Pune, July 12, 2024 (GLOBE NEWSWIRE) -- Molecular Diagnostics Market Size & Growth Analysis:
“According to SNS Insider Research, The Molecular Diagnostics Market size was valued at US$ 14.60 billion in 2023 and estimated to reach US$ 29.67 billion by 2032 with a growing CAGR of 8.22% over the forecast period 2024-2032.”
Molecular Diagnostics Market Overview:
Molecular diagnostics is revolutionizing healthcare with quicker and more accurate diagnostic techniques than many other traditional methods. It is important to develop these technologies as early detection of chronic illnesses such as cancer will be on the rise due to demographic aging. The urgent need for fast and accurate diagnostics is most dramatically illustrated by the rise of infectious diseases like HIV, HPV (causing cervical cancer) and TB. Although, betterment in technologies such as NGS, PCR and microarrays is boosting the growth of molecular diagnostics tests which are extremely accurate giving healthcare providers to be on point.
Molecular diagnostics are also having a big influence in the area of infectious diseases. With the increase in sexually transmitted infections such as HIV and HPV looming on, it is enlarging patient pool for these tests. Fast diagnostics are similarly needed due to concerning trends in TB. UNAIDS further reports that nearly 38.4 million people live with HIV worldwide in 2021. Because of the increasing burden from human immunodeficiency virus and its associated complications like TB, there would be surge in usage for molecular techniques as good diagnostics tools which drives overall demand for the molecular diagnostics market.
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Major Players Analysis Listed in this Report are:
- Hologic Inc. (Gen Probe)
- BD
- Sysmex Corporation
- Siemens Healthineers AG
- Abbott laboratories
- F. Hoffman LA-Roche LTD
- Agilent Technologies, Inc.
- QIAGEN
- Danaher Corporation
- Grifols S.A
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Other Players
Market Drivers:
Technological advancements in genome sequencing that is deciphering an individual's entire genetic code. Next-Generation Sequencing (NGS) is the faster and more efficient analysis, offering a broader scope (e.g., shotgun metagenomic NGS for comprehensive microorganism identification). Tailoring treatment plans by identifying patients likely to respond positively to specific therapies, accelerating drug development (e.g., Quest Diagnostics acquiring Haystack Oncology's MRD platform for ctDNA-based cancer detection and personalized therapy).
Molecular Diagnostics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 14.60 Bn |
| Market Size by 2032 | US$ 29.67 Bn |
| CAGR | CAGR of 8.22% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Companion Diagnostics, Aging Population, And Rising Disease Burden |
Growing burden of disease according to World Bank data indicates a staggering 779 million people over 65 in 2022, projected to double by 2050 also due to rising infectious diseases according to the World Health Organization estimates nearly 39 million people living with HIV globally in 2022, with 1.3 million newly infected annually. HIV weakens the immune system, increasing susceptibility to infections like tuberculosis, which leads as the cause of death among HIV-positive individuals.
The molecular diagnostics market is fuelling significant growth due to advancements and applications. Inadequate reimbursements, however, pose a challenge. The market is segmented into reagents (dominant segment due to wide application and ongoing test development) and instruments (driven by their use in diagnosing critical illnesses and advanced technology launches).
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Instances Of The Recent Advancements:
- January 2024: Illumina collaborates with Janssen on a liquid biopsy test for detecting residual disease across various cancers.
- November 2023: Co-Diagnostics receives a grant to develop a novel tuberculosis test compatible with their platform.
- July 2023: T2 Biosystems receives FDA designation for their C. Auris molecular diagnostic test for direct blood sample detection.
Segmentation Dynamics
By Products, Reagents, used in research and clinical settings, held the largest share 62.2% in 2023 due to their wide application and continuous development of new tests.
By Technology, PCR dominated with a 65% market share in 2023, primarily driven by its extensive use in diagnosing COVID-19 and other infectious diseases. Advancements in high-throughput PCR for various illnesses are expected to further propel this segment.
By Application, Infectious diseases dominated the market 45% share in 2023 due to the widespread use of PCR tests for COVID-19 and the rising global burden of infectious diseases.
By Test Location, Central laboratories led with 70% share in 2023 owing to high testing volumes, particularly for COVID-19 diagnostics. Factors like ELITechGroup's new high-throughput equipment and government initiatives promoting reimbursement policies further support this dominance.
Molecular Diagnostics Market Key Segmentation:
By Product
- Instruments
- Reagents
- Others
By Technology
- Polymerase chain reaction (PCR)
- PCR, by Type
- Multiplex PCR
- Other PCR
- PCR, by Product
- Instruments
- Reagents
- Others
- PCR, by Type
- In Situ Hybridization (ISH)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Chips and Microarrays
- Mass Spectrometry
- Transcription Mediated Amplification (TMA)
- Others
By Application
- Oncology
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Cervical Cancer
- Kidney Cancer
- Liver Cancer
- Blood Cancer
- Lung Cancer
- Other Cancer
- Pharmacogenomics
- Infectious Diseases
- Methicillin-resistant Staphylococcus Aureus (MRSA)
- Clostridium Difficile
- Vancomycin-resistant Enterococci (VRE)
- Carbapenem-resistant Bacteria
- Flu
- Respiratory Syncytial Virus (RSV)
- Candida
- Tuberculosis and Drug-resistant TBA
- Meningitis
- Gastrointestinal Panel Testing
- Chlamydia
- Gonorrhea
- HIV
- Hepatitis C
- Hepatitis B
- Other Infectious Diseases
- Genetic Testing
- Newborn Screening
- Predictive and Presymptomatic Testing
- Other Genetic Testing
- Neurological Disease
- Cardiovascular Disease
- Microbiology
- Others
By Test Location
- Point of Care
- Central laboratories
- Self-test or Over the Counter
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Regional Analysis
North America dominated the market nearly 40% share in 2023, driven by factors like high disease burden, advanced healthcare systems, and strong consumer awareness about early diagnosis. However, the Asia Pacific region is expected to witness the fastest growth due to increased market penetration of novel technologies and a significant unmet need for advanced diagnostics.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine- Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Molecular Diagnostics Market Segmentation by Product
9. Molecular Diagnostics Market Segmentation by Technology
10. Molecular Diagnostics Market Segmentation by Application
11. Molecular Diagnostics Market Segmentation by Test Location
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. Use Cases and Best Practices
16. Conclusion
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