Molecular Diagnostics Market Size, Share and Growth Forecast by Regions 2023-2030

Posted on 2023-04-03 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 03, 2023 — /EPR Network/ —

Molecular Diagnostics Industry Overview

The global Molecular Diagnostics Market size is expected to reach USD 31.9 billion by 2030, and is expected to decline at a CAGR of -1.6% from 2022 to 2030, according to a recent study by Grand View Research, Inc. The contraction in the market will be due to the decline in demand for molecular testing for COVID-19. However, factors such as the rising geriatric population and increasing demand for technologies such as NGS is expected to drive market growth.

Molecular diagnostics plays an important role in infectious disease testing as they can yield effective and fast results. Hence, the increasing prevalence of hospital-acquired infections & infectious diseases is projected to drive the market over the forecast period. Increasing incidence and awareness regarding genetic disorders is further anticipated to accelerate market growth. The miniaturization of three basic molecular assays-nanobiotechnology, biochips, and microfluidics are expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to enhance the availability of PoC molecular diagnostic tests to yield quick and effective test results.

Companies are expanding their product portfolios with the acquisition of smaller companies. For instance, in March 2021, Hologic announced the acquisition of Diagenode-a molecular diagnostic company with a wide range of PCR instruments, facilitating the detection of over 30 bacteria-for USD 159 million. Similarly, in April 2021, F. Hoffmann-La Roche Ltd. acquired GenMark Diagnostics, Inc. at a price of USD 24.05 per share in cash, and it holds around 82.89% of total shares of GenMark Diagnostics. GenMark Diagnostics, Inc. has proprietary technologies, such as eSensor XT-8 and ePlex, which can be utilized in developing tests for infectious diseases, including bloodstream infections.

Key players are enhancing their range of testing options for real-time PCR instruments by increasing R&D activities for the development of kits that target emerging diseases or by entering into agreements with other kit manufacturing companies. These include the introduction of Cobas HPV test assay in Cobas 4800 by Roche Diagnostics. The introduction of tuberculosis testing Xpert assay on GeneXpert platform by Cepheid is an example of such advancement. Such advances are anticipated to drive the global molecular diagnostics market.

Molecular Diagnostics Market Segmentation

For this report, Grand View Research has segmented the global molecular diagnostics market based on product, test location, technology, application, and region:

Based on the Product Insights, the market is segmented into Instruments, Reagents and Others.

The reagents segment accounted for the largest revenue share of the market in 2021. It is expected to maintain its dominance in upcoming years owing to its wide adoption in research and clinical settings

Based on the Application Insights, the market is segmented into Oncology, Pharmacogenomics, Infectious Diseases, Genetic Testing, Neurological Disease, Cardiovascular Disease, Microbiology and Others

The infectious disease segment accounted for the largest revenue share of the molecular diagnostics market in 2021. The increased usage of molecular, particularly PCR tests, for the diagnosis of COVID-19 is the major reason for the dominance of this segment.
Oncology segment is expected to grow at a high CAGR during the forecast period. According to WHO, in 2020, an estimated 19.3 million new cancer cases were diagnosed globally; and about 10.0 million cancer deaths occurred in 2020.

Based on the Test-Location Insights, the market is segmented into Point-of-Care, Self-test or Over the Counter and Central Laboratories.

Central laboratories held the largest share of the market in 2021, attributable to high procedure volumes for Covid testing in central laboratories. An increase in the number of initiatives undertaken by the government to provide various services, such as reimbursement for diagnostic tests, is another major factor anticipated to drive the market.

Based on the Technology Insights, the market is segmented into Polymerase chain reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Chips and Microarrays, Mass Spectrometry, Sequencing, Transcription Mediated Amplification (TMA) and Others

The polymerase chain reaction(PCR) segment accounted for the largest revenue share in 2021. This is attributed to its use in the detection of COVID-19 and other infectious diseases.
The sequence specificity of the ISH technique is a major application that helps in understanding pathogenic processes and performing molecular testing for diagnosis, monitoring, and treatment of cancer.

Molecular Diagnostics Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Players such as Roche are using mergers and acquisitions strategy to enhance product capabilities and promote their product offerings.

Some prominent players in the global Molecular Diagnostics market include

BD
bioMérieux SA
Bio-Rad Laboratories, Inc.
Abbott
Agilent Technologies, Inc.
Danaher
Hologic Inc. (Gen Probe)
Illumina, Inc.
Johnson & Johnson Services, Inc.
Grifols, S.A.
QIAGEN
Hoffmann-La Roche, Ltd.
Siemens Healthineers AG
Sysmex Corporation

Order a free sample PDF of the Molecular Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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