Global Molecular Biosensors Market Size

Molecular Biosensors Market Analysis

The molecular biosensor market is expected to grow at a CAGR of 6.7% over the forecast period, 2022-2027.

The current pandemic of COVID-19 is expected to shed light on the molecular biosensors market. As most of the centralized laboratories have been employing Polymerase chain reaction (PCR) testing in the diagnosis of SARS-CoV2 viral infection among suspected patients, there has been a significant delay in the clinical outcomes as PCR testing requires more time for accurate and reliable results. This has paved the way for the application of Point-of-care testing in COVID-19 detection. According to the research article published in the Lancet, Respiratory Medicine, 2020, molecular point-of-care testing has attained significant importance in the detection of COVID-19 infection as these are rapid, when compared to the Polymerase chain reaction (PCR) testing. In this study, the patients who were tested positive for COVID-19 through point of-care testing were recruited to further clinical trials 2 days prior than the other patients who were tested using the PCR technique. Thus, given the need for rapid diagnostics, the studied market is expected to witness significant growth during the pandemic.

In recent years, due to the increasing prevalence of chronic diseases, the demand for point-of-care diagnostics has increased. This has led to an increase in demand for molecular biosensors. The increasing application of molecular biosensors in the detections of various cancers, diabetes, pregnancy, along with wide usage in other fields such as environmental safety, food and beverages, and defense and security plays a vital role in the growth of the studied market over the forecast period. According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. Furthermore, the increasing burden of infectious disease surges the demand for molecular point-of-care diagnostics, which in turn drives the studied market.

Worldwide potential as a point of care (POC) market was already growing when the coronavirus focused the country's healthcare system on molecular diagnostics and imaging testing. Point of care diagnostics systems are used for the diagnosis of human immunodeficiency virus, cancers, and hereditary diseases. In addition to suspected infectious cases. The adoption of Point of care diagnostics by various health organization such as Clinton Foundation HIV/AIDS Initiative; Roll Back Malaria; United Nations Programme on HIV/AIDS (UNAIDS); United States President's Emergency Plan for Aids Relief (PEPFAR); the Global Fund to Fight AIDS, Tuberculosis and Malaria; and the WHO increased screening for some of the most burdensome emerging infectious diseases in the developing country. Hence rising the use of molecular biosensor in the point of care diagnosis.

However, high costs involved in research and development and strict regulatory guidelines to be followed for the approval of products by authorities dissuade many manufacturers to enter the market. This is expected to hinder the growth rate of the market over the forecast period.