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March 06, 2020 | Healthcare
The progressive success rate of the medical community have brought the mankind to the age of molecular biology, nanotechnology, and robotization. The increasing prevalence of various types of cancer throughout the world have been propagating the growth of molecular diagnostics industry since the past few years. It is a branch of diagnostics that deals with the genetic code of an individual. It also evaluates the working mechanism of the cells that are present in the body and helps in understanding their way of interaction within themselves for smooth functioning of the entire human anatomy. The medical community considers molecular diagnostics to be very crucial, especially in terms of cancer cure.
The molecular diagnostic procedure helps to diagnose and monitor diseases and detects the risks that are associated with them. It further helps the physicians in deciding the right treatment options for treating patients affected by the same disease. Molecular diagnostics can be applied for infectious diseases, oncology, histology, blood screening, and others. It involves three basic techniques, namely, sequencing technique, hybridization technique, and hospital amplification techniques.
As per the World Health Organization, healthcare-associated infections affect hundreds of millions of patients worldwide. This leads to a significant financial and mortality loss for health institutions. The rise in the number of healthcare-associated infections is a major factor driving the market for molecular diagnostics. Molecular diagnostics are specific and fast. This factor is promoting the growth of this field across the globe.
Commercialization of Products by Gaining Approvals for Clinical Trials to Open New Market Opportunities
Market vendors are investing their time and technology in the research and development activities in various fields, such as stem cell technology, regenerative medicine, cancer immunotherapy, and others. For successive results in these fields, companies are investing huge sums to develop advanced equipment with high flexibility and automation abilities for catering to the needs of the diagnostic clinical trials. This will create lucrative growth opportunities for clinical research and thus, generate high market revenues in the coming years.
Companies operating in the molecular diagnostics market are focusing on the commercialization of their products for more revenue generation. They are doing so because receiving approval for biotechnology, pharmaceutical, and medicine is extremely time consuming. Many research centers are seeking for funding from the government for conducting significant clinical trials. Various organizations, such as Oracle Partners, Schuler Family Foundation, and Oracle Institutional Partners funded Accelerate Diagnostics with USD 19.5 million for developing and selling tools and tests for infectious diseases. Such initiatives will help the market in experiencing remarkable growth and at the same time, will aid in intensifying competition among prominent organizations operating in the industry.
A List of Current Trends Prevalent in the Molecular Diagnostics Market Include:
Genome sequencing helps to determine the specific order of nucleotide bases, such as thymine, guanine, and adenine in a particular fragment of DNA. Further analysis of this field may help to prevent a disease from occurring at all in the future.
The accuracy level of genome sequencing has shown quite an improvement in the past few years. Sequencing platforms have become cost-effective because of the availability of several technologies. In addition to this, advancement in data analytics and the discovery of unknown correlations, hidden patterns, and other unique insights have enhanced the understanding of genomics and genome sequencing.
This is considered as a multimodal diagnostic tool in the field of molecular diagnostics. This minimally invasive technique includes isolating and circulating the tumour cells disseminating tumour exosomes and DNA. It also provides a source of proteomic and genomic information about the patients with cancer. A blood sample is collected from the patient and is then tested for discovering any possible tumour or cancer cells floating in the DNA. Liquid biopsy is used for detecting cancer at an early stage, for keeping track of an ongoing cancer treatment, or for checking whether the cancer has managed to escape the body.
Pharmacogenomics aid in understanding why various individuals react in different ways to a single medicine for the same disease. This branch also helps to study the individual pattern of humans and accordingly, selects medical aid and treatment trajectories for ailing the patients.
Since 2014, Thermo Fischer Scientific was under the development project for pharmacogenomics solutions throughout many genetic platforms. Pharmacogenomics can develop safe and customized medications for patients as per the genetic existence of the individual.
Conclusion- The Future of Molecular Diagnostics
With time, science and robotic technology will open new doors to opportunities for the field of molecular diagnostics. In the future, we will experience numerous technological advancements to treat diseases and pain. We will become more powerful and will be able to fight even a slight chance of infection. The pre-existing advancements in medical technology, especially in sectors such as pharmacogenomics, are expected to give rise to a dynamic market across the globe. This will equalize all the regional and international medical restraints. We will come across a simpler, more convenient, and cost-efficient way of dealing with diseases and major health issues.
Raginee Sarkar currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.