Molecular Diagnostics Market Definition
Industry Perspective:
The global molecular diagnostics market size was worth USD 22.32 billion in 2022 and is estimated to grow to USD 39.42 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.37% over the forecast period. The report analyzes the molecular diagnostics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the molecular diagnostics market.
Molecular Diagnostics Market: Overview
Tests known as molecular diagnostics are used to locate and examine genetic material at the molecular level. Cancer, genetic problems, and viral diseases are just a few of the conditions that can be diagnosed using these tests. Molecular diagnostics can also be used to track the development of illnesses and evaluate the efficacy of therapies. Additionally, molecular diagnostics are becoming more crucial to healthcare. Better patient outcomes may result from these tests’ ability to deliver a quick and precise diagnosis. Molecular diagnostics can be used to create individualized treatment plans and track the success of therapies.
COVID-19 Impact:
The COVID-19 pandemic’s effects on the market for molecular diagnostics have been conflicting. On the one hand, the pandemic has increased the demand for molecular testing since nations throughout the world have put in place extensive testing programs to detect and isolate sick people. The need for molecular diagnostic equipment and reagents has increased significantly as a result. However, the epidemic has also hampered supply chains and led to a lack of important raw materials and chemicals. Due to this, molecular diagnostic companies now experience delays in order fulfillment and higher prices.
Further, it is anticipated that the COVID-19 pandemic will benefit the market for molecular diagnostics in the long run. The pandemic has brought attention to how crucial molecular testing is for the diagnosis and treatment of infectious diseases. Additionally, more money has been put towards the study and advancement of molecular diagnostics. In the upcoming years, the molecular diagnostic market is anticipated to rise steadily due to these factors.
nForming Molecular Diagnostics Market Smart Book
The nForming Molecular Diagnostics Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes, products & services, type of indication, age group and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the Molecular Diagnostics Market. The Molecular Diagnostics Market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Molecular Diagnostics Market Recent Developments
The molecular diagnostics industry is seeing a variety of developments. Among the major developments areas are;
Recent Developments
- In 2023, Cepheid introduced the GeneXpert Polaris, a novel point-of-care molecular diagnostic platform that may be used to screen for infectious diseases such as COVID-19, influenza, and tuberculosis.
- In February 2023, Roche and Janssen are expanding their relationship to enhance personalized healthcare through companion diagnostics. The new, expanded partnership expands Roche and Janssen’s potential for precision medicine collaboration with a variety of companion diagnostics technologies, including immunohistochemistry (IHC), digital pathology, next-generation sequencing, polymerase chain reaction, and immunoassays.
Read more opportunities of molecular diagnostics market in the Smart Book.
Molecular Diagnostics Market Drivers
Increased frequency of infectious disorders to promote molecular diagnostics to drive market growth
The market for molecular diagnostics is expanding significantly due in large part to the increasing prevalence of infectious disorders. Molecular diagnostics are extremely precise and sensitive tests that can identify the presence of infectious pathogens at the molecular level, including bacteria, viruses, and fungi. This makes them perfect for identifying a variety of infectious diseases, including those that are challenging or impossible to identify through the use of conventional techniques. As a result, a significant problem for global public health is the increased prevalence of infectious diseases. The diagnosis and treatment of infectious diseases both rely heavily on molecular diagnostics. In the upcoming years, the market for molecular diagnostics is anticipated to expand due to the rising demand for sensitive and accurate diagnostic procedures for infectious diseases.
Molecular Diagnostics Market: Restraints
The high price of molecular diagnostic testing hinders market growth.
A significant barrier to the expansion of the molecular diagnostics industry is the high cost of molecular diagnostic testing. In general, molecular diagnostic tests are more expensive than other common types of diagnostic procedures, like blood and imaging tests. This is due to the complexity and increased need for specialized equipment and personnel that come with molecular diagnostic tests. Patients may find it difficult to obtain molecular diagnostic tests due to their high cost, particularly those who live in developing nations or do not have health insurance. It may also restrict how often medical professionals, particularly those working in remote or small locations, use molecular diagnostic testing.
Read all major drivers and trends of molecular diagnostics market in the Smart Book.
Molecular Diagnostics Market Regional Landscape
North America dominated the Molecular diagnostics market in 2022
The market’s expansion is attributable to the increased prevalence of infectious diseases, expanding desire for personalized medicine, and rising usage of molecular diagnostic tests for disease detection and diagnosis are driving market expansion. In addition, Abbott Laboratories, Becton, Dickinson and Company (B.D.), Danaher Corporation, F. Hoffmann-La Roche Ltd., Illumina, Inc., Qiagen N.V., and Thermo Fisher Scientific Inc. are the key companies in the North American molecular diagnostics market. These businesses provide a diverse range of molecular diagnostic goods and services.
Read more competitive developments in the Molecular Diagnostics Smart Book.
Molecular Diagnostics Market Key Companies
- Abbott Laboratories
- Agilent Technologies Inc.
- Becton Dickinson and Company
- bioMérieux SA
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Grifols S.A.
- Hologic Corporation
- Illumina, Inc.
- QIAGEN N.V.
- Thermo Fisher Scientific Inc.
Molecular Diagnostics Market Segmentation:
The global molecular diagnostics market has been segmented into type, application, end-user, and technology.
Based on type, reagents and consumables, instruments, and software and services analytics are segments of the global molecular diagnostics market. The reagents and consumables segment dominated the market in 2022. This is mainly due to the rising demand for molecular diagnostic testing, as well as the development of new and improved reagents and consumables. Because reagents and consumables are needed to amplify, detect, and quantify nucleic acids, they are critical for molecular diagnostic testing. DNA and RNA extraction kits, amplification reagents, and other consumables are the most frequent types of reagents and consumables used in molecular diagnostics.
Based on application, the market is classified into infectious diseases, oncology, genetic testing, blood screening, and other applications (microbiology, cardiovascular diseases, neurological diseases, etc.). In 2022, the infectious diseases category dominated the global market. This is due to the increased global prevalence of infectious diseases, as well as the growing demand for precise and quick diagnosis. Because molecular diagnostic techniques are so sensitive and specific, they are perfect for detecting and diagnosing infectious diseases.
Based on end-users, the market is classified into hospitals, reference laboratories, and other end-users (blood banks, home health agencies, nursing homes, etc.). In 2022, the reference laboratories category dominated the global market. This is due to the fact that the bulk of molecular diagnostic tests, such as infectious disease testing, cancer testing, and genetic testing, are performed in diagnostic laboratories. Diagnostic laboratories are outfitted with the specialized apparatus and reagents required to perform molecular diagnostic procedures, as well as qualified personnel to interpret the results.
Based on technology, the market is classified into polymerase chain reaction (PCR), next-generation sequencing (NGS), microarrays, hybridization techniques, and other technologies. In 2022, the polymerase chain reaction (PCR) category dominated the global market. PCR is a process for amplifying a specific DNA sequence, allowing even trace amounts of DNA to be detected. PCR is employed in a variety of molecular diagnostic procedures, such as those for infectious diseases, cancer, and genetic disorders. PCR is also an important tool in oncology molecular diagnostics. Oncologists utilize PCR to detect genetic changes in cancer cells, which can aid in the diagnosis of cancer, determining the stage of cancer, and selecting the best treatment.
Segmentation:
Molecular Diagnostics Market, by Type |
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Molecular Diagnostics Market, By Application |
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Molecular Diagnostics Market, by Technology |
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Molecular Diagnostics Market, by End-User |
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Molecular Diagnostics Market, By Geography |
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- Which key factors will influence molecular diagnostics market growth over 2023-2030?
The main reasons anticipated to propel the molecular diagnostics market during the forecast period are the rising need for molecular diagnostic tests to diagnose a variety of diseases. It is also anticipated that the emergence of new technologies and the expanding accessibility of personalized medicine will accelerate industry expansion.
- What will be the value of the molecular diagnostics market during 2022-2030?
According to the report, the global molecular diagnostics market size was worth USD 22.32 billion in 2022 and is estimated to grow to USD 39.42 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.37% over the forecast period.
- Which region will contribute notably towards the molecular diagnostics market value?
North America is anticipated to continue leading the molecular diagnostics market throughout the projected period.
- Which are the major players leveraging the molecular diagnostics market growth?
Some of the main competitors dominating the global molecular diagnostics market include – Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, bioMérieux SA, Danaher Corporation, F. Hoffmann-La Roche Ltd., Grifols S.A., Hologic Corporation, Illumina, Inc., QIAGEN N.V., and Thermo Fisher Scientific Inc.
