Molecular Diagnostics Market to Grow with a CAGR of 7.14% through 2028
Increasing prevalence of
communicable & non-communicable diseases and technological advancements in
molecular diagnostics is expected to drive the Global Molecular Diagnostics
Market growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Molecular Diagnostics Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Molecular
Diagnostics Market stood at USD 15.28
billion in 2022 and is anticipated to grow with a CAGR of 7.14% in the
forecast period, 2024-2028. The Global Molecular Diagnostics Market is
experiencing rapid growth and is expected to continue this trend throughout the
forecast period.
Factors such as the rising
prevalence of infectious diseases, increased consumer awareness of the
advantages of faster diagnostics, and a growing demand for self-testing and
Point-of-Care (PoC) testing, supported by government initiatives, are key
drivers behind the substantial growth of the Global Molecular Diagnostics
Market.
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Molecular Diagnostics Market”
The molecular diagnostics market
is currently experiencing significant growth due to the global increase in
cancer cases. Molecular tests are commonly used for cancer and infectious
disease diagnosis. Furthermore, molecular testing allows clinicians to personalize
cancer drug selection based on actionable mutations. In 2020, according to
statistics from the Global Cancer Observatory (GLOBOCAN), approximately
19,292,789 new cancer cases were reported worldwide.
The market for molecular
diagnostic products is also expected to benefit from the rising importance of
liquid biopsy and molecular analysis in biological fluids such as blood,
saliva, and urine. These methods enable the detection of circulating tumor cells
(CTCs) and circulating tumor DNA (CtDNA) biomarkers. For instance, the FDA
approved the liquid biopsy next-generation sequencing-based FoundationOne
Liquid CDx test in August 2020 as a companion diagnostic for identifying
mutations in BRCA1 and BRCA2 genes in metastatic castration-resistant prostate
cancer (mCRPC) patients.
Technical advancements leading to
accurate results, mobility, and cost-effectiveness significantly impact the
molecular diagnostics market. Companies such as Sigma Aldrich Corporation and
QIAGEN are developing new technologies like Transcription-Mediated
Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP) for
cancer diagnosis. The market expansion of molecular diagnostics is also driven
by the increasing prevalence of infectious diseases and efforts to improve
access to affordable resources. For example, F. Hoffmann-La Roche Ltd. expanded
its Global Access Program to cover HPV and other infectious diseases, aiming to
enhance access to early detection and diagnostics for low and middle-income
nations. Technological advancements, particularly next-generation sequencing
(NGS), have revolutionized molecular diagnostics, allowing simultaneous
detection of multiple genetic mutations and identification of novel biomarkers
for disease diagnosis and treatment. The need for molecular diagnostic tests is
further fueled by the increasing use of point-of-care (POC) testing. POC
testing offers quick and accurate diagnosis at the point of care, accelerating
the diagnostic process and improving patient outcomes.
Moreover, the growth of the
Molecular Diagnostics Market is fostered by ongoing research and development
for biomarker identification. Innovative tests like Banyan BTI, the first
diagnostic blood test for traumatic brain injury, granted marketing authorization
by the FDA in February 2018, contribute to the growth of molecular diagnostics.
The adoption of molecular diagnostics is also driven by the demand for
personalized medicine, as it enables the identification of specific genetic
alterations associated with particular diseases, facilitating individualized
treatment programs. This personalized approach improves patient outcomes and
reduces the risk of adverse drug reactions.
The Global Molecular Diagnostics
Market is segmented into product & service, technology, application, end
user, regional distribution, and company.
Based on application, the
infectious disease segment accounted for the largest revenue share of the
molecular diagnostics market in 2022. The significant dominance of this segment
can be attributed to the increased utilization of molecular diagnostics,
especially PCR tests, for COVID-19 diagnosis. Technological advancements like
PCR and ISH have successfully addressed the limitations of traditional testing
methods, such as lengthy turnaround time, suboptimal in vitro kinetic
development, challenges in manual culture media preparation, and limited
sensitivity. The oncology segment is projected to exhibit a high compound
annual growth rate (CAGR) during the forecast period. According to the World
Health Organization (WHO), approximately 19.3 million new cancer cases were
diagnosed worldwide in 2020, with around 10.0 million cancer-related deaths
recorded. Cancer is expected to be the second leading cause of death in the
United States. Additionally, in January 2021, the British In Vitro Diagnostics
Association called upon NHS England to develop a commissioning framework for
molecular diagnostics in oncology, aiming to enhance the adoption and
accessibility of oncology molecular diagnostics.
Based on region, North America
segment is expected to grow during the forecast period. North America
holds a significant market share and is projected to maintain its dominance
throughout the forecast period. The region's market growth is driven by various
factors, including large outbreaks of bacterial and viral epidemics, growing
demand for point-of-care diagnostics, rapid technological advancements, and the
strong presence of key market players. Molecular diagnostics has played a
pivotal role in revolutionizing disease diagnostics, ensuring prompt detection
and accurate care for critically ill patients. The rise in per capita health
expenditures, advancements in healthcare infrastructure, and the increasing
prevalence of infectious diseases and cancer cases in the United States have
led to a shift from traditional diagnostic methods to molecular diagnostics.
For instance, the ACS 'Cancer Facts & Figures 2022' estimates approximately
1,918,030 new cancer cases and 609,360 cancer-related deaths in the United
States in 2022. Such a high incidence of cancer in the region is expected to
drive the adoption of molecular diagnostics for cancer diagnosis, thereby
fueling market growth.
Moreover, the United States is
witnessing rising technological advancements, the entry of new players, and
rapid adoption of advanced molecular diagnostics. In May 2022, BD (Becton,
Dickinson and Company) introduced its new fully automated, high-throughput
infectious disease molecular diagnostics platform in the United States. This
launch of advanced systems is anticipated to drive market growth through
increased adoption. Similarly, in October 2021, Cepheid, a molecular
diagnostics company specializing in fast, accurate, and reliable real-time PCR
test results, commenced its direct commercial operations in Canada. Cepheid
Canada's operations include direct service, order management, and technical
support. Such initiatives are expected to drive market growth in North America,
as molecular diagnostic testing gains traction in Canada. Considering these
factors, the market in North America is poised for substantial growth during
the forecast period.
Major companies operating in
Global Molecular Diagnostics Market are:
- F Hoffmann-la Roche Ltd
- Illumina Ltd
- Hologic Corporation
- Agilent Technologies Inc.
- Qiagen NV
- Grifols S.A.
- Becton, Dickinson and Company
- Abbott Laboratories, Inc.
- Biomerieux SA
- Bio-Rad Laboratories Inc.
- Sysmex Corporation
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“Molecular diagnostics is
extensively utilized by hospitals, laboratories, and research institutes for
early disease detection, coagulation, and human leukocyte antigen typing.
Consequently, the increasing prevalence of chronic conditions, such as cancer,
cardiovascular diseases (CVDs), neurological disorders, and infectious
diseases, remains the primary driver behind market growth. Moreover, the
growing geriatric population, which is more susceptible to developing various
medical ailments, and the widespread adoption of point-of-care (POC) testing
devices are fueling the demand for these products. Additionally, the recent
outbreak of coronavirus disease (COVID-19) has expedited the adoption of
molecular diagnostic methods, such as polymerase chain reaction (PCR), for
COVID-19 testing. Furthermore, favorable initiatives undertaken by governing
agencies and regulatory authorities of different countries, including fast
approvals of diagnostic products to mitigate the spread of the virus, are also
contributing to market growth. Furthermore, key industry players are heavily
investing in launching innovative diagnostic devices that offer enhanced
accuracy, flexibility, cost-effectiveness, and faster results, thereby
expanding their product portfolio and gaining a competitive advantage. Other
factors, such as the increasing demand for personalized treatment, the emerging
trend of preventive medicine, the improvement of healthcare infrastructure, and
technological advancements, are also fostering a positive market outlook.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Molecular Diagnostics Market Segmented
By Products and Services (Reagents and Kits, Instruments, Services and
Software), By Technology (Polymerase Chain Reaction (PCR), Sequencing, In-situ
hybridization, Chips and microarrays, Mass spectrometry, Others), By
Application (Infectious disease, Oncology testing, Genetic testing, Blood
screening, Others), By End User (Hospitals, Academic & Reference
Laboratories, Others), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Molecular Diagnostics Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Molecular Diagnostics Market.
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