Meticulous Research®, a renowned market research firm, has recently published an insightful report titled, ‘Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global Forecast to 2030.’
According to the report, the Molecular Diagnostics Market is expected to surge to $46.69 billion by 2030, with a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth trajectory is driven by several pivotal factors, including the aging global population, the increasing prevalence of both communicable and non-communicable diseases, and advancements in molecular diagnostics technologies. Rising healthcare expenditures also play a significant role in propelling this market forward.
In addition to these factors, the report highlights the expanding opportunities in emerging markets, the growing focus on companion diagnostics, and the increasing popularity of direct-to-consumer (DTC) genetic testing as key growth drivers. These trends present substantial opportunities for companies operating in the molecular diagnostics sector, particularly as they seek to capitalize on these emerging areas.
The report further explores the impact of the COVID-19 pandemic on the molecular diagnostics market, noting a significant increase in product approvals during this period. Manufacturers swiftly responded to the pandemic by developing a variety of diagnostic kits and assays aimed at early disease detection. These efforts are expected to continue driving market growth in the coming years.
Several companies played a crucial role in this surge of product development. For example, in May 2022, Cepheid, a subsidiary of Danaher (U.S.), received CE Mark approval for its Xpert Xpress CoV-2 plus test, which is designed for the qualitative detection of COVID-19. Similarly, F. Hoffmann-La Roche Ltd (Switzerland) received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) in May 2021 for its cobas SARS-CoV-2 test, intended for individuals without symptoms or reasons to suspect COVID-19. BioMérieux S.A. (France) also received the CE mark in November 2020 for its SARS-CoV-2 R-GENE test, part of the ARGENE range for detecting the virus. In September 2020, Hologic, Inc. (U.S.) secured EUA from the FDA for asymptomatic COVID-19 testing with its Panther Fusion SARS-CoV-2 Assay.
These companies, along with others in the diagnostics market, utilized web meetings and webinars to engage with customers and shareholders during the pandemic. These virtual interactions provided valuable product information and demonstrations, helping end users better understand and utilize the new diagnostic tools.
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The molecular diagnostics market is comprehensively segmented in the report, covering products & services (Kits & Reagents, Instruments, Software & Services); test types [Laboratory Tests, Point-of-Care (PoC) Tests]; technologies [Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Mass Spectrometry, Sequencing, Other Technologies]; and applications [Infectious Diseases (including COVID-19, Hepatitis, HIV, Healthcare-associated Infections, Chlamydia trachomatis/Neisseria gonorrhoeae, Human papillomavirus, Tuberculosis, Influenza, and other infectious diseases), Oncology (including Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, and other cancer types), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, and other applications]. The report also segments the market by end users, including Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and other end users, while providing a detailed geographic analysis.
The kits & reagents segment is expected to hold the largest share of the molecular diagnostics market in 2023, driven by the frequent and repetitive use of diagnostic kits, a broad portfolio of disease-specific kits for early diagnosis, and ongoing technological advancements in the field. The laboratory tests segment is also expected to dominate, attributed to the large number of tests conducted in hospitals, laboratories, and academic & research institutes.
In terms of technology, Polymerase Chain Reaction (PCR) is anticipated to lead the market due to its sensitivity, cost-effectiveness, and ability to rapidly amplify specific DNA segments, making it indispensable for disease diagnosis. The infectious diseases application segment is projected to hold the largest market share, supported by rising incidence rates and increased government initiatives for early disease detection.
Hospitals & Clinics are expected to be the largest end-user segment, driven by their extensive testing capabilities for diagnosing various medical conditions, including both communicable and non-communicable diseases.
Geographically, North America is forecasted to hold the largest share of the molecular diagnostics market in 2023, followed by Europe and Asia-Pacific. The region's developed infrastructure for diagnostics research, favorable reimbursement policies, and high volume of laboratory tests performed annually contribute to this dominance.
Key Players
The key players operating in the molecular diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (U.S.), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), bioMérieux S.A. (France), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthineers AG (Germany), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), and Seegene, Inc. (South Korea).
Key questions answered in the report-
- Which are the high-growth market segments in terms of product & service, test type, technology, application, end user, and geography?
- What was the historical market for molecular diagnostics across the globe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the molecular diagnostics market?
- Who are the major players in the molecular diagnostics market?
- What is the competitive landscape, and who are the market leaders in the molecular diagnostics market?
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/molecular-diagnostics-market-5375
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