A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the ” Global Molecular Diagnostics Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Molecular Diagnostics Market Analysis
According to cognizance market research, 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.
What is the Global Molecular Diagnostics Market?
Molecular diagnostics, commonly referred to as molecular pathology, is a method used to identify genomic abnormalities, make diagnoses and prognoses, make early detection easier, and keep track of how well patients respond to treatment. In this process, RNA & DNA are extracted to analyze and look for any warning signs of the probable onset of a particular disease.
Many molecular diagnostic tests have been developed because of the advancement of molecular diagnosis throughout time. In the upcoming years, novel molecular diagnostic procedures are likely to be introduced due to the healthcare industry’s rapid evolution. The discipline of molecular biology will change much more as a result. In addition, the market for molecular diagnostics is being driven by the growing need for healthcare services and tailored treatment. The market is also driven by several supportive government programs designed to promote care diagnosis and raise public understanding of diagnostic techniques.
Businesses are working more to test infectious diseases at the molecular level at high throughput. Companies are signing contracts to offer molecular diagnostic tests, which have been intended to identify a variety of pathogens with just a single patient sample.
Large-scale bacterial and viral epidemics around the world, the rising need for point-of-care diagnostics, new developments in pharmacogenomics, and quickly developing technology are some of the drivers driving the market’s expansion. In India, a total of 19,33,381 incident TB cases (new and relapse) were registered in 2022 as opposed to 16,28,161 in 2023, according to the India TB report 2022. Thus, it is anticipated that rising patient numbers and prevalence will increase demand for molecular diagnostics, propelling the market.
Due to the growing automation of the research process, there has been an increase in the need for molecular diagnostic systems. These programs assist in automating the extraction, amplification, and data analysis of DNA. These systems also provide several benefits, such as improved productivity, accurate data, and a reduction in the amount of time needed to get results, all of which help industry flourish.
Global Molecular Diagnostics Market Outlook
The main drivers of the market expansion for molecular diagnostics are the increasing incidence of cancer cases and the frequency of infectious disorders. Healthcare providers are focusing more on offering patients better diagnostic and therapeutic options as these cases become more common, which may raise the need for molecular diagnostics. The expansion of the market value is anticipated to be aided by increased financing offered by government programs, initiatives, or financing actions to both established and new players in the market for research and development. Market participants will be able to innovate and develop the molecular diagnostics industry thanks to the increased funding.
Market expansion may be fuelled by the public’s growing acceptance of personalized medicine and knowledge of early diagnosis. The COVID-19 epidemic has caused a sharp rise in the need for molecular diagnosis in recent years. Due primarily to increased demand for polymerase chain reaction (PCR) tests, serology-based rapid-test products, and a substantial increase in the target patient population, the demand for diagnostic products because of COVID-19 is anticipated to expand. By increasing the COVID-19 PCR portfolio on the Cobas 5800 Systems in February 2022, for instance, Roche continued to give more individuals access to precise, quick, & reliable diagnostics in the fight against COVID-19. Because of this, more COVID-19 molecular diagnostic tests may be used, which would fuel the post-pandemic market’s expansion. Growing numbers of elderly people worldwide can help the market grow because they are more likely to contract an infection, which will result in more instances. Hospitals and healthcare organizations are anticipated to offer improved diagnostic services because of the growing frequency of diseases amongst some of the aging population, which can boost market growth.
The most effective way to recognize and describe a microbe is thought to be molecular diagnostics. A successful test must be accurate, quick, and able to quantify the infectious load. Improved testing swiftly detects the strain of the organism and its drug susceptibility, shortening the time it takes to discover the best antibiotic. Technology developments, such as the polymerase chain reaction (PCR), have made it possible to locate antimicrobial resistance genes and to give public health data, like strain characterization by genotyping. Thus, based on the considerations, it is anticipated that the market will experience considerable expansion throughout the forecast period.
Yet it’s anticipated that the lack of funding for R&D, the slowing economy, and the demand for facilities for complex testing would impede market expansion.
The global molecular diagnostics market is categorized into different segments based on geography, end-user, technology, product, and application.
In terms of technology, the Molecular Diagnostic Market is divided into several categories, including In-situ Hybridization, Chips and microarrays, Mass Spectrometry (MS), Sequencing, PCR, and Other Technologies. Among these, polymerase chain reaction (PCR) is expected to hold a significant market share, thanks to its effectiveness in terms of both price and turnaround time. PCR is widely used in diagnostics, and its market value is likely to grow further with the development of portable real-time PCR instruments.
Regarding product types, the Molecular Diagnostic Market is segmented into Instruments, Reagents, and Other Products. The reagents sector accounted for the largest revenue share in the molecular diagnostics market in 2022, with a share of 65.1%. This dominance is expected to continue in the coming years due to its widespread use in research and clinical settings. Standardized reagents play a crucial role in ensuring timely and accurate test results, and the industry’s growth is further supported by their standardized outcomes, increased effectiveness, and cost-effectiveness.
The increased utilization of coronavirus detection techniques, initially developed for other infectious diseases, is also expected to contribute to market expansion. For example, Roche Diagnostics expanded its Covid RT-PCR tests to the latest Cobas 5800 system in February 2022, in countries that had received CE mark approval.
In terms of applications, the Global Molecular Diagnostics Market is divided into various categories, including Blood Screening, Pharmacogenomics, Microbiology, Genetic Disease Screening, Infectious Diseases, and Oncology. The infectious disease sector is expected to dominate the market due to the rising occurrence of various infectious diseases. The emergence of viral illnesses like H1N1 and COVID-19 has heightened awareness of the importance of early detection, thereby increasing the demand for molecular diagnostics. The outbreak has underscored the need for precise diagnostics, leading market participants to increase their R&D spending and further supporting market growth.
Based on end-users, the molecular diagnostics market is segmented into hospitals, laboratories, and other end-users. In 2022, central laboratories held the largest revenue share in the market, driven by the substantial number of Covid testing operations conducted in these facilities. Additionally, government initiatives to provide various services, including diagnostic testing, are expected to play a significant role in boosting the market.
In terms of geography, the global molecular diagnostics market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The molecular diagnostics market is expected to lead global market development, particularly in North America. This region’s growth can be attributed to several factors, including increased consumer awareness, a rising prevalence of diseases, technological advancements, and an improved healthcare system. Developed healthcare systems in North America further facilitate the accessibility and availability of modern technologies like molecular diagnostics. Collaboration and partnerships between research hospitals and academic institutions are on the rise, actively working together to enhance the molecular diagnosis process. The United States, being the largest player and the most advanced market in terms of adopting molecular diagnostics, held the largest revenue share. Additionally, the increasing incidence of chronic illnesses among the elderly population and the heightened focus of key industry players on their market strategies contribute to the growth in this region.
In the Asia Pacific region, the molecular diagnostics market is expected to experience significant expansion, primarily due to the increasing cases of fatal and chronic diseases and government initiatives related to pandemics. Many companies in this region are developing new molecular analytical tests, which have the potential to further boost the industry. For example, Abbott recently introduced Anility, a comprehensive system designed for applications in hematology systems, clinical science, molecular diagnostics, and plasma and blood screening. This innovation is expected to drive growth in the Asia Pacific market.
The report offers the revenue of the global molecular diagnostics market for the period 2022-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global molecular diagnostics market for the forecast period. The global molecular diagnostics market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global molecular diagnostics market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global molecular diagnostics market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global molecular diagnostics market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global molecular diagnostics market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Global Molecular Diagnostics Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global molecular diagnostics market. The subsequent section of the global molecular diagnostics market report highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenarios.
Global Molecular Diagnostics Market Competitive Landscape
The “global molecular diagnostics market study report will provide valuable insight with an emphasis on the global market including some of the major players such as:
The competitive landscape of the global molecular diagnostics market is examined in the report. The market’s major players for the management of healthcare facilities have been identified and profiled for their distinctive commercial characteristics. Companies profiled in the global molecular diagnostics market research have an overview (business description, type portfolio, regional presence, employee strength, key management, etc.), financials, SWOT analysis, recent advancements, and important strategies.
Global Molecular Diagnostics Market, by Technology
Global Molecular Diagnostics Market, by Product
Global Molecular Diagnostics Market, by Application
Global Molecular Diagnostics Market, by Region
BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, etc.
Trend: rising awareness in people for early diagnosis, funding provided through government initiatives, etc., Drivers: Rising prevalence of contagious diseases, rising demand of Healthcare Facilities, personalized medicine, increasing awareness about molecular diagnostics market, etc., Opportunities: challenges: Molecular Diagnostic test are expensive, etc.
Acquisition & merges, launch of new product, collaborative agreement etc.
Molecular Diagnostics Market
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