Press Release

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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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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