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Meticulous Research®, a premier provider of comprehensive market research solutions, has released its latest 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 groundbreaking report forecasts the molecular diagnostics market to soar to an estimated value of $46.69 billion by 2030, exhibiting a noteworthy CAGR of 5.6% from 2023 to 2030.
Driving Factors Behind Market Growth
The report attributes the robust growth of the molecular diagnostics market to several key factors, including the escalating global geriatric population, the surge in communicable and non-communicable diseases, continuous technological advancements in molecular diagnostics, and the escalating healthcare expenditures worldwide. Moreover, burgeoning opportunities in emerging economies, a growing emphasis on companion diagnostics, and the increasing popularity of direct-to-consumer (DTC) genetic testing are anticipated to fuel significant market expansion.
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Rise in Molecular Diagnostics Approvals Amidst the COVID-19 Pandemic
During the unprecedented COVID-19 pandemic, manufacturers intensified efforts to develop diverse diagnostic kits and assays for early disease detection, projected to drive market growth in the forthcoming years. Notable developments during this period include:
In May 2022, Cepheid (a subsidiary of Danaher) (U.S.) obtained CE Mark for Xpert Xpress CoV-2 plus, a test for qualitative detection of COVID-19.
In May 2021, F. Hoffmann-La Roche Ltd (Switzerland) received Emergency Use Authorization (EUA) from the U.S. FDA for cobas SARS-CoV-2 test, designed for individuals without COVID-19 symptoms or suspicions.
In November 2020, BioMérieux S.A. (France) secured CE mark for the SARS-CoV-2 R-GENE test, a part of the ARGENE range for SARS-CoV-2 detection.
In September 2020, Hologic, Inc. (U.S.) received Emergency Use Authorization (EUA) from the U.S. FDA for asymptomatic COVID-19 testing with Panther Fusion SARS-CoV-2 Assay.
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Furthermore, companies operating in the diagnostics market conducted web meetings and webinars during this period to engage with customers and stakeholders, providing detailed product descriptions and customer demonstrations, thereby enhancing end-user awareness.
Market Segmentation and Growth Trends
The molecular diagnostics market is segmented based on Product & Service, Test Type, Technology, Application, End User, and Geography. Key insights include:
Product & Service: The kits & reagents segment is anticipated to hold the largest market share in 2023, driven by the frequent utilization of diagnostic kits, an extensive portfolio of disease-specific kits, and technological advancements.
Test Type: Laboratory tests are expected to dominate the market in 2023, preferred by hospitals, laboratories, and academic & research institutes.
Technology: PCR is projected to lead the market in 2023, owing to its sensitivity, rapid amplification capabilities, and cost-effectiveness compared to other technologies.
Application: Infectious diseases are forecasted to account for the largest market share in 2023, fueled by rising incidence rates and government initiatives promoting early diagnosis.
End User: Hospitals & clinics are expected to hold the largest market share in 2023, attributed to their extensive range of diagnostic tests and patient volume.
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Geographic Analysis
North America is anticipated to command the largest market share in 2023, followed by Europe and Asia-Pacific, driven by advanced infrastructure, favorable reimbursement policies, increased healthcare accessibility, and a high volume of laboratory tests.
Key Players :
Leading players in the molecular diagnostics market include F. Hoffmann-La Roche Ltd, Hologic, Inc., QIAGEN N.V., Danaher Corporation, bioMérieux S.A., and Becton, Dickinson and Company (BD), among others.
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