In terms of revenue, the Global Molecular Diagnostics Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 11.6% from 2023 to 2030.
The global market for Molecular Diagnostics is experiencing significant growth due to the increase in the geriatric population and the prevalence of various diseases. Diseases such as cancer, cardiovascular diseases, diabetes, and obesity, which are commonly associated with the aging population, are driving the market growth. Additionally, the rise in infectious diseases such as HIV, HPV, and STIs is expected to propel market growth further. Major market players are taking initiatives to improve access to cost-effective resources, contributing to market expansion. Technological advancements, an increase in the elderly population, and a growing demand for genetic testing are creating opportunities for market growth. Moreover, the demand for self-testing diagnostics and increasing patient awareness about faster diagnostics contribute to market growth.
Key Highlights from the Report
· Based on the segmentation Products and Services, the Reagents & Kits segment is anticipated to dominate the Molecular Diagnostics market with the largest market share in the forecast period, considering its wide adoption in research and clinical settings.
· Furthermore, based on the segmentation Test Type, the Lab Tests segment accounted for the maximum CAGR during the forecast period because of the rising demand for automation in laboratory settings and the growing prevalence of various infectious diseases.
· In addition, based on the segmentation Sample Type, the Blood, Serum, and Plasma segment dominated the Molecular Diagnostics market, which is anticipated to continue. The availability of various molecular diagnostic tests for blood, serum, and plasma samples is responsible for its rapid rise.
· Moreover, based on the Technology segmentation, the Polymerase Chain Reaction segment dominated the Molecular Diagnostics market, which is anticipated to continue. Its use in detecting COVID-19 and other infectious diseases in recent years is responsible for its rapid rise.
· Likewise, based on the segmentation Application, the Infectious Disease Diagnostics segment accounted for the maximum CAGR during the forecast period because of the growing technological advancements
· Additionally, based on the segmentation of End Users, the Hospitals and Clinics segment is anticipated to dominate the Molecular Diagnostics market with the largest market share in the forecast period, considering the increasing availability of molecular diagnostic instruments and reagents in hospitals and clinics.
· Regarding Region, North America held a significant market share in 2022 and is likely to be the most gainful market. Elements, including well-established healthcare infrastructure, advanced technological developments, and growing demand for personalized medicine are aiding this market expansion.
Molecular Diagnostics is a field within healthcare that involves using genetic and molecular techniques to diagnose diseases and monitor patient health. It consists of the analysis of genetic materials such as DNA and RNA to identify specific genetic variations, mutations, or pathogens that may be present in a patient's sample. This information can determine the presence of diseases, assess risk factors, guide treatment decisions, and monitor disease progression. Molecular Diagnostics has revolutionized medicine by providing more accurate and personalized approaches to patient care.
The decline in the demand for molecular COVID-19 testing is anticipated to result in a contraction of the market. The diagnostics industry experienced significant growth during the outbreak of COVID-19 as companies invested in developing innovative and quick diagnostic tools for detecting the virus. This market expanded substantially as a result. Businesses operating in the infectious diseases sector witnessed a surge in their profits during the pandemic, including Thermo Fisher Scientific, which saw a remarkable 59% increase in revenue primarily due to the growth of its diagnostics division. However, with the decrease in demand for molecular COVID-19 testing, the industry is expected to shrink, leading to possible challenges for companies operating in this sector.
However, some critical restraints in the Molecular Diagnostics market include stringent regulatory requirements for product approvals, high cost of molecular diagnostic tests, limited reimbursement coverage, and lack of skilled professionals.
North America Molecular Diagnostics market is expected to witness a noteworthy development with a significant growth rate over the analysis period due to the presence of well-established healthcare infrastructure, advanced technological developments, and growing demand for personalized medicine. The region is seeing considerable growth in industry due to increasing chronic diseases, favorable government initiatives, and rising awareness about early disease diagnosis. The United States is a substantial contributor to the market in North America, with a high adoption rate of molecular diagnostic tests and an increasing emphasis on precision medicine. Furthermore, collaborations between academic institutions, research organizations, and market players drive the development of innovative molecular diagnostic technologies and solutions in the region.
The Global Molecular Diagnostics Market is Segmented as follows
- Product & Service
- Reagents & Kits
- Services & Software
- Test Type
- Lab Tests
- PoC Tests
- Sample Type
- Blood, Serum, & Plasma
- Other Sample Types
- Polymerase Chain Reaction
- Isothermal Nucleic Acid Amplification Technology
- DNA Sequencing & Next-generation Sequencing
- In Situ Hybridization
- DNA Microarrays
- Other Technologies
- Infectious Disease Diagnostics
- Oncology Testing
- Genetic Testing
- Other Applications
- End User
- Diagnostic Laboratories
- Hospitals & Clinics
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Molecular Diagnostics Market is
Becton Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories Inc. (U.S.), Abbott Laboratories (U.S.), Agilent Technologies Inc. (U.S.), Danaher Corp. (U.S.), Hologic Inc. (U.S.), Illumina Inc. (U.S.), Johnson & Johnson Services Inc. (U.S.), Grifols S.A. (Spain), QIAGEN (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Sysmex Corporation (Japan)
The Global Molecular Diagnostics Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis