Global Molecular Diagnostics Market- Market Overview:

The global molecular diagnostics market is expected to grow from USD 20.11 billion in 2022 to USD 53.46 billion by 2030, at a CAGR of 13% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising geriatric population.

A molecular diagnostic is an analysis of the genome and proteome of a patient and how the cells express their genes as proteins. In the clinical laboratory, molecular diagnostics plays a vital role, and they are increasingly being used for preclinical testing and approval of drugs for diagnosis and therapeutics. Molecular diagnosis is growing in popularity both in developed and developing countries due to the prevalence of infectious diseases. To prevent microbial outbreaks, governments and research institutions across the world have adopted molecular diagnostic techniques. Market growth is also anticipated to be driven by increasing activities by players to provide cost-effective diagnostics in developing countries. There is a growing burden of bacterial and viral epidemics, and recent advances in pharmacogenomics as well as an increasing demand for point-of-care diagnostics are expected to propel market growth. Molecular diagnostics are being used widely for amplification and discovery purposes, so testing and screening operations are becoming increasingly advanced. Self-testing kits are driving growth in the market. The overall scenario is favourable for market growth, but long clinical trial approval processes are hindering the market from expanding. Molecular diagnostic markets, however, are likely to be hampered by factors such as false-negative results and the high cost of instruments with some molecular diagnostic technologies.

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Market Dynamics:

Drivers:                          

• Rising geriatric population

A growing geriatric population globally and a rising number of diseases have contributed to growth in the market. The rising geriatric population is driving the growth of the market due to diseases such as cancer, cardiovascular diseases, neurological disorders, diabetes and obesity, which can be attributed to the rise in the geriatric population. The market is expected to expand as infectious diseases increase in incidence.

Restraints:         

• Lack of accessibility in hospitals

In addition to their exorbitant prices and their limited accessibility in hospitals due to a lack of funds, molecular diagnostics instruments have created a market barrier. The cost of these instruments can only be carried by specialized laboratories and hospitals with a reasonable capital budget. Some unauthorized diagnostic centers also provide certain tests at a lower price and sometimes use defective units that result in inaccurate results, leading to incorrect treatments as a result, hindering the market growth.

Opportunities:

• Rising research and development

Research and development investment in molecular diagnostics is driving the growth of the market because of the development of advanced tools and methods for early cancer detection. Infrastructural developments in the healthcare sector along with increased government funding for the development of advanced testing kits & instruments contribute to market revenue growth as well.

Challenges:

• High cost

The high cost of instrumentation is a deterrent to the growth of the market. In addition to the high prices of these instruments, maintenance, insurance, laboratory supervision, and overhead costs are additional expenses.

Segmentation Analysis:

The global molecular diagnostics market has been segmented based on product, test location, technology, and region.

By Product

The product segment includes services & software, instruments and reagents. The reagents segment led the largest share of the molecular diagnostics market with a market share of around 41.3% in 2022. Revenue share for reagents is expected to remain dominant in the years to come. As the segment is widely adopted in numerous research and clinical settings, it is expected to grow during the Projection period. Reagents designed for standard use produce efficient and highly accurate results.

By Test Location

The test location segment includes over-the-counter or self-test kits, central laboratories, and point of care. The central laboratories segment led the largest share of the molecular diagnostics market with a market share of around 44.7% in 2022. Due to high procedure volumes for Covid testing in central laboratories in 2021, central laboratories held the largest share of the market. Another major factor expected to drive the market is the increase in government initiatives to provide various services, including reimbursements for diagnostic tests.

By Technology

The technology segment includes DNA sequencing & next-generation sequencing, DNA microarrays, polymerase chain reaction, in-situ hybridization, isothermal nucleic acid amplification technology, and others. The polymerase chain reaction segment led the largest share of the molecular diagnostics market with a market share of around 31% in 2022. The market is expected to grow as high-throughput PCR technology is increasingly used to detect infectious diseases and genetic diseases, which is attributed to its use in detecting COVID-19 and other infectious diseases. As an example, Seegene announced in January 2022 that it would launch a fast PCR test for all types of SARS-CoV-2 in 60 minutes, making it suitable for mass testing.

Global Molecular Diagnostics Market - Sales Analysis.

The sale of molecular diagnostics expanded at a CAGR of 12.7% from 2016 to 2022.

Increasing elderly populations, technological advancements, and increasing genetic testing demand are all creating great opportunities for this market to grow. A growing awareness of self-testing diagnostics and an increase in self-testing diagnostics is also leading to a rapid increase in this market.

Throughout the world, pathogenic microorganisms cause deadly infectious diseases that have prompted researchers to develop fast and accurate pathogen detection technologies, boosting the growth of the market.

Moreover, it is anticipated that the molecular diagnostics market will grow owing to an increase in cancer diseases, advanced diagnostic tests for early detection, and a shift in precision medicine treatment trends for cancer.

Thus, owing to the aforementioned factors, the global molecular diagnostics market is expected to grow at a CAGR of 13% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the molecular diagnostics market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the molecular diagnostics market and held a 38.1% share of the market revenue in 2022.

• The European region witnessed a major share. The European region accounted for a larger share of revenue in 2021 due to the rising epidemics of infectious diseases and chronic diseases. The market is expected to expand in the next few years as research and development activities are driving it forward. This region is experiencing a growing market due to the increasing awareness and high standard of living of consumers, which creates a need for early diagnosis. Furthermore, the healthcare system of the region is well established which is also boosting the market growth.
• Asia Pacific is anticipated to experience significant growth during the predicted period. Due to the high geriatric population, rising prevalence of infections and cancers in countries like India and China, and the developing healthcare infrastructure within the region, Asia-Pacific is expected to experience significant growth during the Projection period.

Global Molecular Diagnostics Market - Country Analysis:

• Germany

Germany's molecular diagnostics market size was valued at USD 2.28 billion in 2022 and is expected to reach USD 6.27 billion by 2030, at a CAGR of 13.5% from 2023 to 2030.

Since chronic diseases are on the rise in Germany, as is the geriatric population, which is more prone to several chronic diseases, Germany has a strong base of global companies developing molecular diagnostics. Accordingly, market growth is expected. A rise in chronic conditions, such as cancer, in Germany, is expected to contribute to the market's development.

• China

China’s molecular diagnostics market size was valued at USD 1.56 billion in 2022 and is expected to reach USD 4.23 billion by 2030, at a CAGR of 13.3% from 2023 to 2030.

As cancer and infectious diseases are increasingly prevalent in China, the market for molecular diagnostics is growing rapidly. Further, the growing middle-class population, which is now willing to pay more for better healthcare facilities and the ageing population, who are more prone to communicable diseases, and the development of Chinese healthcare infrastructure, are some of the factors that are expected to boost China's molecular diagnostics market.

• India

India's molecular diagnostics market size was valued at USD 1.2 billion in 2022 and is expected to reach USD 3.23 billion by 2030, at a CAGR of 13.2% from 2023 to 2030.

In India, As the government raises funds for the molecular department, the market is expected to benefit. However, since the department requires high competence and professional skills, a lack of them is likely to be a hurdle. Over 25% of the population of the country lives below the poverty line, and the rest is either middle-class or lower middle-class, which means a lack of funds and high costs of molecular diagnostics are expected to hamper the market's growth during the Projection period.

Key Industry Players Analysis:  

To increase their market position in the global molecular diagnostics market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• Danaher Corporation
• Grifols, S.A.
• Myriad Genetics, Inc.
• Hoffmann-La Roche Ltd.
• GeneOmbio Technologies Pvt. Ltd.
• Sysmex Corporation
• QIAGEN
• Bio-Rad Laboratories, Inc.
• Johnson & Johnson Services, Inc.
• Hologic Inc.
• Agilent Technologies, Inc.
• Siemens Healthineers AG
• Illumina, Inc.
• Dickinson and Company

Latest Development:

• In July 2020, A Cobas 8800 instrument has been installed at the National Institute for Cholera and Enteric Diseases, Kolkata, while the Cobas 6800 is being used for diagnostics of SARS CoV-2. The Roche Cobas 6800/8800 systems deliver test findings in three and a half hours and improve operational efficiency, flexibility, and the quickest time-to-results.
• In October 2021, Molecular diagnostics company Cepheid launched its direct commercial operations in Canada, providing real-time PCR test results that are fast, accurate, and reliable. Due to the increase in the adoption of molecular diagnostic testing in Canada, such initiatives will drive market growth in North America. Cepheid Canada will offer direct service, order management, and technical support.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	13%
Market Size	20.11 billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Product, By Test Location, By Technology, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	Danaher Corporation, Grifols, S.A., Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd., geneOmbio Technologies Pvt. Ltd., Sysmex Corporation, QIAGEN, Bio-Rad Laboratories, Inc., Johnson & Johnson Services, Inc., Hologic Inc., Agilent Technologies, Inc., Siemens Healthineers AG, Illumina, Inc., and Dickinson and Company.
By Product	Services & Software Instruments Reagents
By Test Location	Over-the-Counter or Self-Test Kits Central Laboratories Point of Care
By Technology	DNA Sequencing & Next-Generation Sequencing DNA Microarrays Polymerase Chain Reaction In-Situ Hybridization Isothermal Nucleic Acid Amplification Technology Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Molecular Diagnostics Market by Product:

• Services & Software
• Instruments
• Reagents

Global Molecular Diagnostics Market by Test Location:

• Over-the-Counter or Self-Test Kits
• Central Laboratories
• Point of Care

Global Molecular Diagnostics Market by Technology:

• DNA Sequencing & Next-Generation Sequencing
• DNA Microarrays
• Polymerase Chain Reaction
• In-Situ Hybridization
• Isothermal Nucleic Acid Amplification Technology
• Others

Global Molecular Diagnostics Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia