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Global Molecular Diagnostics Market by Product Type (Instruments, Reagents)
Newly-released Molecular Diagnostics Market analysis report by Persistence Market Research reveals that global sales of the Molecular Diagnostics Market in 2022 was held at US$ 38 Billion. With a CAGR of 4.2% from 2023 – 2033, the market is projected to reach a valuation of US$ 59 Billion by 2033. Central Laboratories is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 4.1% from 2023 to 2033.
Global Molecular Diagnostics Market (2023)
US$ 39.5 Billion
Global Molecular Diagnostics Market CAGR (2023 - 2033)
Global Molecular Diagnostics Market (2033)
U.S. Molecular Diagnostics Market CAGR (2023 - 2033)
Key Companies Profiled
As per the Molecular Diagnostics Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 3.8% CAGR.
Molecular diagnostics has evolved as a superior approach in the previous decade, achieving the objective of speedier illness detection with less complexity. The need for these treatments is escalating particularly for diagnoses of infectious diseases. Infectious disease incidence is increasing both in developed and developed regions, increasing the demand for molecular diagnostic tests.
Some of the viral and bacterial epidemics in the Middle East and Africa compelled governments and research institutes throughout the world to embrace molecular diagnostic methods to stop the outbreaks.
Companion diagnostics help medical professionals make treatment decisions for a patient based on their response to treatment. Companion diagnostics using therapeutic products have the potential to significantly transform the development of prescription drugs and commercialization by speeding the design and development of safer medications with more effective therapeutic results.
The market for companion diagnostics is rising due to the need for pricey specialized treatments and safer drugs. The trend for molecular diagnostics can generate prospective opportunities for the companion diagnostics industry.
For treatment to become more effective and safe, pharmaceutical businesses are cooperating with diagnostic companies. The expanded availability of optimized therapeutic aids is anticipated to propel industry growth over the next few years.
Managing microbial outbreaks and diseases across the globe is currently a key concern for all governments across the world. The market for molecular diagnostics is being boosted by the significant involvement of resources in terms of technology, experience, and financial services, as well as a favorable climate for the replication of research initiatives, particularly for infectious illnesses. Furthermore, an increase in infectious disease awareness campaigns undertaken by global organizations such as the World Health Organization, and the World Bank, among others are expected to encourage healthcare fraternities to step forward with the goal of increasing the use of such diagnostic tools.
Advances in molecular biology and infectious diseases in developed and underdeveloped countries would further propel the market growth for molecular diagnostics. A large number of prescriptions are handed out for molecular diagnostic tests due to the detection and treatment of a wide range of illnesses.
In the upcoming projection period, the aforementioned factors, together with the advancing tendency toward preventive care, are projected to boost demand for molecular diagnostics. Molecular diagnostics provide these tests, which, as a result, are projected to have a positive effect on this market.
Molecular diagnostic devices are costly, wherein the variable costs of the reagents required, as well as those set by the suppliers, contribute to the total cost. Additional expenditures include maintenance and insurance, laboratory supervision, and overhead costs such as utilities, space, and administration.
Only key hospitals and reference laboratories with substantial capital budgets are able to afford the high volume of molecular diagnostic tools. Most small laboratories, physician offices, and solo practitioners do not have capital budgets, thus they may not be able to buy a large or very large analyzer. As a result, high costs may limit the expansion of the molecular diagnostics industry.
Which Region is projected to Offer the Largest Opportunity for Molecular Diagnostics Market?
In 2022, North America had a significant share of the global molecular diagnostics market. The highly developed healthcare system in the United States and Canada, the presence of numerous prominent national clinical laboratories, and simple access to technologically sophisticated instruments contribute to the growth of the North American molecular diagnostics market.
U.S. Molecular Diagnostics Market Analysis
The United States is expected to account for a market of US$ 18.8 Billion by the end of 2033. This is due to the developed healthcare system of the United States as well as the high per capita expenditure on healthcare by the citizens.
U.K. Molecular Diagnostics Market Analysis
The market in the U.K. is projected to reach a valuation of US$ 2.8 Billion by 2033. Growing at a CAGR of 4.8% from 2023 – 2033, the market in the country is expected to gross an absolute dollar opportunity of US$ 1 Billion.
Japan Molecular Diagnostics Market Revenue Analysis
In Japan, the market is projected to reach US$ 2.5 Billion by 2033, growing at a CAGR of 4.3% from 2023 - 2033. The market is expected to register an absolute dollar opportunity of US$ 869 Million during the forecast period.
South Korea Molecular Diagnostics Market Revenue Analysis
The market in South Korea is expected to reach a valuation of US$ 1.9 Billion by 2033. With a CAGR of 4.7% from 2023 to 2033, the market in the country is expected to garner an absolute dollar opportunity of US$ 701 Million.
Why Central Laboratories is projected to Witness the Fastest Growth among Molecular Diagnostics Type?
The market through Central Laboratories is forecasted to grow at a CAGR of over 4.1% during 2023-2033. This segment led the worldwide market in 2022, and this trend is expected to continue during the forecast period, owing to a growth in the number of patients treated for infectious illnesses, cancer, and other disorders that need molecular analysis for diagnosis and treatment.
Based on Technology, which segment is expected to Score the Highest Growth in the Forthcoming Years?
Polymerase Chain Reaction commanded the largest revenue as well as CAGR of nearly 4.4%, during the forecast period. In 2022, the polymerase chain reaction (PCR) category led the worldwide market, and this trend is expected to continue during the forecast period. This is due to an increase in the use of PCR technology to diagnose COVID-19 illness, as well as an increase in the number of molecular diagnostics equipment being released.
The key players operating in the molecular diagnostics market include Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc., Illumina, Inc., Johnson & Johnson Services, Inc., Grifols, S.A., QIAGEN, F. Hoffmann-La Roche, Ltd., Siemens Healthineers AG, and Sysmex Corporation.
Some of the recent developments of key Molecular Diagnostics providers are as follows:
Similarly, recent developments related to companies in the Molecular Diagnostics market have been tracked by the team at Future Market Insights, which are available in the full report.
By Product Type
By Test Location
The market was reported at US$ 38 billion in 2022.
The market is estimated to be valued at US$ 39.5 billion in 2023.
The market is expected to reach a valuation of US$ 59.4 Billion by 2033
The market registered a CAGR of 3.8% over the last 4 years.
The market is projected to witness a CAGR of 4.2% from 2023 to 2033.
The polymer chain reaction is expected to garner a significant value share by 2023.