Global Molecular Diagnostics Market - 2023-2030

Global Molecular Diagnostics Market - 2023-2030

The Global Molecular Diagnostics Market reached US$ 22.8 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 35.7 billion by 2030. The Global Molecular Diagnostics Market is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030). The increasing prevalence of oncology and the growing research and development for various applications drive demand for molecular diagnostics market trends.

The goal of molecular diagnostics, also known as the identification of genetic variations, is to make it easier to detect, diagnose, classify, predict outcomes, and track therapeutic response. The discipline of molecular diagnostics results from the successful interaction of laboratory medicine, genomics expertise, and technology, particularly in light of substantial advancements in molecular genomic technologies.

All these elements help identify and precisely characterize the genetic underpinnings of hereditary disorders, which is essential for providing an accurate diagnosis. High-throughput techniques, such as genome-wide association analyses and next-generation sequencing, offer crucial insights into disease causes.

The Molecular Diagnostics Market scope comprises applications as oncology, cardiovascular disorders, infectious diseases and others, which has increased the molecular diagnostics market share. The global market for molecular diagnostics is expanding as a result of factors including the increasing advances in diagnostics technology and their upcoming medical approvals across countries are also creating a positive outlook for the molecular diagnostics market growth.

Market Dynamics

Numerous Advantages Provided by these Diagnostic Products drive the growth of the molecular diagnostics market.

These molecular diagnostics provide various benefits for instance, specificity, sensitivity, applications and turnaround time. Amplification techniques are beneficial for raising a methodology's sensitivity and locating target molecules of significance that only exist at deficient concentrations. Molecular techniques reduce the likelihood of false positive test findings by focusing on the particular molecule of interest.

Molecular approaches typically offer faster turnaround times from receiving to result reporting than traditional culture procedures. Molecular techniques have a wider range of applications, including in identifying and monitoring tumor markers, medication resistance, forensics, genetic testing, and infectious disorders. Hence, the growing novel products’ advantages drives the molecular diagnostics market.

Rising Technological Advancements by Key Companies create lucrative opportunities for manufacturers.

A variety of technologically advanced products are being developed and launched by the major players. Numerous advancements are currently being made in molecular diagnostic technology and product type.

Furthermore, in May 2023, A phage, a natural enemy of the bacteria that causes tuberculosis and which has evolved to elude the body's immune system, is now being used to identify the illness at an early stage. The first Center for Phage Research in the UK will be formally unveiled on May 16 and highlighted in the Innovate UK Actiphage, a molecular diagnostic for tuberculosis based on phages will be featured in the UK Phage Innovation Showcase on KTN.

Mycobacterium tuberculosis (Mtb), a bacterium with a thick cell wall that blocks the release of its DNA, has proven challenging to detect and is slow to grow in culture. Actiphage searches the blood for live Mtb cells using a phage, a virus that only infects Mtb. Mtb discovered in the blood using Actiphage is a sign of active TB disease, according to research from the NIHR Respiratory Biomedical Research Centre in Leicester; this represents a possible advance in the fight to End TB.

False Test Outcomes will hamper the growth of the market.

Diagnostic assays that depend on the nucleic acids of the pathogen instead of on its phenotype are hampered by a few issues. A significant contributing factor is the high number of false positive and false negative outcomes. A disease may be mistakenly identified due to DNA contamination in the environment, the lab, and even the tools for preparing the reaction mix. DNA contamination is more difficult to remove from surfaces or lab equipment than living cell contamination, which can be easily done.

A false positive outcome could come from identifying pathogenic organisms that cause death and whose genome-wide DNA remains in the sample. Since RNA is less durable than DNA in these circumstances, RNA-based procedures like NASBA or RT-PCR provide a molecular backup. Hence these above-mentioned factors are limiting the molecular diagnostics market’s growth.

COVID-19 Impact Analysis

The financial health of companies across all industries has been impacted by the COVID-19 pandemic and lockdown in numerous nations worldwide. Therefore, for the period of the COVID-19 public health emergency, the U.S. Food and Drug Administration (FDA) issued guidelines that include general considerations to aid sponsors and researchers, ensuring the safety of trial participants, adhering to good clinical practice (GCP), and minimizing risks to trial integrity.

Real-time RT-PCR is one of the most used laboratory techniques to identify the COVID-19 virus. Although many nations have employed real-time RT-PCR to diagnose other illnesses like the Ebola and Zika viruses, many still want assistance in adapting this technique for the COVID-19 virus and expanding their national diagnostic capacities.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is estimated to have a low impact on the global molecular diagnostics market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global molecular diagnostics market growth over the forecast period.

Segment Analysis

The Global Molecular Diagnostics Market is segmented based on product type, technology, application, end-user and region.

Instruments from the product type segment account for 37.3% of the market share owing to rising novel product launches.

Sample-to-answer instruments are designed to accept single-use cartridges with integrated Reagents and Kits that allow the detection of single or multiple targets in a patient's sample. The ideal option for mobile laboratories are diagnostic devices utilizing hermetically sealed cartridges that can withstand travel and extended storage in various climatic conditions without requiring a cold chain.

Various instruments are being launched with advanced technology. For instance, molecular biology, genomics, proteomics, and pharmacology techniques can all be accommodated by the Liquid Handling workstation known as EXTRAlab. It is distinguished by its great degree of adaptability. The workstation enables the creation of a fully automated lab to carry out sample preparation, dilution, and dispensing.

The modular design allows for simple reconfiguration to fit the customer’s unique needs. For example, the liquid handling system can be modified to handle a variety of volumes and can have additional devices integrated on the basic platform.

Geographical Analysis

Due to major players' strong presence and increasing technological advancements, North America accounted for approximately 37.1% of the market share.

Manufacturers have chances to expand their operations in this region because of the rising demand for molecular diagnostics for advancements in North America. The area has many producers and suppliers, and its rapid economic development has raised industrial production of molecular diagnostics, increasing demand.

North America has a large number of producers and suppliers. As a result of the swift economic development of the area, industrial production has increased, fueling the demand of molecular diagnostics.

Rising new product types or applications will drive market growth. Growth is also fueled by rising technological advancements, regulatory approvals and novel product launches. Researchers are becoming more aware of various diagnostic approaches for cancer or other disorders, leading to expanding the market in this region. These factors shows the dominance of North America.

Competitive Landscape

The major global players in the molecular diagnostics market include Illumina, Inc., F Hoffmann-la Roche Ltd, Abbott, Bio-Rad Laboratories, Inc., BD, Hologic Inc., Myriad Genetics, Inc., Agilent Technologies Inc., Thermo Fisher Scientific Inc. and Danaher among others.

Why Purchase the Report?
• To visualize the Global Molecular Diagnostics Market segmentation based on product type, technology, application, end-user and region, and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous molecular diagnostics market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Molecular Diagnostics Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies