The global molecular diagnostics market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report by Reports and Data.
The global molecular diagnostics market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report by Reports and Data. Government initiatives to promote molecular testing, increasing geriatric population, and rising cases of various infectious diseases across the world are key factors boosting global market revenue growth.
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Increased investment in molecular diagnostics Research & Development (R&D) for development of advanced tools and methods for early diagnosis of cancer and other diseases is driving growth of molecular diagnostic market. Increase in funding by government across the globe for development of advanced testing kits & instruments and infrastructural developments in healthcare sector are further supporting market revenue growth. With the ability to identify specific genetic variations in patients, molecular diagnostics represents an invaluable tool kit for current health professionals who can chart highly individualized treatment plans for their patients. Therefore, molecular diagnostic techniques have gained rapid traction over the last few years and are widely used in laboratories, research institutes, and hospitals for various purposes.
Testing and screening operations are becoming advanced as molecular diagnostics are being utilized broadly for amplification and discovery purposes. Increasing adoption of self-testing kits is fueling growth of the market. However, many hospitals and reference laboratories in developing countries find it difficult to afford costly instruments & kits. This is expected to hamper global market growth in the coming years.
Some Key Highlights from the Report
- In November 2021, Hoffmann-La Roche, a Switzerland-based company, launched cobas 5800 System, a new molecular laboratory instrument, in countries accepting the CE mark. It is built upon the innovation of the cobas® 6800 and cobas® 8800 systems, making molecular testing accessible to more patients around the world.
- In 2020 reagents & kits segment accounted for largest revenue share. Increasing investments by market players to develop improved and effective kits to cater to rising diseases and high demand for reagents & kits in research, clinical laboratories, and hospitals are fueling segment revenue growth.
- Polymerase chain reaction (PCR) segment revenue is expected to register significant growth rate over the forecast period because of increasing usage of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
- Infectious disease segment accounted for largest revenue share in 2020. As prevalence of infectious diseases worldwide is rising, need for early detection and treatment of these diseases is also increasing, which is boosting demand for molecular diagnostic kits.
- Diagnostic laboratories segment revenue is expected to register high growth rate during the forecast period due to constantly rising demand for molecular diagnostic tests to detect infectious diseases and cancer.
- Market in Asia Pacific is expected to register high revenue growth rate during the forecast period. Rapid revenue growth is attributed to growing awareness about early detection of disease, high patient pool, rapid developments in healthcare infrastructure and facilities, and ongoing research on diagnostic procedures.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Abbott, F. Hoffmann-La Roche Ltd, QIAGEN, Danaher, Hologic Inc., Becton Dickinson and Co (BD), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., and Cepheid.
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Molecular Diagnostics Market Segmentation:
Product & Services Outlook (Revenue, USD Billion; 2018–2030)
- Reagents & Kits
- Instruments
- Services & Software
Technology Outlook (Revenue, USD Billion; 2018–2030)
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology
- DNA Sequencing & Next-generation Sequencing (NGS)
- In Situ Hybridization
- DNA Microarray
- Other Technologies
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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