Meticulous Research®, a leading name in market research, recently unveiled a comprehensive report titled, ‘Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global Forecast to 2030.’



This report projects that the Molecular Diagnostics Market will achieve a value of $46.69 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The market's robust expansion is fueled by multiple factors, including the aging population, the rising incidence of both communicable and non-communicable diseases, and ongoing technological advancements in molecular diagnostics. Additionally, increasing healthcare expenditures globally are significantly contributing to this market growth.

The report identifies emerging markets as a key area of opportunity, with growing interest in companion diagnostics and the rising trend of direct-to-consumer (DTC) genetic testing also offering significant potential for market players. These factors are expected to drive considerable growth in the molecular diagnostics market over the next decade.



The COVID-19 pandemic has had a profound impact on the molecular diagnostics market, with a notable increase in product approvals during this period. Manufacturers were quick to respond to the urgent need for diagnostic solutions, developing a range of kits and assays aimed at early disease detection. This trend is expected to continue, further driving market growth in the years to come.



Several companies were at the forefront of this innovation. In May 2022, Cepheid, a subsidiary of Danaher (U.S.), received CE Mark approval for its Xpert Xpress CoV-2 plus test, which detects COVID-19. In May 2021, F. Hoffmann-La Roche Ltd (Switzerland) obtained Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its cobas SARS-CoV-2 test for asymptomatic individuals. BioMérieux S.A. (France) also received the CE mark in November 2020 for its SARS-CoV-2 R-GENE test, part of the ARGENE product range. Hologic, Inc. (U.S.) was another key player, receiving EUA from the FDA in September 2020 for its Panther Fusion SARS-CoV-2 Assay for asymptomatic COVID-19 testing.

 

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During the pandemic, these companies and others leveraged web meetings and webinars to maintain communication with customers and shareholders. These virtual interactions were crucial for providing detailed product descriptions and demonstrations, ensuring that end users were well-informed about the new diagnostic tools.



The report provides a detailed segmentation of the molecular diagnostics market, covering products & services (Kits & Reagents, Instruments, Software & Services); test types [Laboratory Tests, Point-of-Care (PoC) Tests]; technologies [Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Mass Spectrometry, Sequencing, Other Technologies]; and applications [Infectious Diseases (including COVID-19, Hepatitis, HIV, Healthcare-associated Infections, Chlamydia trachomatis/Neisseria gonorrhoeae, Human papillomavirus, Tuberculosis, Influenza, and other infectious diseases), Oncology (including Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, and other cancer types), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, and other applications]. The market is also segmented by end users, including Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and other end users, and provides a thorough geographic analysis.



In 2023, the kits & reagents segment is expected to dominate the molecular diagnostics market. This dominance is attributed to the frequent use of diagnostic kits, the availability of a wide range of disease-specific kits for early diagnosis, and ongoing technological advancements. The laboratory tests segment is also expected to hold a significant share, driven by the high volume of tests conducted in hospitals, laboratories, and academic & research institutes.



Polymerase Chain Reaction (PCR) technology is anticipated to lead the market in 2023, owing to its sensitivity, cost-effectiveness, and ability to rapidly amplify specific DNA segments, making it a critical tool for disease diagnosis. The infectious diseases application segment is projected to be the largest, supported by rising incidence rates and government initiatives for early disease detection.



The hospitals & clinics segment is expected to be the largest end-user segment, driven by their role in performing a wide range of diagnostic tests for various medical conditions, including communicable and non-communicable diseases.



Key Players

The key players operating in the molecular diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (U.S.), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), bioMérieux S.A. (France), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthineers AG (Germany), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), and Seegene, Inc. (South Korea).



Key questions answered in the report-

Which are the high-growth market segments in terms of product & service, test type, technology, application, end user, and geography?
What was the historical market for molecular diagnostics across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the molecular diagnostics market?
Who are the major players in the molecular diagnostics market?
What is the competitive landscape, and who are the market leaders in the molecular diagnostics market?

 

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/molecular-diagnostics-market-5375

 

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