Molecular Diagnostics Market Size, Share & Trends Analysis Report By Product (Reagents, Instruments), By Technology (PCR, INAAT), By Application (Oncology, Genetic Testing), By Test Location, And Segment Forecasts, 2024 - 2030

Molecular Diagnostics Market Size, Share & Trends Analysis Report By Product (Reagents, Instruments), By Technology (PCR, INAAT), By Application (Oncology, Genetic Testing), By Test Location, And Segment Forecasts, 2024 - 2030

Molecular Diagnostics Market Growth & Trends

The global molecular diagnostics market size is expected to reach USD 17.97 billion by 2030, and expanding at a CAGR of 4.5% from 2024 to 2030, according to a recent study by Grand View Research, Inc. 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.

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.

Molecular Diagnostics Market Report Highlights

• The reagents segment dominated the market and accounted for a share of 62.2% of the global revenue in 2023. It is expected to maintain its dominance throughout the forecast years owing to its wide application scope in research & clinical settings and increasing adoption of novel tests.
• The polymerase chain reaction technology segment accounted for the largest revenue share in 2023. This is attributed to its use in detecting COVID-19 and other infectious diseases.
• The infectious diseases segment accounted for the largest revenue share in 2023. The increased usage of molecular, particularly PCR tests, for diagnosing COVID-19 has increased the segment share significantly.
• The central laboratories segment dominated the industry in 2023 owing to high procedure volumes for COVID testing and other healthcare indications in central laboratories.
• North America dominated the market and accounted for a 39.3% share in 2023. This is attributed to the rising epidemiology of infectious as well as chronic diseases, thus, encouraging companies to introduce novel molecular diagnostic tests, thereby boosting market growth.
• Asia Pacific is anticipated to exhibit significant growth from 2024 to 2030 owing to increased market penetration, initiatives of local market players to increase the adoption of novel diagnostic technologies, and high unmet market needs.

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