Molecular Diagnostics Market - By Product (Instruments, Reagents & Kits), By Technology (Polymerase Chain Reaction, Hybridization, Sequencing, Microarrays), By Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RS

Molecular Diagnostics Market - By Product (Instruments, Reagents & Kits), By Technology (Polymerase Chain Reaction, Hybridization, Sequencing, Microarrays), By Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RSV, Flu, Tuberculosis}, Genetic Disease Testing), By End-use (Diagnostics Laboratories, Hospitals & Clinics) & Forecast, 2023 - 2032

Molecular diagnostics market is poised to witness lucrative gains through 2032, owing to the surging geriatric population. As per WHO, 1 in every 6 individuals worldwide will be 60 years and above by 2030. This demographic is highly susceptible to chronic disorders such as heart disease, cancer, type 2 diabetes, etc. The growing disease burden among the aging population has propelled the demand for molecular diagnostics as it helps detect biomarkers, which further assists medical professionals in designing an accurate diagnostic method and prescribing precision medication.

On the basis of the product, the molecular diagnostic market from the reagents and kits segment recorded a valuation of over USD 18 billion in 2022, owing to its rising adoption in research and clinical settings. Reagents and kits yield standardized results and are cost-effective, which makes them suitable for mass adoption. Unlike traditional instruments, they are frequently purchased in bulk, which will favor segment expansion through 2032.

Based on technology, the molecular diagnostics industry from the sequencing segment is anticipated to garner significant gains through 2032, owing to higher diagnostic sensitivity and cost-effectiveness of next-generation sequencing (NGS). Moreover, NGS technology also offers parallel sequencing capability, which helps screen multiple genes in different samples. The technology finds widespread usage in the field of molecular oncology to monitor the disease-specific molecular genotype for more advanced cancer treatment. Its application in the characterization of cancer genomes has also helped identify many genetic markers.

In terms of application, the molecular diagnostics market from the genetic disease testing segment is poised to grow at over 5% CAGR from 2023 to 2032 on account of the increasing occurrence of genetic disorders attributed to changing lifestyles. As per the Cystic Fibrosis Foundation, there are around 40,000 adults and children with cystic fibrosis in the U.S. alone. In fact, the high availability of sensitive yet efficient methods for genetic testing is further propelling segment growth.

From the regional perspective, Europe molecular diagnostics industry is expected to record a valuation of over USD 8.3 billion by 2032, owing to the rising prevalence of infectious diseases. As per WHO, HIV affects around 2.3 million people in the WHO European region, specifically in Eastern Europe. In fact, in 2022, nearly 107 000 cases of infectious disease were diagnosed in the region.