Molecular Diagnostics Market Size to Worth Around USD 48.9 Bn by 2030

Ottawa, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Molecular Diagnostics Market (By Product; By Test Location; By Technology; By Application; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Key Takeaways:

• By product type, the reagent segment has held 61% market share in 2021.
• By application, the infectious disease segment has reached 47% market share in 2021.
• By end user, the hospitals segment has accounted 62% market share in 2021.
• By region, North America market growth is registering at a CAGR of 9.3% during the forecast period. 
• Europe market has accounted highest revenue share of over 29.6% in 2021.
  
  

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Regional Snapshots

The molecular diagnostics market is expected to have the largest market share in the North American region. In the forthcoming years the molecular diagnostics market in the North American region shall grow well due to the presence of well-developed health care facilities and the availability of various treatment options after the proper diagnosis of diseases. increasing interactions between the research institutes, hospitals and the government is leading the growth in the market did increasing prevalence of chronic infectious diseases in the United States which is coupled with the increase in the health care spending by the people of America will propel the molecular diagnostics market.

The cases of tuberculosis in this nation are increasing every year which leads to an increase in hospitalization. As there's an increased funding for research and development activities in North America the molecular diagnostics market is expected to grow. Introduction of new health care facilities and growing geriatric population is also driving the market. The European market is expected to be the second largest market due to the availability of funding and government support for research and development in life sciences sector.

The Asia Pacific region is also expected to be the fastest growing market as many developing economies like South Korea India and China are emerging as major destinations for outsourcing the drug manufacturing, pathology testing and for clinical trials. The health care segments in these regions have strengthened over the years.

Report highlights

• The reagent segment had the largest market share in the recent years and it is expected to dominate the market in the coming years period the reagents segment is adopted due to wide research and clinical settings available across the globe. They provide efficient and accurate results and the segment is cost effective hence it is anticipated to support the market growth.
• The central laboratories test location segment is expected to grow during the forecast period. Government is taking money initiatives in order to increase the services provided and the reimbursement for such diagnostic tests.
• The infectious diseases segment has the maximum usage of molecular tests for the diagnosis. This is a major the reason for the dominance of this segment. The increase of PCR test for diagnosis of COVID-19 has led to a growth in the market. In the future the oncology segment is also expected to have the highest CAGR.
• The European region has dominated the market Duke the rising epidemiology and infectious diseases in this region. Improved standard of living and consumer awareness about early diagnosis which is facilitated with well-established healthcare system is driving the growth in this region.

Recent Development

• Agreement was formed between Roche and GenMark diagnostics in the year 2021. By acquiring Roche GenMark syndrome panel testing portfolio will supplement this company's current molecular diagnostics portfolio.
  
  

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Scope of the Report

Market Dynamics

Drivers

Molecular diagnostics play an important role in testing of the infectious diseases. They provide extremely fast and effective results. The increasing prevalence of hospital acquired infections and other infectious diseases are expected to create a demand for molecular diagnostics. In order to detect a number of other diseases which have been facilitated by the advancements in the molecular diagnostics or extremely effective. The technological advances in the molecular diagnostics we'll drive the market as they are cost effective portable and they provide accuracy.

Restraints

The regulatory framework for approval is the biggest restrictive factor in the growth of the molecular diagnostics market. The regulatory framework pertaining to the pharmaceutical, medical technology, biotechnology sector Has a rigorous regulatory framework. These happen to be the major restrictions in the growth of the market. At times inaccurate results may be provided due to a fault in the diagnostic kits or due to an untrained person performing the test. Therefore, there has been a stringent regulation which is associated with the approval process are for molecular diagnostics which is limiting the growth of the molecular diagnostics market.

Opportunities

There is an increasing demand for molecular testing due to a growing funding by the government and various other organizations to improve molecular diagnostics with the help of research and development. In order to support the life sciences sector as an increasing research and development in this field. These reasons are expected to boost the molecular diagnostics market during the forecast period and it provides a growth opportunity.

Challenges

Increasing cost of the diagnosis of various diseases is a major challenge in the growth of the market. The introduction of alternative technologies for testing various diseases is challenging the growth of the molecular diagnostics market. The antibody test also known as serological test which are able to determine the presence of virus in the body by screening the blood provides result in about 15 minutes they referred to as rapid tests which are cheaper and have a simpler design. These are posing a major challenge in the growth of the molecular diagnostics market.

Market Segmentation

By Product 

• Instruments
• Reagents
• Services & Software
  
  

By Test Location

• Central laboratories
• Point of care
• Over the counter or self-test kits
  
  

By Technology 

• Polymerase Chain Reaction (PCR)
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• DNA Sequencing & Next- generation Sequencing (NGS)
• In Situ Hybridization (ISH)
• DNA Microarrays
• Others

By Application

• Infectious diseases
  • COVID-19
  • Hepatitis
  • HIV
  • CT/NG
  • HAI
  • HPV
  • Tuberculosis
  • Influenza
  • Other Infectious Diseases
• Oncology
  • Breast Cancer
  • Colorectal Cancer
  • Lung Cancer
  • Prostate Cancer
  • Other
• Genetic testing
• Neurological disease
• Microbiology
  
  

By End User

• Diagnostic Laboratories
• Hospitals & Clinics
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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