Molecular Diagnostics Market Size to Hit USD 47.9 Billion by 2030

October 17, 2022 |

6 min read

According to Nova one advisor, the global Molecular Diagnostics market was valued at USD 25.2 billion in 2022and it is expected to hit around USD 47.9 billion by 2030 with a CAGR of 14.1% during the forecast period 2022 to 2030.

According to Nova one advisor, the global Molecular Diagnostics market was valued at USD 25.2 billion in 2022and it is expected to hit around USD 47.9 billion by 2030 with a CAGR of 14.1% during the forecast period 2022 to 2030.

The contraction in the market will be due to the decline in demand for molecular testing for COVID-19. However, factors such as the rising geriatric population and increasing demand for technologies such as NGS is expected to drive market growth.

Request Free Sample of This Report@ https://www.novaoneadvisor.com/report/sample/6440

Molecular diagnostics plays an important role in infectious disease testing as they can yield effective and fast results. Hence, the increasing prevalence of hospital-acquired infections & infectious diseases is projected to drive the market over the forecast period. Increasing incidence and awareness regarding genetic disorders is further anticipated to accelerate market growth. The miniaturization of three basic molecular assays-nanobiotechnology, biochips, and microfluidics are expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to enhance the availability of PoC molecular diagnostic tests to yield quick and effective test results.

Companies are expanding their product portfolios with the acquisition of smaller companies. For instance, in March 2021, Hologic announced the acquisition of Diagenode-a molecular diagnostic company with a wide range of PCR instruments, facilitating the detection of over 30 bacteria-for USD 159 million. Similarly, in April 2021, F. Hoffmann-La Roche Ltd. acquired GenMark Diagnostics, Inc. at a price of USD 24.05 per share in cash, and it holds around 82.89% of total shares of GenMark Diagnostics. GenMark Diagnostics, Inc. has proprietary technologies, such as eSensor XT-8 and ePlex, which can be utilized in developing tests for infectious diseases, including bloodstream infections.

Key players are enhancing their range of testing options for real-time PCR instruments by increasing R&D activities for the development of kits that target emerging diseases or by entering into agreements with other kit manufacturing companies. These include the introduction of Cobas HPV test assay in Cobas 4800 by Roche Diagnostics. The introduction of tuberculosis testing Xpert assay on GeneXpert platform by Cepheid is an example of such advancement. Such advances are anticipated to drive the global molecular diagnostics market.

Report Scope of the Molecular Diagnostics Market

Report Coverage	Details
Market Size	US$ 47.9 Billion by 2030
Growth Rate	CAGR of 14.1% from 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Technology, Application, End-user and Region,

Ask here for more customization study@ https://www.novaoneadvisor.com/report/customization/6440

Rise in Demand for Innovative Technologies to Drive Market

New innovative technologies such as RT-PCR and sequencing are available in the market and provide a comparatively less-expensive way for diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians to frame appropriate therapeutic regimes for patients suffering from various diseases. Increase in demand for point-of-care services is projected to drive the molecular diagnostics market. Point-of-care provides quick and accurate results compared to traditional methods.

PCR & Real-time PCR Segment to Dominate Global Market

In terms of product type, the global molecular diagnostics market has been classified into PCR & real-time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing, and others. The PCR & real-time PCR segment accounted for leading share of the global market in 2020. The segment is likely to witness strong growth during the forecast period, as PCR technique is a cost-effective way of copying or amplification of small segments of DNA or RNA.

Infectious Diseases to be Highly Lucrative Segment

Based on application, the global molecular diagnostics market has been categorized into infectious diseases, oncology, blood screening, microbiology, genetic testing, and women’s health. The infectious diseases segment accounted for major share of the global market in 2020 due to increase in incidence of chronic infectious diseases. Moreover, rise in infections due to environmental pollution and unhealthy lifestyles among the global population contributed to the growth of the infectious diseases market.

Diagnostic Laboratories Segment to Dominate Market

In terms of end-user, the global molecular diagnostics market has been divided into hospitals, diagnostic laboratories, blood banks, academics & research, and others. The diagnostic laboratories segment dominated the global molecular diagnostics market in 2020, as diagnostic laboratories are specially meant only for detection of diseases. These are well equipped with sophisticated instruments and people in developed countries prefer diagnostic labs for diagnosis. However, the hospitals segment is projected to expand at a high CAGR during the forecast period due to increase in number of molecular diagnostic procedures carried out in these settings

North America to Dominate Global Market

In terms of region, the global molecular diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global molecular diagnostics market in 2021, followed by Europe. The region's dominance can be attributed to increase in diagnostic facilities and focus of existing & new players on the region.

North America is the leading market for molecular diagnostics due to rise in investments by governments in support of molecular diagnostic tests. The surge in incidence of cancer and unhealthy lifestyle leading to severe infectious diseases fuels the growth of the molecular diagnostics market in the region. Other factors such as large geriatric population and rise in demand for personalized medicines are expected to augment the market in North America.

Emerging markets in Asia Pacific hold immense growth potential due to initiatives taken by the governments to promote health care and robust economic growth. Moreover, improving purchasing power, consumer awareness about health issues, and better disease management are expected to boost the growth of the molecular diagnostics market in Asia Pacific.

Some of the prominent players in the Molecular Diagnostics Market include:

Abbot Laboratories
Becton
Dickinson and Company
Bio-Rad Laboratories, Inc.
bioMérieux SA
Danaher Corporation
F. Hoffmann-La Roche Ltd.
QIAGEN N.V.
Siemens AG
Thermo Fisher Scientific, Inc., among others

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

Global Molecular Diagnostics Market: Segmentation

Molecular Diagnostics Market, by Technology