Approximately two decades ago, when scientist finished the first copy of 3 billion letters that make up the human genome, the cost to sequence a second human genome was estimated to be over $100 million. Today, thanks to developments in the field of DNA sequencing technology the sequencing of genome will cost no more than $100. Genome sequencing is now a far more practical clinical option considered especially in early detection of the disease-causing agent and has enabled healthcare professionals to intervene more precisely rather than speculatively to put in place the necessary safeguards to stop transmission to the vulnerable patients or members of the community.
Making the greatest medical decisions should be given the utmost priority, and the diagnostic tests can serve as the foundation for doing so. The diagnosis of a disease is crucial for the management of the existing health condition as well as for the initial identification procedure, prevention, and treatment. The most dynamic and consistently expanding field of diagnostics is molecular diagnostics. It is on the verge of bringing about a revolution in healthcare that can result in better understanding of medical research, precise diagnostics, and therapy. It serves as a magnifying glass to highlight the anatomy and physiology of a disease, helping medical professionals to advance towards the urgently required "personalised treatments". Most laboratory tests for various infectious diseases and genetics are currently covered by molecular diagnostics, which is also now moving into oncology's uncharted territory.
Increasing Demand for Personalized Medicines
Due to the increased demand for personalized treatments, numerous pharmaceutical companies have created personalised drugs to improve patient care. Given that these tailored treatments significantly rely on data from a person's DNA, demand in this domain is expected to drive market expansion.
Rapid Development in Molecular Diagnostic Field
The molecular diagnostics market is experiencing a rapid pace of technological advancement with the integration of diagnostic methods and innovative IT and data analytics which are reducing the complexity of assays and subsequent analysis. The use of nanotechnology in the development of molecular diagnostic products will also further help improve the efficacy of diagnostic methods and results.
Saves Costs and Improves Throughput
One of the main reasons for molecular diagnostics workflow is to reduce healthcare cost and increase throughput, especially during outbreaks and pandemic situation when many samples need to be examined rapidly. Traditional laboratory testing requires many processes at each level of the workflow, which adds to high labour intensity. Additionally, professionals can only process a small number of samples at once. This results in a longer turnaround time to evaluate every sample in large volume testing as well as long-term increase in labour costs. Automating molecular diagnostics workflow allows for the processing of more samples in given amount of time, which reduces the need for technicians and lowers labour costs.
Market Constraints
PCR (Polymerase Chain Reaction) technology will always be a great diagnostic tool since it has established the foundation for modern molecular diagnostics. Unfortunately, not all medical professionals or clinical laboratories have the capacity to set up specialised infrastructure for PCR technology. Further, there is a growing concern that personal data submitted for research purposes end up in the hands of non-profit organisations, and genetic testing has raised this concern to a whole new level. This has raised concerns about the moral use of a person's genetic information, including whether it can be used to advance medicine research and how much access a patient has for his own data. Also, the low insurance reimbursement levels offered for these tests and the inadequate coverage for associated treatments frequently discourage patients from taking molecular diagnostic tests, despite its excellent value proposition.
