Molecular Diagnostics Market Forecast (2024 - 2030)

The Molecular Diagnostics Market Size is forecast to reach $ 3240.4 Million by 2030, at a CAGR of 8.60% during forecast period 2024-2030. Molecular diagnostics can be demarcated as a group of techniques proficient in identifying specific genetic disparities in patients by using diverse technologies such as polymerase chain reaction, single nucleotide polymorphisms, electrophoresis, isothermal nucleic acid amplification technology , mass spectrometry?to scrutinize biomarkers in the genome. Molecular diagnostics allows doctors to select an unsurpassed form of therapy by supporting the detection of maladies and possible risks. Moreover, it helps medical professionals to chart individualized or customer-specific plans. Therefore, accurate prescription and treatment duration help patients circumvent lengthy recapitulations of pointless drugs being used on patients recurrently with hostile effects. Besides cancer monitoring, molecular diagnostic can be used to manage infections like methicillin-resistant staphylococcus. Nevertheless, rising incidences of infections and cancer, augmenting health attentiveness among people, hiking demand for personalized medicines, and enlarging research and developmental activities are the factors set to drive the growth of the Molecular Diagnostics Industry for the period 2024-2030.

Report Coverage

The report:?“Molecular Diagnostics Market Forecast (2024-2030)”?by Industry ARC covers an in-depth analysis of the following segments of the Molecular Diagnostics Market.

By Product:?Reagents, Instrument, and other devices.

?By Application: Leukocyte Antigen Typing, Oncology, Blood screening, Transferrable ailments, and Others.

By Technology:?TMA, In Situ Hybridization, PCR, DNA sequencing, INAAT, and Others.

?By End User:?Hospitals, Laboratories, CROs, and Other medical facilities.

?By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

• Geographically, North America’s Molecular Diagnostics Market accounted for the highest revenue share in 2021. The growth is owing to full-fledged healthcare infrastructure, the presence of top-notch pharmacy and biopharmaceutical companies, and the high disposable income of people. Furthermore, Asia-Pacific is poised to offer lucrative growth opportunities over the forecast period owing to rising disposable incomes and the higher class of the geriatric population, among many other reasons.
• Intensifying cancer cases are said to be the preeminent driver driving the growth of the Molecular Diagnostics Market. The exorbitant cost of the associated treatments and instruments is said to reduce the market growth.
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Molecular Diagnostics Market report.

Molecular Diagnostics Market Segment Analysis - By Technology

The Molecular Diagnostics Market based on technology can be further segmented into TMA, In Situ Hybridization, PCR, DNA sequencing, INAAT, and Others. The polymerase chain reaction (PCR) segment held the largest share in 2021. The growth is owing to an upsurge in COVID-19 cases throughout the world. The escalating infection rate has resulted in the gigantic use of RT-PCR testing in order to annihilate the virus. In addition to that, across-the-board accessibility, easy-to-use nature, and high meticulousness provide fairgrounds for the growth prospects.

Additionally, the PCR (polymerase chain reaction) segment is estimated to be the fastest-growing segment, with a CAGR of 9.3% over the period 2024-2030. This growth is owing to the low-price equivalent to other diagnostic procedures, along with its reasonable accuracy. In addition to that, snowballing health attentiveness has subjected people to prioritize prevention over treatment.

Molecular Diagnostics Market Segment Analysis - By End User

The Molecular Diagnostics Market, based on the end-user, can be further segmented into hospitals, laboratories, CROs, and Other medical facilities. The hospital segment held the largest share in 2021. The growth is owing to technological advancements in tools and techniques required in the diagnosis process. Moreover, the inclusive presence of hospitals in both urban and rural areas, quick adoption of the latest tools and techniques, and top-of-the-line medical professionals are the factor of growth. On the other hand, proliferating emergence of private hospitals is another factor providing growth opportunities.

Nevertheless, the hospitals and research laboratories segment are estimated to be the fastest-growing, with a CAGR of 9.5% over the forecast period 2024-2030. This growth is owing to augmenting hospitalizations as the world is reeling under catastrophes like cancer and COVID-19. On the other hand, heightening research spending by governments and private players to better prepare for future contingencies provides reasonable reasons for the growth prospects.

Molecular Diagnostics Market Segment Analysis -By Geography

The Molecular Diagnostics Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share, with 38% of the overall market in 2021. The growth in this segment is owing to the factors such as growing chronic illnesses like cancer and up-to-date healthcare infrastructure. Besides being the biggest healthcare spender, the U.S. has one of the best research and academic institutions like MIT, Harvard, and Stanford, which substantially provide literature and research studies augmenting a better product and service market. On the other hand, ample research and medical professionals, health-conscious public, and high disposable incomes are the factors providing growth prospects. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2024-2030. This growth is owing to a high prevalence of infectious maladies because of poor hygiene. Likewise, the broadening geriatric population, bettering healthcare infrastructure as governments are rectifying the finances, and changing lifestyles of people with mounting economic prosperity are driving the demand for the molecular diagnostics market.

Molecular Diagnostics Market Drivers

Boosting prevalence of chronic ailments like cancer is anticipated to boost market demand.

Owing to rapid mechanization, the concept of manual work has evaporated from people’s lives. Therefore, owing to sedentary lifestyles along with poor ingestion habits, needle-stick diseases like cancer have come to the forefront in both the developed and developing world. According to a WHO report, nearly 10 million people fell victim to cancer in 2021 and lost their lives. Out of which, around 1.9 million were reported in the U.S. On the other hand, the surge in infections and transferable maladies has its share in heightened demand for molecular diagnostics. Kidney disease, respiratory infections, and chronic obstructive pulmonary disease are common examples. According to a report, approximately 37 million people in the U.S. will have CKD in 2021. The prevalence of such diseases is likely to reach epidemic proportions as the global old-age population is anticipated to cross 2 billion before long.

Modernizing healthcare infrastructure and spending are expected to boost market demand.

In the wake of the overwhelming burden that the pandemic has laid on the healthcare sector, governments worldwide have started to expand their healthcare spending. With staggering spending of over $4 trillion, the U.S. is the most significant healthcare spender compared to any other country. Moreover, the overall American healthcare spending is likely to reach $6.2 trillion by 2028. Moreover, with a spike of 12.6 percent in 2020, the Chinese healthcare expenditure reached $926.8 billion, whereas its total public healthcare spending crossed 1.9 trillion yuan in 2021. Nevertheless, countries like India are doing everything to ameliorate existing healthcare infrastructure.

Molecular Diagnostics Market?Challenges

Exorbitant initial installation costs are anticipated to hamper the market growth.

The cost of setting up a facility with state-of-the-art technologies like FISH, NGS, and others is on the higher side. Millions of dollars are required to invest in procuring the necessary machinery, building the facility, and hiring professionals with an adequate amount of knowledge. On the other hand, the cost of the treatment is a bit costly for people in low-income countries, which can pose a real challenge to the sturdy growth of the market. A triple quadrupole mass spectrometer costs?about $350,000, depending on the type of features it comes with. A high-resolution time-of-flight instrument can run $350,000 to $400,000. An Orbitrap extended-mass-range model costs anywhere from $400,000 to $800,000, thereby invigorating higher capital requirements.

Molecular Diagnostics Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Market. Molecular Diagnostics market top 10 companies include-

1. Qiagen
2. Abbott laboratories
3. Roche Diagnostics
4. Hologic Inc.
5. Danaher Corporation
6. Siemens Healthcare
7. Novartis International AG
8. Grifols S.A.
9. Becton, Dickinson and Company
10. BioMerieux SA

Recent Developments

• On December 1, 2021, Massachusetts, United States-based renowned medical technology company “Hologic” announced that it had successfully acquired a Colorado-based surgical device company, “Bolder Surgical,” A payment of $160 million was made to conclude the acquisition process. The transaction has boosted Hologic’s laparoscopic portfolio.
• On May 1, 2021, Basel, Switzerland-based Roche (a leading biotech firm famous for its infectious disease and oncology drugs) announced the successful acquisition of California, United States-based company GenMark Diagnostics. The total value of the transaction stands at around $1.8 billion. The acquisition has strengthened its syndromic testing and molecular diagnostic portfolio of Roche.
• On January 6, 2020, Basel, Switzerland-based renowned pharmaceutical manufacturer “Novartis AG” publicized that it had successfully added Inclisiran (a cholesterol controlling therapy) to its portfolio with the acquisition of New Jersey, United States-based The Medicine Company (a firm that deals in acute care treatments). A staggering payment of $9.7 billion was made to bring the acquisition to a close.

Key Market Players:

The Top 5 companies in the Molecular Diagnostics Market are:

1. QIAGEN
2. Abbott
3. F. Hoffmann-La Roche Ltd
4. Hologic, Inc.
5. DH Life Sciences, LL