The pandemic has accelerated the adoption of molecular diagnostics devices and equipment 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.
The global molecular diagnostics devices and equipment market size grew by a massive rate of 258.9% to $18.07 billion in 2020 and is expected to decline to $13.57 billion in 2021 at a rate of -24.9%, according to a recent report by The Business Research Company.
The change in this growth trend is mainly due to companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. However, the market size is still almost double that of what it was during pre-COVID levels at $6.98 billion in 2019. The molecular diagnostics devices and equipment market is later expected to reach $19.01 billion in 2025 at a compound annual growth rate of 8.8%.
A Key Industry Trend: POC Tests for COVID-19
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 bring 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.
Molecular Diagnostics Devices and Equipment Market Share and Growth
The regions covered in the global molecular diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
North America is the largest region in the global molecular diagnostics devices and equipment market, accounting for 34.5% of the total in 2020. It was followed by Asia Pacific, Western Europe and then the other regions.
Going forward, the fastest-growing regions in the molecular diagnostics devices and equipment market will be South America and Eastern Europe, where growth will be at CAGRs of 4.1% and 3.8% respectively. These will be followed by Africa and Middle East, where the markets are expected to grow at CAGRs of 3.7% and 3.1% respectively.
Key Players and Their Strategies in the Molecular Diagnostics Devices and Equipment Industry
The molecular diagnostics devices and equipment market is highly concentrated, with a small number of large players dominating the market. The key players in the market are focusing on expanding their operational and business presence in the molecular diagnostics market through development of innovative technologies and strategic acquisition of emerging companies in the industry.
The top 10 companies in the market occupy 70.30% of market share in the global molecular diagnostics devices and equipment market. Major players in the market include F. Hoffmann-La Roche Ltd, Danaher Corporation, QIAGEN N.V., Hologic, Biomérieux, Siemens Healthineers AG, Becton, Dickinson & Co, Abbott Laboratories, Grifols, S.A., and Sysmex Corporation.
Where to Learn More
Molecular Diagnostic Devices and Equipment Global Market Opportunities and Strategies to 2030: COVID-19 Implications and Growth is one of a series of reports from The Business Research Company that provides molecular diagnostics market overviews, analyzes and forecasts molecular diagnostics market size, molecular diagnostics market players, molecular diagnostics market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
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