Molecular diagnostics, also known as molecular pathology, is a technique that identifies genomic abnormalities, diagnoses, and predicts illnesses, facilitates early detection, and monitors patient response to treatment. The process involves analyzing RNA and DNA to detect any signs of potential disease onset.
Over time, numerous molecular diagnostic tests have been developed, and the healthcare industry’s rapid evolution is expected to introduce new procedures. The field of molecular biology will undergo significant changes as a result. Additionally, the growing demand for healthcare services and personalized treatment is driving the molecular diagnostics market. Several government programs have also been established to promote diagnostic awareness.
The Global Molecular Diagnostics Market was valued at US$ 15,843.6 Million in 2022 and is anticipated to reach US$ 36,766.9 Million by the end of 2030 with a CAGR of 11.1% from 2023 to 2030.
Businesses are increasingly conducting high-throughput molecular-level testing for infectious diseases. Companies are now offering molecular diagnostic tests that can identify various pathogens with a single patient sample.
The market’s growth is driven by large-scale bacterial and viral epidemics worldwide, the need for point-of-care diagnostics, advancements in pharmacogenomics, and rapidly evolving technology. According to the India TB Report 2022, the number of new and relapsed TB cases registered in India in 2022 was 1,933,381, compared to 1,628,161 in 2023. This suggests that increasing patient numbers and prevalence will drive demand for molecular diagnostics, boosting the market.
Due to the automation of the research process, molecular diagnostic systems are in high demand. These systems automate DNA extraction, amplification, and data analysis, resulting in improved productivity, accurate data, and faster results, all of which support the industry’s growth.
Molecular Diagnostics Market Amid COVID-19 Pandemic
Covid-19 has had a favorable effect on the global market for molecular diagnostics. The core of the COVID-19 reaction during the coronavirus disease pandemic is diagnostic. It helps with the containment efforts made to lessen the outbreak. Also, the number of businesses expanding their regional reach as a result of COVID-19 IVD test approval is anticipated to support market expansion.
Globally, the disturbance in the distribution networks around the globe has a significant impact on the seamless supply chains that guarantee higher quality, safety, and new techniques for transmission across the healthcare industry. With the quick development of diagnostics, expedited regulatory clearances, and increased dissemination in multiple locations to help slow the virus’ spread, COVID-19 has shone a spotlight on the global molecular diagnostics sector.
Due primarily to rising demand for polymerase chain reaction (PCR) tests, serology-based rapid-test products, next-generation sequencing (NGS), and a substantial increase in the target patient population, the demand for diagnostic products as a result of COVID-19 is anticipated to expand. By increasing the COVID-19 PCR catalog on the Cobas 5800 System in February 2022, for instance, Roche continued to give more individuals access to precise, quick, and efficient treatments in the battle against COVID-19. Because of this, more COVID-19 molecular diagnostic tests may be used, which would fuel the post-pandemic market’s expansion.
Increasing Prevalence of contagious disease, rapid technological advancement, growing R & D investment to Boost in Molecular Diagnostics Market
Molecular diagnostics is the method of identifying diseases by examining molecules such as proteins, DNA, and RNA in a tissue or liquid form. It is a group of techniques that apply molecular science to laboratory trials to dissect natural markers in the genome and proteome, as well as how cells express their genetics as proteins. In medicine, the technique is used to assess and track sickness, identify risks, and determine which therapies will work best for specific individuals. Agricultural biosecurity also includes crop and animal infection monitoring, risk assessment, and the selection of appropriate isolation measures. The most effective method for locating and describing a microbe is thought to be molecular diagnostics.
The rising prevalence of infectious disorders is the main factor propelling the growth of the global molecular diagnostics market. The main causes of morbidity and mortality in catastrophes, according to the WHO, are acute respiratory infections, measles, diarrheal diseases, and vector-borne diseases. The effects of seasonal influenza epidemics in impoverished countries are unknown, however, research has shown that 99% of children under the age of 5 who have lower respiratory tract illnesses connected to influenza die in these countries.
Rapid technical improvements are also accelerating the market’s expansion. For instance, molecular diagnostics is crucial in the diagnosis of infectious diseases because it provides quick and effective results. It functions with accuracy, economy, and portability. Moreover, advances in molecular diagnostics have helped in disease identification and are particularly useful when dealing with challenging differential diagnoses. Many organizations are enhancing their items by utilizing new strategies to obtain precise results that are also anticipated to support the market’s expansion. For the examination of malignancies, companies like QIAGEN and Sigma Aldrich Corporation are developing novel techniques like Transcription-Mediated Amplification & Loop-Mediated Isothermal Amplification (LAMP).
Yet, rising diagnostic costs and a lack of uniform and clear regulatory frameworks could restrain industry expansion. Despite this, increasing R&D spending may present more chances for the molecular diagnostics industry to expand.
North America to spearhead the Molecular Diagnostics market
The molecular diagnostics market is poised to lead the global market’s development in North America, driven by several key factors. Firstly, rising consumer awareness and an increase in disease occurrence contribute to the region’s growth. Additionally, technological advancements and a robust healthcare system in North America further facilitate the accessibility and availability of modern technologies such as molecular diagnostics.
Collaboration and association between research hospitals and academic institutions in the region play a pivotal role in driving market expansion. These organizations actively engage in discussions to enhance the molecular diagnosis process. Notably, the United States dominates this market, holding the largest income share due to its substantial existing market and advanced adoption of molecular diagnostics.
Moreover, the increasing incidence of contagious diseases in North America has prompted both public and private institutions to make significant investments in healthcare infrastructure and research and development to address the growing patient population.
Furthermore, the regulatory environment in North America is becoming more favorable, simplifying the launch of new drugs as regulatory agencies establish clearer policies and procedures for their approval.
Lastly, the region’s growing geriatric population, coupled with an emphasis on advanced technologies by leading players, contributes to the continuous development of the molecular diagnostics market in North America
Competitive Insights
Numerous key players in the global molecular diagnostics market, such as BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc. (Gen Probe), Illumina, Inc., Johnson & Johnson Services, Inc., Grifols, S.A., QIAGEN, F. Hoffmann-La Roche, Ltd., Siemens Healthineers AG, and Sysmex Corporation, are actively employing a range of strategies to enhance their market presence and revenue generation.
Collaborative Agreements: These companies are joining forces through partnerships to combine resources and expertise, thus expediting the development of new treatments. Such collaborations allow them to capitalize on each other’s strengths and foster innovation in the realm of therapies.
New Product Launches: Firms are heavily investing in research and development to introduce innovative products and enhance existing ones. Many of these companies are rolling out new products to diversify their offerings and gain a competitive edge in the market.
Geographical Expansion: A significant strategy involves expanding operations into new markets and regions that hold promising growth prospects. This expansion approach enables companies to tap into fresh customer bases and increase their revenue streams.
Acquisitions and Mergers: Companies are acquiring new technologies through purchases or mergers with other firms. This strategic move provides them access to cutting-edge technology and bolsters their position in the market.
Increased Investment: There’s a notable uptick in investments made by these companies, with a focus on developing cost-effective products and expanding their footprint in the fiercely competitive market. These investments are geared towards fueling growth and driving innovation.
