The analyses of molecules like DNA, RNA, and proteins present in tissues or fluids, molecular diagnostics can detect various diseases including hereditary, infectious, neurological, and cardiovascular disorders. A range of methods such as mass spectrometry, PCR, next-generation sequencing, in situ hybridization, and molecular imaging are employed for disease diagnosis. Molecular diagnostics harnesses robust technologies like DNA sequence analysis, gene expression profiling, and biomarker identification to accurately identify and diagnose various disorders.
According to Data Bridge Market Research the Molecular Diagnostics Market accounted for USD 20.1 billion in 2022, and expected to reach USD 54.76 billion by 2030. The market is expected to grow with a CAGR of 13.3% in the forecast period of 2023 to 2030.
“Increasing prevalence of HIV”
The market is expected to experience growth due to the rise in infectious diseases. The increasing incidence of sexually transmitted infections like HIV and HPV is particularly driving this growth, as these diseases require frequent molecular testing. In 2020, HIV prevalence was recorded at approximately 37.7 million and 1.5 million cases worldwide, according to the World Health Organization. Individuals with HIV are also at a heightened risk of contracting other infections such as tuberculosis, necessitating multiple molecular tests for efficient treatment. This contributes to the overall market expansion.
What restraints the growth of the molecular diagnostics market?
“Increasing regulatory approvals”
The market's growth is primarily hindered by the regulatory framework governing approvals. Stringent regulations are in place due to the potential for inaccurate results stemming from issues with diagnostic kits or tests performed by untrained individuals. Consequently, these strict regulations are associated with the approval process, creating limitations on market expansion. The focus on maintaining accuracy and reliability acts as a constraint, impacting the growth potential of the market.
Segmentation: Molecular Diagnostics Market
The molecular diagnostics market is segmented on the basis of products, technology, application and end user.
- On the basis of products, the molecular diagnostics market has been segmented into reagents and kits, instruments, services, and software.
- On the basis of technology, the molecular diagnostics market has been segmented into mass spectrometry (MS), capillary electrophoresis, next generation sequencing (NGS), chips and microarray, polymerase chain reaction (PCR)-based methods, cytogenetics, in situ hybridization (ish or fish), Molecular Imaging, others.
- On the basis of application, the molecular diagnostics market has been segmented into oncology, Pharmacogenomics, microbiology, prenatal tests, tissue typing, Blood Screening, cardiovascular diseases, neurological diseases, infectious diseases, others.
- On the basis of end user, the molecular diagnostics market has been segmented into hospital, clinical laboratories, and academics.
Regional Insights: North America Dominates the Molecular Diagnostics Market
North America dominates the molecular diagnostics market. The market's growth is attributed to the rise in per capita healthcare expenditure and the growing demand for improved healthcare facilities. Additionally, factors such as a high standard of living, consumer awareness regarding early diagnosis, and a well-established healthcare system contribute significantly to market expansion.
Asia-Pacific is expected to witness significant growth. The market is experiencing growth due to several factors, including the high elderly population, increasing prevalence of cancer and various infectious diseases in countries like China and India, and the presence of advanced healthcare infrastructure in the region.
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Recent Developments
- In 2020, Roche Diagnostics India launched the Cobas 8800 and the Cobas 6800 at the National Institute of Cholera and Enteric Diseases, Kolkata, to help the SARS CoV-2 diagnostic testing. The Roche Cobas 6800/8800 systems deliver test findings in a time of three and a half hours and allow greater operational efficiency, flexibility, and the quickest time-to-results.
- In 2021, Roche completed the acquisition of TIB Molbiol Group. TIB Molbiol Group has about 45 CE-IVD-approved assays for diagnosing inherited genetic testing, infectious diseases, transplant medicine, and hematology testing.
The Prominent Key Players Operating in the Molecular Diagnostics Market Include:
- F. Hoffmann-La Roche Ltd(Switzerland)
- Hologic, Inc., (U.S.)
- bioMérieux (France)
- Abbott (U.S.)
- QIAGEN (Netherlands)
- Thermo Fisher Scientific (U.S.)
- Siemens (Germany)
- Danaher (U.S.)
- Myriad Genetics Inc. (U.S.)
- Illumina Inc. (U.S.)
- Agilent Technologies Inc. (U.S.)
- BD (U.S), DiaSorin S.p.A (Italy)
- Grifols S.A. (Spain)
- Quidel Corporation(U.S.)
- Genetic Signatures (Australia)
- MDxHealth, Inc. (U.S.)
- Exact Sciences Corporation (U.S.)
- Biocartis (Belgium)
- TBG Diagnostics Limited (Australia)
- GenMark Diagnostics Inc. (U.S.)
- Luminex Corporation (U.S.)
- HTG Molecular Diagnostics Inc. (U.S.)
- Vela Diagnostics (Singapore)
- Amoy Diagnostics Co., Ltd. (China)
- Molbio Diagnostics Pvt. Ltd. (India)
- geneOmbio (India)
Above are the key players covered in the report, to know about more and exhaustive list of molecular diagnostics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Molecular Diagnostics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
