The molecular respiratory panels market size is projected to be worth USD 1.1 billion in 2023. The market is likely to surpass USD 2.0 billion by 2033 at a CAGR of 6.3% during the forecast period.
The rising incidence of respiratory infections, including viral outbreaks such as influenza and the COVID-19 pandemic, is a major driving force behind the demand for molecular respiratory panels’. These panels’ offer rapid and accurate diagnosis, enabling timely treatment and infection control measures.
Other Drivers Propelling the Demand for Molecular Respiratory Panels Market include:
Challenges for Companies /Manufacturers in the Molecular Respiratory Panels Market:
Opportunities in the Molecular Respiratory Panels Market Industry:
Latest Trends in the Molecular Respiratory Panels Market:
| Attributes | Details |
|---|---|
| Molecular Respiratory Panels Market Size (2023) | USD 1.1 billion |
| Molecular Respiratory Panels Market Projected Size (2033) | USD 2.0 billion |
| Value CAGR (2023 to 2033) | 6.3% |
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From 2017 to 2022, the global molecular respiratory panels’ market experienced a CAGR of 9.2%, reaching a market size of USD 1.1 million in 2023.
From 2017 to 2022, the global molecular respiratory panels’’ market industry witnessed steady growth due to the increased prevalence of respiratory illnesses and technological advancements. Significant advances in molecular diagnostic technology have occurred throughout the years, including the creation of polymerase chain reaction (PCR) and other nucleic acid amplification techniques. These technological improvements have enhanced the sensitivity, specificity, and multiplexing capabilities of molecular respiratory panels’, which has contributed to the growth of the market.
Respiratory diseases, such as influenza, respiratory syncytial virus (RSV), and other respiratory pathogens, have long been a source of worry across the world. The growing prevalence of these illnesses has increased need for reliable and speedy diagnostic tests, propelling the molecular respiratory panels’ market forward.
Future Forecast for Molecular Respiratory Panels Market Industry:
Looking ahead, the global molecular respiratory panels’’ market industry is expected to rise at a CAGR of 6.3% from 2023 to 2033. During the forecast period, the market size is expected to reach USD 2.0 billion by 2033.
The molecular respiratory panels’’ market industry is expected to continue its growth trajectory from 2023 to 2033. As the benefits and capabilities of molecular respiratory panels’ become more generally recognized, healthcare practitioners are likely to become more aware and employ them. The requirement for accurate and quick diagnosis, as well as infection management and monitoring, will drive the expansion of the molecular respiratory panel market.
The requirement for quick results and decentralized testing will push the need for point-of-care testing to expand further. Molecular respiratory panels’ that may be conducted at the point of treatment, such as in clinics or emergency rooms, are expected to acquire market traction.
| Country | The United States |
|---|---|
| Market Size (USD Million) by End of Forecast Period (2033) | USD 575.6 million |
| CAGR % 2023 to End of Forecast (2033) | 7.0% |
The molecular respiratory panels’’ market industry in the United States is expected to reach a market size of USD 575.6 million by 2033, expanding at a CAGR of 7.0%. The incidence of chronic respiratory disorders in the nation is increasing, which is driving up demand for the industry. For instance, the USA Centers for Disease Control and Prevention (CDC) 2022 report showed that in 8 out of 10 public health districts in the USA, the prevalence of respiratory syncytial virus (RSV) is rising.
| Country | The United Kingdom |
|---|---|
| Market Size (USD Million) by End of Forecast Period (2033) | USD 73.6 million |
| CAGR % 2023 to End of Forecast (2033) | 5.3% |
The molecular respiratory panels’’ market industry in the United Kingdom is expected to reach a market share of USD 73.6 million, expanding at a CAGR of 5.3% during the forecast period. Strict laws for the mining sector increase the usage of the molecular respiratory panels’. In the EU there are around 53,000 people employed by coal power stations. The EU’s regulatory body also conducts routine checkups of these workers, which boosts demand for molecular respiratory panels’.
| Country | China |
|---|---|
| Market Size (USD Million) by End of Forecast Period (2033) | USD 180.6 million |
| CAGR % 2023 to End of Forecast (2033) | 7.7% |
The molecular respiratory panels’’ market industry in China is anticipated to reach a market size of USD 180.6 million, moving at a CAGR of 7.7% during the forecast period. The molecular respiratory panel’s market industry in China is expected to grow prominently due to the increasing population with respiratory illness. China has a big population, and respiratory illnesses such as influenza, Respiratory syncytial (RSV), and other respiratory pathogens are common. The rising prevalence of these illnesses is raising the requirement for precise and effective diagnostic techniques such as molecular respiratory panels’.
| Country | Japan |
|---|---|
| Market Size (USD Million) by End of Forecast Period (2033) | USD 126.0 million |
| CAGR % 2023 to End of Forecast (2033) | 7.4% |
The molecular respiratory panels’ market industry in Japan is estimated to reach a market size of USD 126.0 million by 2033, thriving at a CAGR of 7.4%. The market in Japan is predicted to grow because of high geriatric population. Japan has one of the world's oldest populations, and respiratory illnesses such as pneumonia and influenza are widespread among the elderly. The growing older population in Japan, as well as the requirement for precise respiratory illness detection, are projected to boost demand for molecular respiratory panels.
| Country | South Korea |
|---|---|
| Market Size (USD Million) by End of Forecast Period (2033) | USD 49.3 million |
| CAGR % 2023 to End of Forecast (2033) | 6.8% |
The molecular respiratory panels’ market industry in South Korea is expected to reach a market size of USD 49.3 million, expanding at a CAGR of 6.8% during the forecast period. In the past, South Korea has had outbreaks of respiratory illnesses such as MERS (Middle East Respiratory Syndrome) and COVID-19. These incidents have raised public awareness of respiratory illnesses, resulting in a greater demand for reliable market data.
The multiplex panels is to dominate the molecular respiratory panels’ market industry with a market share of 50.4% in 2022. A multiplex molecular diagnostic platform would be a crucial component of a successful respiratory diagnostics method. For the identification of respiratory infections, NADT methods such as loop-mediated isothermal amplification and nucleic acid sequence-based amplification have been utilized.
Multiplexing, in which numerous targets are evaluated at the same time, is often used in PCR-based assays and offers substantial advantages in terms of efficiency and pathogen coverage over single-pathogen tests.
Diagnostic use is dominating the molecular respiratory panels’ market industry with market share of 65.8% in 2022. Molecular respiratory panels are generally used for diagnostic reasons since they are designed to detect and identify respiratory pathogens at the molecular level, delivering accurate and speedy findings for respiratory infection diagnosis.
Reverse transcription polymerase chain reaction (RT-PCR) is dominating the molecular respiratory panels’ market with the market share of 47.8% in 2022. RT-PCR may identify very low quantities of viral genetic material in patient samples. This great sensitivity enables for the early diagnosis of viral infections, even when the viral load is low in the early stages of the disease. It facilitates accurate diagnosis and patient management. This technique's great sensitivity is particularly appealing to healthcare professionals and individuals seeking to diagnose.
The diagnostic centers dominating the molecular respiratory panels’ market with the market share of 38.1% in 2022. Diagnostic centers often utilize molecular respiratory panels as part of their comprehensive testing services for respiratory infections. These panels offer several advantages, such as the ability to simultaneously test for multiple respiratory pathogens in a single assay, high sensitivity and specificity, and rapid turnaround times.
The molecular respiratory panel sector is aggressively competitive, with many companies fighting for market dominance. Key players in the molecular respiratory panels market employ various strategies to stay competitive and maintain their market position.
Key Strategies Used by the Participants
Key players invest in research and development activities to continuously improve their molecular respiratory panel products. By offering innovative and advanced products, companies can attract customers and differentiate themselves from competitors.
Key players form strategic partnerships and collaborations with other companies, academic institutions, and research organizations. These partnerships facilitate the exchange of knowledge, resources, and technologies, leading to the development of new products and solutions.
Companies focus on expanding their presence in different geographic regions. This involves establishing distribution channels, partnerships with local distributors, and obtaining necessary regulatory approvals in target markets.
Companies in the market may engage in mergers or acquisitions to consolidate their product portfolio, acquire new technologies, these strategic moves allow companies to enter new market segments, gain access to novel products or intellectual property, and achieve synergies in terms of research, manufacturing, or distributions.
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Key Developments in the Molecular Respiratory Panels Market:
The market is anticipated to expand at a 6.3% CAGR from 2023 to 2033.
The market totals USD 1.1 billion in 2023.
Asia Pacific is expected to be a lucrative market.
High equipment limits the market growth.
From 2017 to 2022, the market held a 9.2% CAGR.
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Molecular Respiratory Panels Market
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