Middle East Molecular Diagnostics Market Report 2022: Rise of Next-Generation Ultrasensitive Molecular Diagnostics & Novel Revenue Streams Creates Opportunities - Forecast to 2031
DUBLIN, June 23, 2022 /PRNewswire/ -- The "Middle East Molecular Diagnostics Market - Country Analysis: Focus on Product, Testing Location, Technology, Application, End User, and Country Data - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Middle East molecular diagnostics market is projected to reach $1,017.7 million by 2031 from $493.1 million in 2020, at a CAGR of 6.72% during the forecast period 2021-2031
The growth in the Middle East molecular diagnostics market is expected to be driven by factors such as the increasing prevalence of infectious diseases and various types of cancer in the Middle East, rising awareness of personalized medicine and its acceptance, coupled with the significant number of funding for executing R&D in Middle East region.
Market Lifecycle Stage
Diagnostics is a well-developed market with an integral part of medical decision-making -aid in acquiring information for a wide range of treatment dissemination, accentuating their criticality in healthcare. Molecular diagnostics has a critical role in the precision medicine approach, as it ensures the safe and effective application of targeted therapeutics. Most of the players in the Middle East molecular diagnostics market offer products encompassing the kits and reagents, instruments, and software categories.
Increasing investments in the R&D for molecular diagnostics is one of the major opportunities in the Middle East molecular diagnostics market.
Several diagnostics and pharmaceutical companies are working collaboratively to develop next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), in-situ hybridization (ISH), microarray, nucleic acid amplification-, or mass spectrometry-based molecular diagnostics for the applications in several disease indications in order to enable efficient diagnosis, treatment selection, dosage selection, and treatment monitoring.
Impact of COVID-19
Overall, the impact of COVID-19 on the Middle East molecular diagnostics market size has been low-moderate. Some of the market players have reported a slight decline in sales.
The current Middle East molecular diagnostics market comprises software, instruments, and consumables. It has been noticed that there has been a reduction in the capacity or shutdowns of laboratories and other research institutions, that have led to reduced usage of instruments, consumables, and software related to research.
However, financials are already on their way to recovery. The decline in revenues was mostly a result of the initial phases of the COVID-19 pandemic, which comprised complete lockdowns across countries and major cities, thus interrupting the supply chain.
The timeline of impact spanned the end of the first quarter and the second quarter of 2020 for most of the key markets across the Middle East. However, the pandemic has played a key role in enhancing the growth prospects of molecular diagnostics and is expected to indirectly aid in improving the market growth outlook.
Recent Developments in Middle East Molecular Diagnostics Market
- In January 2022, Abbott showcased its life-changing diagnostic tools and medical devices product portfolio for point-of-care testing (POCT) that helped COVID-19, diabetes, and cardiovascular disease patients at MEDLAB Middle East.
- In June 2021, biomeruix launched EPISEQ SARS-COV-2 to identify SARS-CoV-2 variants using samples from COVID-19 positive patients.
- In 2021, the BD. company declared the approval of the BD Veritor At-Home COVID-19 Test for the detection of SARS-CoV-2 with definitive digital results at home.
- In 2020, Bio-Rad Laboratories, Inc. partnered with Seegene, Inc., a Middle East leader in multiplex molecular diagnostics, for the commercialization and clinical development of molecular diagnostic products.
Key Market Players and Competition Synopsis
Major manufacturers of the Middle East molecular diagnostic market, along with the service providers, are actively involved in undertaking significant business strategies to translate success in research and development into the commercial clinical setting.
Some of the prominent names established in this market are:
- Agilent Technologies, Inc.
- bioMerieux SA
- Babirus Medical Equipment LLC
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche Ltd.
- Guardant Health
- Illumina, Inc.
- QIAGEN N.V.
- Thermo Fisher Scientific Inc.
Key Topics Covered:
1 Middle East Molecular Diagnostics Market
1.1 Product Definition
1.2 Market Overview
1.3 Historical Perspective
1.4 Significant Technologies
1.5 Classification of Molecular Diagnostics
1.6 Future Potential
2 Industry Insights
2.1 Patent Analysis
2.1.1 Patent Filing Trend
2.2 Legal Requirements
2.2.1 Legal Requirements and Framework in the U.S.
2.2.2 U.S. FDA Regulations
3 Competitive Landscape
3.1 Competitive Landscape
3.1.2 Synergistic Activities
3.1.3 Product Launches and Upgradations
3.1.4 Business Expansion
4 Market Dynamics
4.1 Market Dynamics
4.1.1 Impact Analysis
4.1.2 Market Drivers
126.96.36.199 Increasing Prevalence of Infectious Diseases and Various Types of Cancer in the Middle East
188.8.131.52 Increase in Awareness and Acceptance of Personalized Medicines in the Middle East
184.108.40.206 Significant External Funding for Executing Research and Development Exercises
4.1.3 Market Restraints
220.127.116.11 Uncertain Reimbursement Scenario
18.104.22.168 Lack of High-Complexity Testing Centers in the Middle East
4.1.4 Market Opportunities
22.214.171.124 Massive Scope for Adoption of Molecular Diagnostics
126.96.36.199 Rise of Next-Generation Ultrasensitive Molecular Diagnostics
188.8.131.52 Novel Revenue Streams
4.2 COVID-19 Impact on Middle East Molecular Diagnostics Market
4.2.1 Impact on Market Size
4.2.2 Impact on Molecular Diagnostic Practices
5 Middle East Molecular Diagnostics Market, by Products, $Million, 2021 - 2031
5.1.2 Kits and Consumables
5.1.3 Software and Other Products
6 Middle East Molecular Diagnostics Market, by Testing Location, $Million, 2021 - 2031
6.1.1 Laboratory Testing
6.1.2 Point-of-Care Testing
7 Middle East Molecular Diagnostics Market, by Technology, $Million, 2021 - 2031
7.1.1 Polymerase Chain Reaction (PCR)
7.1.2 Next-Generation Sequencing
7.1.3 Isothermal Nucleic Acid Amplification Technology (INAAT)
7.1.5 In-Situ Hybridization (ISH)
7.1.6 Immunohistochemistry (IHC)
7.1.7 Other Technologies
8 Middle East Molecular Diagnostics Market, by Application, $Million, 2021 - 2031
8.1.1 Core Molecular Diagnostics
8.1.2 Reproductive Genetics
8.1.3 Companion Diagnostics (CDx)
8.1.4 Liquid Biopsy
8.1.5 Other Applications
9 Middle East Molecular Diagnostics Market, by End User, $Million, 2021 - 2031
9.1.2 Diagnostic Centers
9.1.3 Out-Patient Clinics/General Practitioners
9.1.4 Research Laboratories
9.1.5 Other End Users
10 Middle East molecular diagnostics Market, by Country, $Million, 2020-2031
10.1.1 Kingdom of Saudi Arabia (KSA)
10.1.3 United Arab Emirates (U.A.E.)
10.1.7 Rest-of-the-Middle East
11 Market - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/uhozqg
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