Molecular Diagnostics Global Market Research Report 2023-2030: Companion Diagnostics and Emerging Economies - Multi-Billion Growth Opportunities in MDx

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Feb 21, 2024, 19:00 ET

DUBLIN, Feb. 21, 2024 /PRNewswire/ -- The "Molecular Diagnostics Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.

Molecular Diagnostics Market size will reach US$ 28.17 Billion by 2030 from US$ 17.09 Billion in 2023, growing at a CAGR of 7.4%

To develop effective rapid diagnostics, developers are increasingly moving away from the classical methods requiring the culture of the pathogens and turning to scientific advances from various fields. One of the fastest-growing areas in infectious disease identification is molecular diagnostics, which includes techniques such as DNA (deoxyribonucleic acid) microarray analysis, mass spectrometry, and nucleic acid amplification.

The global increase in the elderly population and the emergence of various diseases has fueled market growth. A surge in conditions such as cancer, cardiovascular diseases, neurological disorders, diabetes, and obesity, often linked to the ageing population, is propelling market expansion. In 2023, the National Institutes of Health projects approximately 1,958,310 cancer cases in the United States, intensifying the global demand for early diagnosis. Molecular diagnostics is pivotal in early cancer detection, enabling healthcare providers to initiate treatment before symptoms manifest and addressing cancer's significant global impact on morbidity and mortality.

The market is expected to experience significant growth due to the increasing incidence of infectious diseases during the forecast period. Notably, the rising prevalence of sexually transmitted infections (STIs) such as HIV and HPV is expanding the target population, contributing to market expansion. According to the India TB Report 2022, the number of reported incident TB cases in India increased from 1,628,161 in 2020 to 1,933,381 in 2021, indicating a growing patient pool and heightened demand for molecular diagnostics.

Furthermore, individuals living with HIV are highly susceptible to other infections, particularly tuberculosis, which remains a leading cause of death among this population. Globally, the incidence of infectious diseases like HIV is on the rise, with approximately 38.4 million people worldwide diagnosed with HIV in 2021, as reported by UNAIDS in August 2022. This increased prevalence of infectious diseases is expected to drive Global Molecular Diagnostics Market growth as molecular diagnostics for HIV gain wider adoption.

Market players' efforts to enhance access to cost-effective resources are anticipated to drive growth in the molecular diagnostics market. Molecular diagnostics tests offer precise and effective results, crucial in disease diagnostics. However, the relatively high costs associated with these tests have posed a challenge. Nevertheless, ongoing research and development efforts and technological advancements in molecular diagnostics are expected to fuel market expansion.

Additionally, improvements in companion diagnostics and opportunities in emerging economies present significant growth prospects for companies operating in the molecular diagnostics market share.

Reagents segment is poised to maintain its leading position in the foreseeable future

Products segment the Molecular Diagnostic Market into Reagents& kits, Instruments and Software& Services. The reagents segment is well-positioned to uphold its top-ranking status in the molecular diagnostics market. This is attributed to ongoing advancements in research and development, especially in pharmaceuticals and biotechnology, which drive the demand for high-quality reagents.

Additionally, the critical role of reagents in facilitating precise and efficient molecular diagnostic tests ensures their continued prominence. As molecular diagnostics continues to expand in various applications, including disease diagnosis and genetic testing, the reliance on reagents as fundamental components is expected to solidify its leading position within this dynamic market.

Oncology sector is expected to have a substantial CAGR in the molecular diagnostics market forecast

By Application, Molecular Diagnostic Market is divided into Oncology, Infectious Disease, Genetic Testing, Blood Screening and Other Applications. The oncology sector is poised to claim a significant portion of the molecular diagnostics market. With a growing emphasis on early cancer detection and personalized treatment approaches, the demand for molecular diagnostics in oncology remains robust.

This sector is pivotal in detecting specific genetic markers and mutations associated with various cancers, guiding treatment decisions, and monitoring disease progression. As the importance of precision medicine continues to rise, the oncology segment's substantial presence is expected to persist, reflecting its vital contribution to improving cancer diagnosis, prognosis, and treatment outcomes in the healthcare landscape.

Polymerase chain reaction (PCR) segment held the highest revenue share

By Technology, the Molecular Diagnostic Market is classified into Polymerase Chain Reaction, Hybridization, Isothermal Nucleic Amplification Technology (INAAT), Chips & Microarrays, DNA Sequencing and Others (Mass Spectrometry, TMA). The molecular diagnostics market is poised for significant expansion, driven by the increasing adoption of PCR technology for detecting a wide range of infectious and genetic diseases.

PCR's precision and sensitivity make it a crucial tool for diagnosing infectious diseases and genetic disorders. As healthcare providers and researchers increasingly rely on this Technology for accurate and timely diagnoses, its contribution to market growth becomes more pronounced. This trend underscores the pivotal role of PCR in advancing molecular diagnostics, ultimately benefiting patient care and disease management across diverse medical fields.

Diagnostics Laboratories sector is expected to maintain its ongoing trajectory throughout the forecast period in the molecular diagnostics market

By End User, the Molecular Diagnostic Market is sub-segmented into Hospitals & Clinics, Diagnostics Laboratories and Others. The Diagnostics Laboratories sector is projected to sustain its revenue share within the molecular diagnostics market. With a strong presence in the healthcare landscape, diagnostic laboratories are instrumental in conducting molecular diagnostic tests.

These laboratories offer crucial services for accurate disease detection, personalized medicine, and genetic profiling. As the demand for molecular diagnostics grows across various medical disciplines, diagnostic laboratories remain pivotal players. Their ability to deliver precise and timely results is expected to ensure the sector's consistent contribution to the molecular diagnostics market, fostering advancements in patient care and medical research.

China is expected to grow at the fastest rate during the forecast period

By Countries, the Molecular Diagnostic Market is broken up into United States, Canada, Germany, United Kingdom, France, Italy, Spain, Switzerland, Japan, China, India, Australia, South Korea, Indonesia, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, United Arab Emirates, and Rest of World. China is poised for remarkable growth and is projected to achieve the highest compound annual growth rate during the forecast period within the molecular diagnostics market.

This surge in demand is fueled by several factors, including a burgeoning population, increasing healthcare infrastructure, and rising awareness of the importance of early disease detection. Additionally, government initiatives and investments in healthcare and biotechnology further propel the adoption of molecular diagnostics in the country. As China advances in medical research and technology, its robust CAGR underscores its potential to become a significant player in the global molecular diagnostics landscape.

Company Analysis: Overview, Recent Developments, Revenue

Abbott Laboratories
Myriad Genetics
Roche Diagnostics
BioMerieux SA
Danaher Corporation
Qiagen NV
Bio-rad Laboratories Inc
Hologic (Gen-Probe)

Product

Reagents & kits
Instruments
Software & Services

Application

Oncology
Infectious Disease
Genetic Testing
Blood Screening
Other Applications

Technology

Polymerase Chain Reaction
Hybridization
Isothermal Nucleic Amplification Technology (INAAT)
Chips & Microarrays
DNA Sequencing
Others (Mass Spectrometry, TMA)

End User

Hospitals & Clinics
Diagnostics Laboratories
Others

Country

North America
United States
Canada
Europe
Germany
United Kingdom
France
Italy
Spain
Switzerland
Asia Pacific
Japan
China
India
Australia
South Korea
Indonesia
Latin America
Brazil
Argentina
Mexico
Middle East and Africa
South Africa
Saudi Arabia
United Arab Emirates
Rest of World

For more information about this report visit https://www.researchandmarkets.com/r/d6da44

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