Molecular Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 29.76 billion |
|
Revenue Forecast in 2031 |
US$ 52.54 billion |
|
CAGR |
6.52% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product & Services, Technology, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global molecular diagnostics market was valued at US$ 29.76 billion in 2022 and is expected to register a revenue CAGR of 6.52% to reach US$ 52.54 billion by 2031.
Molecular Diagnostics Market Fundamentals
Molecular diagnostics is a rapidly evolving field that combines molecular biology principles and diagnostics to detect and analyze genetic variations, biomarkers, and infectious agents at the molecular level. This approach enables healthcare professionals to make more accurate and timely diagnoses, personalize treatment plans, and monitor disease progression.
As the field advances, several emerging trends are shaping its future. Firstly, there is a growing focus on liquid biopsies, which allow non-invasive detection and monitoring of diseases such as cancer by analysing circulating tumor DNA or RNA. Additionally, integrating artificial intelligence and machine learning algorithms revolutionizes data analysis, interpretation, and decision-making in molecular diagnostics. Furthermore, developing point-of-care testing devices and miniaturized molecular diagnostic platforms enables faster and more accessible testing in remote or resource-limited settings.
Market players in the molecular diagnostics market are adopting diverse strategies to enhance their revenue and maintain their competitiveness in the dynamic landscape. Top players are increasingly investing in research and development to enhance the sensitivity, specificity, and multiplexing capabilities of their diagnostic assays. This enables them to offer comprehensive and reliable testing solutions to healthcare providers. Moreover, market players are actively seeking partnerships and collaborations with academic institutions, hospitals, and pharmaceutical companies to expand their product portfolios and tap into new markets. They also focus on expanding their geographical presence by establishing distribution networks and acquiring local diagnostic companies.
Molecular Diagnostics Market Dynamics
The rising prevalence of infectious and genetic diseases such as HIV/AIDS, tuberculosis, and cystic fibrosis has led to a growing need for molecular diagnostic tests. The increasing prevalence of these diseases is the key factor increasing the demand for molecular diagnostics market. According to the American Cystic Fibrosis Foundation, there are over 30,000 CF patients in the United States and over 70,000 CF patients globally in 2021. Molecular diagnostics provide quick and precise identification of infectious agents, facilitating early detection, efficient treatment, and proper disease control. As a result, healthcare providers and laboratories worldwide are increasingly utilizing molecular diagnostic tests.
Precision medicine has become increasingly popular in recent years as it seeks to provide personalized patient care according to their genetic profile. Molecular diagnostics has a crucial role in precision medicine as it identifies genetic mutations, gene expression patterns, and molecular signatures linked to specific diseases. As per The American Journal for Managed Care in December 2020, the market has 286 personalized medicines compared to 132 in the past. Such medicines constituted 25% of the FDA-approved new drugs in 2019. This personalized approach allows healthcare providers to create treatment plans that meet each patient's specific needs, which results in better therapeutic outcomes. The rise of precision medicine has sparked a surge in demand for molecular diagnostic tests and has contributed to the growth of the molecular diagnostics market.
Moreover, technological advancements in molecular diagnostics are another major factor supporting the global molecular diagnostics market. Advanced techniques now allow for highly accurate diagnosis, prognosis, and monitoring of various medical conditions. Portable point-of-care molecular diagnostic devices can easily be used at a patient's bedside treatment or in resource-constrained settings. They provide quick and decentralized testing, producing immediate results for infectious diseases, genetic disorders, and cancer biomarkers. This has significantly improved diagnostic access, especially in remote areas.
However, the complexity of interpreting results and the potential for false positives or false negatives can also pose challenges. Another limitation is the need for proper sample collection and storage and the availability of appropriate samples.
Molecular Diagnostics Market Ecosystem
The global molecular diagnostics market is analyzed from four perspectives: product & services, technology, application, end user, and region.
Molecular Diagnostics Market by Products & Services
Based on products & services, the global molecular diagnostics market is segmented into systems & instruments, software & services, and assay reagent & kits.
The assay reagents & kits segment accounted for 64% of the market share 2022. This is majorly attributed to the growing demand for molecular diagnostic tests, driven by the rising prevalence of infectious diseases, genetic disorders, and cancer, which has fueled the demand for assay reagents and kits. These products are essential components for performing molecular diagnostic tests, including PCR, NGS, and other molecular techniques.
The system & instruments segment is expected to grow with high revenue CAGR in the forecast years. This is due to the emergence of new technologies, the high incidence of infectious diseases, and the growing demand for prompt and precise disease diagnosis; there has been a significant shift in the healthcare industry towards more innovative and accurate diagnostic methods.
Molecular Diagnostics Market by Technology
Based on technology, the global molecular diagnostics market is segmented into polymerase chain reaction (PCR), DNA sequencing & next-generation sequencing (NGS), In situ hybridization, microarrays, and others (transcription mediated amplification, mass spectrometry)
The polymerase chain reaction segment dominated the global molecular diagnostics market with 70% of the market share. PCR, a widely utilized technique in molecular diagnostics, enables the amplification of specific DNA sequences, facilitating the detection of genetic variations and infectious agents. Its versatility, reliability, and wide range of applications have contributed to its prominence within the molecular diagnostic landscape. Moreover, despite the emergence of alternative technologies like next-generation sequencing (NGS) and microarrays, PCR has maintained its stronghold due to its established track record, cost-effectiveness, and widespread availability. It continues to be the preferred choice for many diagnostic laboratories and healthcare facilities globally.
Molecular Diagnostics Market Application
Based on application, the global molecular diagnostics market is segmented into infectious disease, oncology, pharmacogenomics, genetic testing, and others (neurological disease, cardiovascular disease, etc.).
The infectious disease segment accounted for 78.5% of the global molecular diagnostics market share. This segment encompasses the use of molecular diagnostic techniques to detect and diagnose various infectious diseases, including viral, bacterial, and fungal infections. The increasing prevalence of infectious diseases worldwide, coupled with the need for accurate and rapid diagnostic solutions, has propelled the growth of the infectious disease segment. As per BioMed Central, the nationwide prevalence of infectious disease syndromes stood at 71.8 per 10,000 population. On average, there were 14,519 (ranging from 5,229 to 55,132) reported cases of infectious disease syndromes each year. Molecular diagnostics offer advantages such as high sensitivity, specificity, and the ability to detect multiple pathogens simultaneously, making them invaluable in identifying and managing infectious diseases.
Molecular Diagnostics Market by End User
Based on end user, the global molecular diagnostics market is segmented into hospitals, academic institutes & research centers, and clinical & pathology labs.
The hospital segment dominated the global molecular diagnostics market and is expected to maintain this trend during the forecast period, owing to an increase in the number of patients treated for various infectious and chronic diseases, such as cancer and AIDS, and others that require molecular analysis for diagnosis and rapid treatment initiation.
Molecular Diagnostics Market by Region
Based on the region, the molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the majority of the market revenue share in 2022. A well-established healthcare infrastructure, robust research and development capabilities, and high demand for advanced diagnostic technologies in this region are expected to support North America's global molecular diagnostics market. Moreover, the region has many top players who are constantly bringing technological advancements in molecular diagnostics. For instance, in May 2022, Becton, Dickinson, and Company launched a new, fully automated, high-throughput infectious disease molecular diagnostics platform in the United States. This cutting-edge system is expected to boost market growth as it becomes more widely adopted.
The Asia Pacific molecular diagnostics market is projected to grow rapidly in the forecast due to the significant growth in research and development in the coming years, driven by increasing demand for personalized treatment in the region. Moreover, rising research and development also leads to an increase in the molecular diagnostics market.
Molecular diagnostics Competitive Landscape
Several companies emphasize development tactics, such as new launches, product approvals, and other elements like patents and events. The market saw acquisition, partnership, and cooperation activities as inorganic development tactics. These initiatives have enabled the expansion of future economic business prospects and increased demand for calcitonin in the global molecular diagnostics market.
Some of the prominent companies having the largest revenue share in the global molecular diagnostics market are,
Strategic Developments
Molecular diagnostics is a rapidly evolving field that combines molecular biology principles and diagnostics to detect and analyze genetic variations, biomarkers, and infectious agents at the molecular level.
The global molecular diagnostics market will be valued at US$ 52.54 billion by 2031.
The global molecular diagnostics market has witnessed significant growth in recent years due to the increasing demand for personalized medicine, rising R&D expenditure, and the growing number of drug development programs.
The global molecular diagnostics market is expected to register a revenue CAGR of 6.52% by 2031.
North America region has dominated the global molecular diagnostics market.
North America accounts for the largest revenue market revenue share in the global molecular diagnostics market.
*Insights on financial performance are subject to the availability of information in the public domain