![]() Key Findings of the Molecular diagnostics Market Study The aim was to develop a high-throughput, sensitive RT-qPCR test and rapid, point-of-care RT-LAMP test to differentiate SARS-CoV-2 and influenza (CoV-INFect). In October 2020, MultiplexDX International (U.S.) received funding for applied research on COVID-19/Influenza from the Slovak Research and Development Agency.In December 2021, the global alliance for diagnosis named FIND (Switzerland) invested USD 21 million to accelerate the development, manufacturing, and launch of affordable, multi-pathogen, molecular diagnostic platforms, specifically for use in decentralized settings in low- and middle-income countries (LMICs).The funds will be used to develop a point-of-care diagnostics platform for women’s health screenings. (U.S.) raised USD 10 million in Series A funding, co-led by Norwest Venture Partners and Medtech Convergence Fund. Below are some examples related to funding received by the companies that helped them focus on developing molecular diagnostics products. Many molecular diagnostic devices that are in the developmental phase are being funded by various organizations. Thus, financial support in the form of funding is essential to develop and bring the technology into the market. The development of molecular diagnostic systems or assays requires significant capital investments. Such initiatives positively impacted the demand for molecular diagnostics for COVID-19 during the pandemic.Ĭlick here to: Get a Free Sample Copy of this report In October 2020, the Italian Health Ministry announced that rapid COVID-19 diagnostic tests would be conducted throughout the country to control the rising prevalence of COVID-19 infections.In December 2020, the French government launched a mass COVID-19 screening campaign in France to control the spread of the disease.More than 60,000 businesses enrolled under this program for the on-site testing of their workers. The government also provided free testing kits as a part of its workplace testing program for businesses that cannot afford on-site testing kits. Government made COVID-19 testing mandatory for all workplaces and businesses with over ten employees. Government made it mandatory for all incoming passengers to carry a negative COVID-19 test report or proof of recovery from the disease amidst the rising number of cases of the Omicron variant. In February 2022, the Ministry of Health and Family Welfare (Government of India) issued new guidelines for international travelers, wherein all travelers arriving from abroad were required to submit negative COVID-19 RT-PCR reports.Some of the initiatives are mentioned below: However, the diagnosis of other disorders was reduced during the initial phase of the pandemic, and the COVID-19 testing capabilities were increased to limit the spread of infection. The COVID-19 pandemic had a positive impact on the molecular diagnostics market in terms of revenue. Impact of COVID-19 on the Molecular Diagnostics Market However, unfavorable regulatory frameworks and the high costs of molecular diagnostic tests restrain the growth of this market. The growth of this market is driven by the rising global geriatric population, the increasing prevalence of communicable & non-communicable diseases, technological advancements in molecular diagnostics, and rising healthcare expenditures. The molecular diagnostics market comprises advanced products and technologies used by medical professionals for patient management, from diagnosis to treatment, primarily focusing on areas such as infectious disease and cancer. ![]() The Molecular Diagnostics Market is projected to reach $46.69 billion by 2030, at a CAGR of 5.6% from 2023 to 2030. ![]()
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