Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- In the near future, the molecular diagnostics industry is poised to experience revolutionary advancements that will profoundly shape healthcare practices and disease management. Rapid progress in technologies such as next-generation sequencing, gene editing, and personalized medicine will drive increased adoption of molecular diagnostic tests. These tests will enable earlier and more precise detection of genetic, infectious, and chronic diseases, leading to improved patient outcomes and reduced healthcare costs. Moreover, the integration of artificial intelligence and machine learning into molecular diagnostics will streamline data analysis, enhancing diagnostic accuracy and efficiency. As the industry continues to flourish, accessibility to these cutting-edge diagnostics will expand, empowering patients and healthcare professionals with actionable insights into individual health, ultimately transforming the landscape of modern medicine.
Molecular Diagnostics market in terms of revenue was estimated to be worth $16.6 Billion in 2023 and is poised to reach $28.6 Billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The increasing availability of funding for R&D activities has fueled advancements in technology, enabling the development of innovative molecular diagnostic solutions. Factors like this together contribute to the growth and development of the molecular diagnostics market, facilitating improved disease detection, personalized treatment approaches, and enhanced patient care.
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Molecular Diagnostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $16.6 Billion |
| Estimated Value by 2028 | $28.6 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & service, test type, sample type, technology, application, end user, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing significance of companion diagnostics in drug development process |
| Key Market Drivers | Rising technological advancements in molecular diagnostics in recent years |
Molecular Diagnostics market major players covered in the report, such as:
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Hologic Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Abbott Laboratories (US)
- bioMérieux (France)
- QIAGEN (Netherlands)
- PerkinElmer Inc. (US)
- Myriad Genetics Inc. (US)
- Siemens Healthineers AG (Germany)
- Danaher (US)
- Illumina Inc. (US)
- Becton, Dickinson and Company (US)
- Grifols S.A. (Spain)
- QuidelOrtho Corporation (US)
- Agilent Technologies Inc. (US)
- DiaSorin S.p.A. (Italy)
- Exact Sciences Corporation (US)
- Genetic Signatures (Australia)
- MDx Health (Belgium)
- Biocartis (Belgium)
- TBG Diagnostics Limited (Australia)
- HTG Molecular Diagnostics Inc. (US)
- Vela Diagnostics (Singapore)
- Amoy Diagnostics Co. Ltd. (China)
- ELITechGroup (France)
- Molbio Diagnostics Pvt. Ltd. (India)
- Savyon Diagnostics (Israel)
- Abacus Diagnostica Oy (Finland)
- GeneOmbio Technologies Pvt. Ltd. (India)
- and Among Others
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This report categorizes the molecular diagnostics market based on product & service, test type, sample type, technology, application, end user, and region:
By Product & Service
- Reagents & Kits
- Instruments
- Services & Software
By Test Type
- Lab Tests
- PoC Tests
By Sample Type
- Blood, Serum, and Plasma
- Urine
- Other Sample Types
By Technology
- Polymerase Chain Reaction
- Isothermal Nucleic Acid Amplification Technology
- DNA Sequencing & Next- generation Sequencing
- In Situ Hybridization
- DNA Microarrays
- Other Technologies
By Application
- Infectious Disease Diagnostics
- Hepatitis
- HIV
- CT/NG
- HAI
- HPV
- Tuberculosis
- Influenza
- Other Infectious Diseases
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Testing
- Other Applications
- COVID-19
By End User
- Diagnostic Laboratories
- Hospitals & Clinics
- Other End Users
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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The key stakeholders in the Molecular Diagnostics market include:
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Frequently Asked Questions (FAQs) of Molecular Diagnostics Market:
Q1. What is the total market value of Molecular Diagnostics Market report?
Q2. Which are the top companies holding the market share in Molecular Diagnostics Market?
Q3. Which are the largest regions for this Market?
Q4. What is the leading technology of Molecular Diagnostics Market?
Q5. What are the major drivers for this specific Market?
Q6. What are the upcoming key trends in the Molecular Diagnostics Market report?
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Recent Developments:
- In February 2023, Thermo Fisher Scientific Inc. (US) acquired Binding Site Group (UK), a global leader in specialty diagnostics, to expand Thermo Fisher’s existing specialty diagnostics portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma.
- In October 2022, F. Hoffmann-La Roche Ltd. (Switzerland) received 510(k) clearance from the US FDA for the cobas SARS-CoV-2 Qualitative PCR test for use on the fully automated cobas 6800 and cobas 8800 Systems.
- In May 2022, F. Hoffmann-La Roche Ltd. (Switzerland) partnered with Global Fund to support low- and middle-income countries in strengthening critical diagnostics infrastructure.
- In December 2021, Hologic, Inc. (US) launched Panther Trax for high-volume molecular testing.
- In March 2021, Abbott Laboratories (US) received Emergency Use Authorization (EUA) from the FDA for a laboratory PCR assay, Alinity m Resp-4-Plex molecular assay, that detects and differentiates between SARS-COV-2, flu A, flu B, and RSV in one test.
Report Objectives:
- To define, describe, segment, and forecast the global molecular diagnostics market, by product & service, test type, sample type, technology, application, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall molecular diagnostics market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2
- To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, agreements, and other developments
- To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence
Related Reports:
Point of Care Molecular Diagnostics Market
Infectious Disease Diagnostics Market
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