Global Molecular Diagnostics Market Overview
The Molecular Diagnostics Market Size was prized at USD 18.5 Billion in 2022 and is projected to grow from USD 19.55 Billion in 2023 to USD 30.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2024 - 2032). The rising worldwide geriatric population and the prevalence of various diseases are the key market drivers enhancing market growth. The market is expanding because of illnesses like cancer, cardiovascular diseases, neurological disorders, diabetes, and obesity that the growing elderly population may bring on. The incidence of infectious diseases is predicted to rise, driving market expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Molecular Diagnostics Market Trends
- Rising prevalence of infectious diseases is driving the market growth
Market CAGR for molecular diagnostics is driven by the rising cases of infectious diseases. At the moment, managing microbial outbreaks and diseases around the world is a major concern for all countries. A significant amount of resource engagement is boosting the market for molecular diagnostics in terms of technology, experience, financial services, and a favorable environment for imitating research initiatives, particularly for infectious diseases. Additionally, it is anticipated that increased awareness campaigns for infectious diseases launched by international organizations like World Health Organisation, World Bank, and others will inspire the talent pool to increase the use of such diagnostic tools.
The molecular diagnostics industry has growth prospects thanks to government programs, funding efforts, and other initiatives that support and promote research and development. For instance, in August 2020, NIH launched its Rapid Acceleration of Diagnostics (RADx) initiative, which has $200 million in funding. The objective of this project was to hasten the creation, adoption, and commercialization of technology for COVID-19 testing. Additionally, the Collaborative Influenza Vaccine Innovation Centres (CIVICs) program was introduced by the National Institute of Allergy and Infectious Diseases (NIAID), a division of US National Institutes of Health, in 2019 to support a wide range of influenza research activities, including the diagnostics, development of vaccines, and therapeutics against seasonal and pandemic influenza. NIAID announced 51 million USD in funding for CIVICs. Such government programs and funding examples are anticipated to expand the market. Thus, driving the molecular diagnostics market revenue.
Molecular Diagnostics Market Segment Insights
Molecular Diagnostics Products Insights
The Market segments of Molecular Diagnostics, based on products, includes reagents & kits, instruments, and services & software. Â The reagents & kits segment dominated the market, accounting for 49.2% of market revenue (9.1 Billion). Â Due to its widespread use in research and clinical settings, it is anticipated to maintain its supremacy in the next years. Standard reagents aid in obtaining reliable and timely results. It is envisaged that standardized outcomes, increased effectiveness, and cost-effectiveness will support market expansion. Furthermore, in 2022, the instruments segment experienced the fastest growth rate. The sector growth is also predicted to be boosted by the expanding usage of coronavirus detection tools created for other infectious disorders.
Figure 1: Molecular Diagnostics Market, by Product, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Molecular Diagnostics Technique Insights
The Molecular Diagnostics Market segmentation, based on technique, includes polymerase chain reaction (PCR), isothermal amplification, hybridization, sequencing, microarray, and others. In 2022, the polymerase chain reaction (PCR) segment's revenue share was the highest. Its usage in the detection of COVID-19 and other infectious diseases explains this. The increased use of high-throughput PCR technology to detect viral and genetic disorders will boost market expansion.
January 2022Â Seegene Inc., South Korea's premier molecular diagnostics business, announced today the impending release of the AllplexTM SARS-CoV-2 Fast PCR Assay, which may provide PCR results in as little as 60 minutes. According to the business, this assay is predicted to lower total turnaround time by one-third and increase testing capacity by up to thrice for hospitals and laboratories without additional instruments or sacrificing accuracy.
Additionally, in 2022, the sequencing sector witnessed the fastest growth rate. Sequencing procedures and newly developed NGS technologies, such as sequencing platforms and RNA sequencing, are examples of sequencing technologies for the market of molecular diagnostics. Drug discovery, the development of innovative drugs, and personalized treatment are all closely related to DNA sequencing technologies.
Molecular Diagnostics Application Insights
The Market segmentation of Molecular Diagnostics, based on application, includes infectious diseases, oncology, genetic tests, and others. The infectious disease segment had the greatest revenue share in the molecular diagnostics market. The primary factor driving this market's domination is the rising prevalence of molecular diagnostics, particularly PCR tests, for the diagnosis of COVID-19. The causes related to the huge market share of this category include the rising prevalence of infectious diseases, the rising funding for infectious disease diagnostic research activities, and the rapid advent of a pandemic. However, the oncology segment saw considerable growth in 2022. WHO estimates 19.3 million new cancer diagnoses will be worldwide in 2020 and 10.0 million cancer-related deaths. Additionally, the British In Vitro Diagnostics Association made an effort in January 2021 by requesting that NHS England create a commissioning framework for molecular diagnostics in oncology.
Molecular Diagnostics End-User Insights
The Market segmentation of Molecular Diagnostics, based on end-user, includes hospitals & clinics, diagnostic laboratories, and others. The molecular diagnostics segment is expected to be dominated by the hospitals and clinics industry. The share of hospital admissions for this demographic segment is influenced by several variables, including the aging population growth and the high prevalence of healthcare-associated illnesses (HAIs). Due to the large procedure volumes for COVID testing in these laboratories, the diagnostic laboratory section is anticipated to expand in the future. The increasing number of actions the government takes to provide various services, such as paying for these diagnostic tests, is another driver fueling the growth of this market.
Molecular Diagnostics Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American molecular diagnostics market area will dominate this market. In United States, the expansion of the healthcare system and a rise in the incidence of infectious diseases and cancer have led to a shift away from traditional diagnostic methods and towards molecular diagnostics. For example, the ACS "Cancer Facts & Figures 2022" predicts that there will be roughly 1,918,030 new cases of cancer and 609,360 deaths from cancer in the United States in that year.
Further, the major countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 2: MOLECULAR DIAGNOSTICS MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific molecular diagnostics market accounts for the second-largest market share due to the sector's high unmet needs and rising market penetration. Due to the region's consistently expanding patient population, early identification, targeted therapy, and early prevention, the Asia Pacific market is expected to expand. In India, the use of molecular diagnostics has significantly increased in recent years. Numerous causes, like the rising use of Next-Generation Sequencing (NGS) and an increase in the testing of infectious diseases like cancer, can be used to explain this expansion. Moreover, China’s market of molecular diagnostics held the largest market share, and the Indian market of molecular diagnostics was the rapidly-growing market in the Asia-Pacific region.
Europe’s Molecular Diagnostics Market is estimated to expand at a rapid rate from 2024 -2032. This is related to the increased prevalence of infectious and chronic diseases, which has sparked R&D efforts and boosted market expansion. Key factors influencing expansion include a high standard of living, consumer awareness of early diagnosis, and an established healthcare system. Further, the German market of molecular diagnostics held the largest market share, and the UK market of molecular diagnostics was the rapidly-growing market in the European region.
Molecular Diagnostics Competitive Insights & Key Market Players
Leading market players are largely investing in research and development to expand their product lines, which will help the market of molecular diagnostics, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their global presence. The molecular diagnostics industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.
One of the major business strategies manufacturers use in the global molecular diagnostics industry to increase market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the molecular diagnostics industry has stipulated some of the most important medicinal benefits. Major players in the molecular diagnostics market, including Agilent Technologies, Thermo Fisher Scientific, Becton Dickinson and Company, Abbott Laboratories, Hoffman La Roche Ltd, and others, are funding operations for research and development to boost market demand.
Illumina, Inc. creates, manufactures, and sells integrated solutions for large-scale investigation of genetic variation and biological function. Over 90% of the company's income comes from sequencing tools, consumables, and services. The high-throughput technology of Illumina permits whole-genome sequencing in humans and other big species. In March 2023, llumina Inc. and GenoScreen, a cutting-edge genomics firm, launched a package combining Illumina products with the GenoScreen Deeplex Myc-TB assay, a targeted next-generation sequencing (NGS)-based test for the rapid and comprehensive detection of anti-TB medication resistance. This will contribute to the World Health Organization's (WHO) aim to end global tuberculosis (TB) epidemic by 2035.
Roche is a biopharmaceutical and diagnostic firm based in Switzerland. The company's best-selling pharmaceutical products include a range of oncology medicines from acquired partner Genentech, and the 2008 acquisition of Ventana strengthened its diagnostics division. Oncology goods account for half of all pharmaceutical sales, with centralized and point-of-care diagnostics accounting for more than half of all diagnostic-related sales. In November 2021, Roche announced the availability of the Cobas 5800 System, a new molecular laboratory instrument, in countries where the CE mark is accepted. Testing is one of the most important lines of defense in guaranteeing a patient's general well-being, and it is crucial in guiding their therapy as soon as possible.
Key Companies in the market of molecular diagnostics include
- Hoffman La Roche Ltd
- Hologic Inc.
- QIAGEN
- Becton Dickinson and Company
- Abbott Laboratories
- Cepheid
- Siemens
- Thermo Fisher Scientific
- Agilent Technologies
Molecular Diagnostics Industry Developments
February 2024:Â Hologic Unveils FDA-Certified GeniusTM Digital Diagnostics System. The unique technique will enhance cervical cancer screening by improving operational and screening efficiency, promoting innovation in the cytology field, and providing a more accurate disease diagnosis than manual and image-guided cytology review
November 2023: F. Hoffmann-La Roche AG introduced the LightCycler PRO device, a next-generation qPCR device. By providing agility and flexibility for translational research and diagnostics, the new system will promote personalized healthcare and support preparedness for outbreaks
November 2023: QIAGEN launched QIAcuity digital PCR kits and software in an attempt to grow its user base among food safety and biopharma clients. Three new QIAcuity kits that ensure accurate quantification, better sensitivity, and cost-effectiveness enhance digital PCR applications in biopharma research and food safety
October 2023:Â QIAGEN (Germany) and Myriad Genetics (US) collaborate to progress the development of cancer companion diagnostics. The Partnership included companion diagnostic test development in the lab and kit distribution
July 2023: Siemens Healthineers launches Atellica CI Analyzer, a portable testing instrument intended to alleviate lab issues. The aim of the Atellica CI Analyzer for immunoassay and clinical chemistry testing is to increase revenue growth and address labor scarcity issues by fostering agility that goes beyond standardization and clinical equivalency
Molecular Diagnostics Market Segmentation
Molecular Diagnostics Products Outlook
- Reagents & Kits
- Instruments
- Services & Software
Molecular Diagnostics Technique Outlook
- Polymerase Chain Reaction (PCR)
- Isothermal Amplification
- Hybridization
- Sequencing
- Microarray
- Others
Molecular Diagnostics Application Outlook
- Infectious Diseases
- Oncology
- Genetic Tests
- Others
Molecular Diagnostics End-User Outlook
- Hospitals & Clinics
- Diagnostic Laboratories
- Others
Molecular Diagnostics Regional Outlook
-
North America
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 18.5 Billion |
| Market Size 2023 |
USD 19.55 Billion |
| Market Size 2032 |
USD 30.46 Billion |
| Compound Annual Growth Rate (CAGR) |
5.70% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Market Competitive Landscape, Growth Factors, Revenue Forecast, and Trends |
| Segments Covered |
Products, Technique, Application, and End-User |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil. |
| Key Companies Profiled |
Agilent Technologies, Thermo Fisher Scientific, Becton Dickinson and Company, Abbott Laboratories, and Hoffman La Roche Ltd. |
| Key Market Opportunities |
The growing significance of companion diagnostics |
| Key Market Dynamics |
Increasing prevalence of infectious diseases and cancer |
Molecular Diagnostics Market Highlights:
Frequently Asked Questions (FAQ) :
The global market size of the molecular diagnostics market was prized at USD 18.5 Billion in 2022.
From 2023 to 2032, the anticipated CAGR for the global market is 5.70%.
The major portion of the global market was accounted for by North America.
The notable players in the market are Agilent Technologies, Thermo Fisher Scientific, Becton Dickinson and Company, Abbott Laboratories, and Hoffman La Roche Ltd.
The reagents category dominated the market in 2022.
Infectious diseases had the largest share in the global market.
