Fort Collins, Colorado, Oct. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Molecular Diagnostics Market size was valued at USD 14.9 Billion in 2022 and is expected to reach USD 47.4 Billion by 2032 at a CAGR of 12.4%.
The molecular diagnostics market has experienced significant growth in recent years. It is driven by various factors that have increased the demand for molecular diagnostic tests and technologies, including increasing cases of genetic disorders and cancer and the rising trend of personalized medicine. The rise in genetic disorders is another major driving factor for the molecular diagnostic market growth. Genetic disorders pose a significant healthcare burden globally. Molecular diagnostics are critical in identifying genetic mutations and abnormalities responsible for inherited disorders. The increasing awareness of genetic diseases and the growing availability of genetic testing have fueled the demand for molecular diagnostic technologies.
Cancer remains one of the leading causes of morbidity and mortality worldwide. Molecular diagnostics are crucial in cancer diagnosis, prognosis, and treatment selection. Techniques such as next-generation sequencing (NGS) and liquid biopsy have revolutionized cancer care by enabling the identification of specific genetic alterations, monitoring treatment response, and detecting minimal residual disease. The concept of personalized medicine, which aims to tailor medical treatments to an individual's genetic makeup, has gained traction. Molecular diagnostics are vital in identifying biomarkers and genetic variations associated with drug response and treatment resistance. This has led to an increased adoption of molecular diagnostic tests to guide personalized treatment decisions and optimize patient outcomes.
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Segmentation Overview:
The global molecular diagnostics market has been segmented into product, test location, technology, and region. The molecular diagnostics market encompasses a range of technologies used to detect and analyze genetic and molecular alterations in various diseases. The technologies used in molecular diagnostics include PCR, Sequencing, INAAT, and TMA. PCR segment dominates the market. North America is a leading molecular diagnostics market driven by advanced healthcare infrastructure and strong research and development activities. The region has a well-established regulatory framework that supports the adoption of molecular diagnostic tests.
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Molecular Diagnostics Market Report Highlights:
- The global molecular diagnostics market growth is anticipated at a CAGR of 12.4% by 2032.
- Molecular diagnostics offer high sensitivity and specificity, enabling rapid and accurate detection of pathogens, leading to early diagnosis and effective treatment.
- PCR segment dominates the market. PCR is a widely used technique that amplifies specific DNA sequences, allowing for their detection and analysis.
- The oncology segment leads the market. Molecular diagnostics is extensively used in cancer diagnostics and management. It aids in early detection, characterization of tumors, assessment of prognosis, prediction of treatment response, and monitoring of minimal residual disease.
- Some prominent players in the molecular diagnostics market report include 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., Quest Diagnostics, Siemens Healthineers AG, and Sysmex Corporation among others.
Industry Trends and Insights:
- In 2023, Almac Group, a Contract Manufacturing and Development firm, said it would invest USD 97.1 million to scale up its diagnostic and pharmaceutical manufacturing and production facility at Craigvon, Northern Ireland Headquarters.
- In 2021, GenMark Diagnostics was acquired by Roche for USD 1.8 billion. Roche is mainly emphasizing molecular diagnostics post-acquisition.
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Molecular Diagnostics Market Segmentation:
- By Product: Instruments, reagents, others
- By Test Location: Point-of-care, self-test or OTC, central laboratories.
- By Technology: PCR, sequencing, INAAT, TMA.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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