The global molecular quality controls market is poised for robust growth, with a projected value of US$ 204 million in 2023, according to the latest market research by FMI. The market is expected to exhibit a healthy CAGR of 7.2% throughout the forecast period, culminating in an estimated worth of over US$ 408 million by 2033.
Previously, a market research analysis conducted by Future Market Insights had predicted a CAGR of 6.7% for the global molecular quality controls market between 2021 and 2026, starting from a value of US$ 164 million and reaching US$ 226 million by the end of the projection period. This upward trajectory can be attributed to several factors, including the increasing uptake of third-party quality controls, the burgeoning number of accredited clinical laboratories, the mounting demand for external quality assessment support, escalating government funding to foster genomics projects, growing interest in personalized medicines, plummeting sequencing costs, and the alarming rise in infectious diseases, cancer, and genetic disorders.
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Due to the expanding global burden of various diseases, the number of laboratory tests performed has grown. The number of laboratories in both the public and private sectors is growing to satisfy this need. Setting up a quality control process in a clinical laboratory necessitates a large financial commitment. Laboratories must also have specialized people to supervise the quality control system.
Regardless of the number of tests completed, QC procedures entail equal expenses. As a result, the expense of implementing QC processes in clinical laboratories that perform modest quantities of diagnostic tests is prohibitively expensive. This, along with funding restrictions in many hospitals and laboratories in both developed and emerging economies, is projected to lead to a decreased adoption of quality-control techniques.
New multi-analyte and multi-instrument controls have been developed as a result of technological improvements. These cutting-edge controls combine many instrument-specific controls into a single control, allowing clinical laboratories to save money. In addition, these controls save time by eliminating the need for separate QC processes for each analyte.
In the next years, the increased availability of such molecular quality controls for infectious disease diagnostics and other applications is likely to drive market expansion.
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Key Takeaways:
- The Asia Pacific molecular quality controls market is expected to reach US$ 72.07 million in 2028 from US$ 34.27 million in 2021; it is estimated to grow at a CAGR of 11.2%.
- The European molecular quality controls market is expected to reach US$ 109.59 million by 2028 from US$ 55.76 million in 2021; it is estimated to grow at a CAGR of 10.1%.
- The growing implementation of genomic sequencing in healthcare systems is supported by substantial government investments, totaling over US$ 4 billion by at least 14 countries.
- SeraCare and the International Quality Network for Pathology (IQN Path) (Luxembourg) announced a collaboration in June 2021 to develop, manufacture, and supply a range of highly characterised cell line genomic DNA and formalin-fixed, paraffin-embedded (FFPE) standards with confirmed low, mid, and high levels of mutational burden within their exome regions.
- Bio-Rad and Roche Diagnostics (Switzerland) announced worldwide cooperation in May 2021 to supply clients with a comprehensive array of InteliQ devices and Unity QC data management systems, as well as customer training and support services.
- Abbott Laboratories spent USD 2.4 billion in research and development in 2020, with USD 10.80 billion going toward producing technologically enhanced diagnostic devices to expand its product offering.
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Key Segments
By Analyte:
- Single-analyte Controls
- Multi-analyte Controls
By Product Type:
- Independent controls
- Instrument-specific controls
By Application:
- Infectious Diseases Diagnostics
- Oncology Testing and Genetic testing
By End User:
- Diagnostic laboratories
- Hospitals
- IVD manufacturer & CROs
- Academic & Research Institutes
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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