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Molecular Diagnostics Market

Microbial outbreaks and diseases rejuvenating the demand for molecular diagnostics: Opportunity ahead

Global Molecular Diagnostics Market by Product Type (Instruments, Reagents)

Market Snapshot

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.

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Global Molecular Diagnostics Market (2023)

US$ 39.5 Billion

Global Molecular Diagnostics Market CAGR (2023 - 2033)

4.2%

Global Molecular Diagnostics Market (2033)

US$ 59.4Billion

U.S. Molecular Diagnostics Market CAGR (2023 - 2033)

4.3%

Key Companies Profiled

  • 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
  • Sysmex Corporation
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Revenue of Molecular Diagnostics Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

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.

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Which Factors are Propelling Molecular Diagnostics Demand?

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.

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What are the key factors hindering the growth of the Molecular Diagnostics 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.

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Region-wise Analysis

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.

Country-wise Analysis

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.

Category-wise Insights

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.

Competitive Analysis

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:

  • In March 2021, QIAGEN N.V. announced that the QIAcube Connect MDx, an adjustable platform for automated sample processing, will be offered to molecular diagnostic laboratories in the United States and Canada, as well as other markets across the world.
  • In March 2021, Roche and GenMark Diagnostics agreed to consolidate, with Roche acquiring GenMark entirely. Roche's current molecular diagnostics business will be supplemented with GenMark's syndromic panel testing portfolio, which will be acquired as part of the deal.
  • In January 2021, Biotheranostics Inc. was purchased by Hologic, Inc. to add to its molecular diagnostics portfolio.
  • In May 2020, Roche Diagnostics acquired Stratos Genomics to supplement its nanopore technology development and gain access to Stratos Genomics' proprietary chemistry, Sequencing by Expansion.
  • In March 2020, Abbott Laboratories introduced the ID NOW PoC testing system.

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.

Market Segments Covered in Molecular Diagnostics Market Analysis

By Application

  • Oncology
    • Breast Cancer
    • Prostate Cancer
    • Colorectal Cancer
    • Cervical Cancer
    • Kidney Cancer
    • Liver Cancer
    • Blood Cancer
    • Lung Cancer
    • Other Cancer
  • Infectious Diseases
    • Methicillin-resistant Staphylococcus Aureus (MRSA)
    • Clostridium Difficile
    • Vancomycin-resistant Enterococci (VRE)
    • Carbapenem-resistant bacteria
    • Other Infectious Diseases
  • Genetic Testing
    • New-born Screening
    • Predictive and Pre-symptomatic Testing
    • Other Genetic Testing
  • Pharmacogenomics
  • Neurological Disease
  • Cardiovascular Disease

By Product Type

  • Instruments
  • Reagents
  • Others

By Test Location

  • Point of care
  • Self-Test or Over the counter
  • Central Laboratories

By Technology

  • Polymerase Chain Reaction (PCR)
  • In Situ Hybridization (ISH)
  • Isothermal Nucleic Acid Amplification Technology (INAAT)
  • Chips and Microarrays
  • Mass Spectrometry
  • Sequencing
  • Transcription Mediated Amplification (TMA)
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • BD
  • 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

- Frequently Asked Questions -

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.  

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