Stratview Research has published a new report titled “Molecular Diagnostics Market” which is segmented by Product Type (Reagents & Kits, Instruments, and Others), by Technique Type (Polymerase Chain Reaction, Isothermal Amplification, Hybridization, Sequencing, Microarray, and Others), by Application Type (Infectious Diseases, Blood Screening, Oncology, Genetic Tests, and Others), by End-User Type (Hospitals, Diagnostic Laboratories, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, the molecular diagnostics market was estimated at USD 24.68 billion in 2022 and is likely to grow at a CAGR of 4.59% during 2023-2028 to reach USD 32.33 billion in 2028.

What are molecular diagnostics?

Molecular diagnostics encompasses a wide range of techniques that allows the detection and analysis of biological markers in the genome and proteome. These biomarkers can also include chromosomal abnormalities, protein levels, genetic mutations, gene expressions, etc. Molecular diagnostics can provide vital insights about an individual's health status and aid in disease diagnosis, by identifying these biomarkers.

COVID-19 IMPACT

The global pandemic Covid-19 impacted almost every industry and shook the market. However, the pandemic increased the need of developing diagnostic instruments and diagnostic service centers and hence there was a positive impact on the molecular diagnostics market.

Market Dynamics

The molecular diagnostics market has experienced significant growth in recent years. Several dynamics have contributed to this growth, a few are mentioned below–

  • Growing incidence of infectious diseases is one of the primary growth factors over the forecast period. With the growing incidence of STIs such as HIV, HPV, etc. the need for accurate and affordable diagnosis also grows substantially. There are over 38 million (33.9–43.8 million) people living with HIV by the end of 2021, according to WHO. The health organization states that the Global Fund and Joint United Nations Programme on HIV/AIDS – UNAIDS targets to end the HIV epidemic by 2030, and to achieve this, 95% of all HIV-affected people should have a diagnosis.
  • Rising government initiatives, funding activities, etc. are supporting and promoting development in this sector, providing growth opportunities. For instance – The National Institutes of Health (NIH) has the Molecular and Cellular Biology (MCB) program, the National Institute of Allergy and Infectious Diseases (NIAID) Intramural Research Program, the Molecular and Cellular Oncology (MCO) program, and more. Apart from NIH, The Food and Drug Administration (FDA), The Centers for Disease Control and Prevention (CDC), The Department of Defense (DoD), etc. also have a number of programs that support the development and use of molecular diagnostics for military, public health, and many other purposes.
  • Rising geriatric population globally is increasing the risk of getting a number of diseases including cardiovascular disease, neurological disorders, diabetes, etc. The global geriatric population (people aged 65 years or older) worldwide is expected to double over the next three decades. According to World Social Report 2023 published by the United Nations (un.org), the count of elderly people will reach 1.6 billion by 2050.
  • Increasing incidence of cancer calls for early diagnosis. According to the American Cancer Society (ACS), in 2023, ~1,958,310 new cancer cases are predicted in the United States. By 2040, the global cancer cases count is expected to rise to 27.5 million new cases. Since molecular diagnostics is vital in early detection, prognostics, and other clinical trials, the global market for molecular diagnostics will grow with the growing incidence of cancer.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis –

Based on the product type, the market is segmented as reagents & kits, instruments, and others. The reagents & kits segment is expected to hold the major share of the market during the forecast period. The high use of reagents in molecular diagnostic testing, increasing demand for over-the-counter diagnostic tests, and growing adoption of these tests in non-medical facilities such as home self-testing are driving the segment's growth.

Based on the application type, the market is segmented as infectious diseases, blood screening, oncology, genetic tests, and others. Infectious diseases are estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as SARS-CoV-2, new multidrug-resistant TB, H1N1, and HIV strains.

In terms of regions, North America is expected to be the leading region in the market during the forecast period, owing to a growing geriatric population, increasing demand for point-of-care diagnostics, and outbreaks of bacterial and viral diseases. Furthermore, technological advancements, the presence of well-established diagnostic systems, and development in the healthcare sector are expected to drive market growth during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Who are the Key Players in the Market?

This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Molecular Diagnostics Market:

  • Agilent Technologies, Inc.
  • BioMerieux SA
  • Danaher Corporation
  • F. Hoffmann-La Roche Ltd.
  • Illumina, Inc.
  • Novartis AG
  • QIAGEN N.V.
  • Siemens Healthineers AG
  • TBG Diagnostics Limited
  • Thermo Fisher Scientific Inc.

Key questions answered by the report.

  • What is the projected CAGR for revenue from the Molecular Diagnostics Market during the forecast period?
  • What would be the market be valued at by 2027?
  • What is a major driving factor for growth of the market?
  • Which region accounted for largest revenue share in the Molecular Diagnostics Market?
  • Which are the major market players?

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