Molecular Diagnostics Market Forecasts to 2030 – Global Analysis By Product Type (Reagents, Instruments and Software & Services), Sample Type, Technology, Application, End User and By Geography

Molecular Diagnostics Market Forecasts to 2030 – Global Analysis By Product Type (Reagents, Instruments and Software & Services), Sample Type, Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Molecular Diagnostics Market is accounted for $15.6 billion in 2023 and is expected to reach $37.6 billion by 2030 growing at a CAGR of 13.4% during the forecast period. A subspecialty of laboratory medicine known as molecular diagnostics makes use of a range of molecular biology methods to identify and track molecular disorders. For the purpose of comprehending the genetic and molecular causes of illnesses, nucleic acids (DNA and RNA), proteins, and other biomarkers are analyzed. Thanks to its ability to provide a deeper knowledge of illnesses at the molecular level, molecular diagnostics has completely changed the world of medicine. It helps direct treatment decisions, provides faster and more accurate diagnostics, and advances customized care. The area is still developing, with new discoveries and developments in technology broadening its uses and enhancing medical results.

According to the India TB report 2022, the total number of incident TB patients (new and relapse) notified in India during 2021 was 19, 33,381, as opposed to that of 16, 28,161 in 2020. Thus, increasing the prevalence and rising patient pool is expected to increase the demand for molecular diagnostics driving the market.

Market Dynamics:

Driver:

Advancements in molecular biology

More accurate and sensitive diagnostic methods have been made possible by developments in molecular biology. These developments increase the precision of diagnostic testing by enabling the identification of genetic and molecular markers at lower quantities. For the early identification and monitoring of diseases, this increased precision is very advantageous. The development of customized medicine has been greatly aided by the progress made in molecular biology. Moreover the treatment strategies may be customized for each patient using genetic and molecular data, which will maximize benefits and reduce side effects thereby propelling the market growth.

Restraint:

Existence of substitute diagnostic techniques

Alternative diagnostic approaches could already be well-established and extensively used in the medical community, such as conventional laboratory testing or imaging modalities. It can be difficult for molecular diagnostics to get market share and acceptability when they are up against these established techniques, particularly if the alternatives are thought to be more affordable or simpler to use. Cost issue may prevent them from being widely used, particularly in environments with low resources where medical institutions do not have the money to purchase pricey molecular diagnostic equipment. Consequently, the availability of substitute testing techniques on the market places limitations on the market.

Opportunity:

Rising prevalence of infectious diseases

The need for diagnostic tests has significantly increased as a result of the rising incidence of infectious illnesses, especially those caused by newly discovered pathogens and strains that are resistant to antibiotics. Molecular diagnostics, including nucleic acid-based assays and polymerase chain reaction (PCR), have become indispensable for the quick and precise identification of infectious agents. These tools are used in infectious disease surveillance and monitoring and are used by epidemiologists and health authorities to monitor the transmission of illnesses, identify outbreaks, and make well-informed choices about public health.

Threat:

Stringent regulatory policies

In the molecular diagnostics business, strict regulations operate as entry obstacles for new players. Because of this, existing businesses with items that have previously received approval may have a competitive edge over newcomers, making it harder for them to establish themselves. Regulatory bodies and healthcare payers frequently collaborate closely to decide which molecular diagnostic tests are covered and reimbursed. Companies may experience financial uncertainty as a result of vague or stringent reimbursement regulations, which may reduce their desire to make investments in R&D, market expansion, or product enhancement. It is noted that these rules or regulations impede the market's growth.

Covid-19 Impact

The increase in demand for COVID-19 testing was the pandemic's most direct and immediate effect on the molecular diagnostics industry. To find the existence of the SARS-CoV-2 virus, molecular diagnostic procedures including PCR (polymerase chain reaction) testing have been employed extensively. Testing capabilities and laboratory infrastructure have significantly expanded as a result of the growing demand for COVID-19 testing. The molecular diagnostics market saw significant revenue growth as a result of the increased demand for COVID-19 testing and the corresponding rise in diagnostic testing volumes. Sales and profitability for businesses that manufacture and distribute diagnostic testing kits increased.

The polymerase chain reaction segment is expected to be the largest during the forecast period

The polymerase chain reaction segment is estimated to have a lucrative growth, because in the realm of molecular diagnostics, it is essential to many applications. Commonly used for diagnosing infectious infections are PCR-based diagnostics. Pathogen detection and quantification are two areas in which real-time PCR (qPCR) excels. It makes it possible to quickly and precisely identify bacteria, viruses, and other microbes in clinical samples like blood, urine, or swabs. PCR is used not just to identify pathogens but also to characterize them in order to comprehend disease transmission and treatment resistance, it is essential to identify strains, variations, and mutations thus boosting the growth of the market.

The pharmacogenomics segment is expected to have the highest CAGR during the forecast period

The pharmacogenomics segment is anticipated to witness the highest CAGR growth during the forecast period, as pharmacogenomics examines how a person's genetic composition affects how they react to medications. It is crucial to personalized medicine since it allows pharmacological and therapy regimens to be customized based on a patient's genetic profile. Genetic differences in people's DNA have an impact on how they digest and react to medications. The safety, effectiveness, and possible adverse effects of drugs can all be impacted by these genetic variations. Pharmacogenomics’ testing can assist medical professionals in determining the safest and most successful medication regimens for specific individuals based on their genetic makeup. This strategy is especially crucial for drugs with a limited therapeutic index.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding healthcare infrastructure, rising disposable incomes, and well-established domestic company presence in the region, Asia-Pacific presents a lucrative opportunity for key players operating in the molecular diagnostics market and will grow at the fastest rate over the forecast period. Moreover the increasing aging population, rising prevalence of infectious illnesses, and increased acceptance and usage of molecular diagnostics all contribute to the region's market expansion. Additionally, the market is growing due to an increase in the cost of customized treatment and a notable rise in the number of modern hospitals in the area that can accommodate the region's big patient population.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, as it has been instrumental in revolutionizing illness diagnosis and ensuring precise and timely care for patients in critical condition. The trend from conventional diagnostic procedures to molecular diagnostics has changed as a result of rising per capita health expenditures, improvements in healthcare infrastructure, and an increase in the number of infectious illness and cancer cases in the US. In addition, the market is expanding in the US due to the rapid use of sophisticated molecular diagnostics, growing number of new companies entering the market, and rising technical improvements.

Key players in the market

Some of the key players profiled in the Molecular Diagnostics Market include Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc., Illumina, Inc., Johnson & Johnson Services, Inc., Grifols, S.A., QIAGEN, Siemens Healthineers AG, Sysmex Corporation, F. Hoffmann-La Roche, Ltd., bioMérieux SA, Myriad Genetics, Becton, Dickinson and Company, Thermo Fisher Scientific Inc, and Novartis International AG

Key Developments:

In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes. The transaction expands Abbott's presence in diabetes care, building on its world-leading FreeStyle Libre® portfolio

In September 2023, Agilent Technologies Inc. signed a Research Collaboration Agreement (RCA) with the National Cancer Centre Singapore (NCCS) outlining their collaboration to accelerate translational cancer research on the genomic landscape of Asian-prevalent cancers over the next two years.

In July 2023, Bio-Rad and QIAGEN announce patent settlement and cross-licensing agreement, the settlement provides for a cross-licensing agreement between Bio-Rad and QIAGEN granting each company mutual rights to their respective digital PCR technologies.

Product Types Covered:
• Reagents
• Instruments
• Software & Services

Sample Types Covered:
• Blood, Serum, and Plasma
• Urine
• Other Sample Types

Technologies Covered:
• Polymerase Chain Reaction
• Isothermal Nucleic Acid Amplification Technology
• DNA Sequencing & Next- generation Sequencing
• In Situ Hybridization
• DNA Microarrays
• Other Technologies

Applications Covered:
• Pharmacogenomics
• Infectious Diseases
• Genetic Testing
• Cardiovascular Disease
• Neurological Disease
• Microbiology
• Oncology
• Other Applications

End Users Covered:
• Laboratories
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements