community. As well as the increasing technical advancements in viral molecular diagnostics to enhance accuracy and speed with less cost, are also contributing to the growth of the market.
Restraining Factors
"High Costs and Complexity Can Restrict the Market Expansion"
Additionally, along with driving factors, the market has some restraints such as the high costs of this diagnostic test, which may limit access, particularly in resource-limited settings and for certain patient populations. As molecular diagnostics tests can be expensive to develop, produce, and administer. Also, it often requires specialized equipment and skilled personnel which may not be readily available in all healthcare settings. Therefore, this complexity can hinder widespread adoption.
viral molecular diagnostics market Regional Insights
-
Request a Free Sample to learn more about this report
"North America Dominates the Market due to High Rate of Viral Infection Diseases in the Region"
As per previous years’ records, in 2020, North America led the regional market with the largest viral molecular diagnostics market shares globally. The region dominated the market due to certain factors such as well-established healthcare infrastructure, and high awareness about viral infection diseases and their treatments. In addition, the region is predicted to retain its leadership position over this forecast with growing research and development for molecular diagnosis procedures by key players and reimbursement policy in the region
Key Industry Players
"Key Players Offers Expand their Test Menu to Include a Broader Range of Viral Pathogens"
With regard to key players, leading companies in the viral molecular diagnostics market stimulate growth by innovating and expanding their product offerings, reaching new markets globally, forming strategic partnerships, educating healthcare professionals and the public, ensuring regulatory compliance, managing efficient supply chains, customizing solutions for different healthcare settings, and offering cost-effective diagnostic tests. Furthermore, they also play a crucial role in responding to emerging viral threats, and developing and deploying tests quickly.
List of Market Players Profiled
- Abbott Laboraories (U.S.)
- Bio-Rad Laboratories (U.S)
- Becton, Dickinson (U.S.)
- Roche (Switzerland)
- Gen-Probe (U.S.)
- Qiagen (Neatherlands)
- Olympus (Japan)
- Thermo Fisher Scientific (U.S.)
Report Coverage
This report defines the viral molecular diagnostics market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 8622.1 Million in 2022 |
Market Size Value By |
US$ 17286.9 Million by 2032 |
Growth Rate |
CAGR of 7.2% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
-
What value is the global viral molecular diagnostics market expected to touch by 2032?
The global viral molecular diagnostics market is expected to touch USD 17286.9 million by 2032.
-
What CAGR is the viral molecular diagnostics market expected to exhibit by 2032?
The viral molecular diagnostics market is expected to exhibit a CAGR of 7.2% by 2032.
-
What are the key driving factors of the viral molecular diagnostics market?
The increasing prevalence of viral diseases and expanding geriatric population are the key driving factors of the viral molecular diagnostics market.
-
What are the key players in the viral molecular diagnostics market?
The key players in the viral molecular diagnostics market include Abbott Laboraories, Bio-Rad Laboratories, Becton, Dickinson, Roche, Gen-Probe, Qiagen, Olympus, and Thermo Fisher Scientific.