The global core molecular laboratory market is expected to witness a robust growth rate of around 10.2% and was valued at US$ 7.5 Billion in 2021. According to RationalStat Analysis, the growth of the global core molecular laboratory market is affected by the factors such as the increasing demand for molecular diagnostics and the growing adoption of next-generation sequencing (NGS) technologies.
Moreover, these services are essential for a wide range of applications, including biomedical research, drug discovery and development, clinical diagnostics, and personalized medicine which is expected to play a major role in driving the revenue for the global core molecular laboratory market.
In addition, the growth of the global core molecular laboratory market is being driven by several factors, including advances in technology, the increasing demand for molecular testing services, and the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease. Additionally, the growing adoption of precision medicine and personalized treatment approaches is also contributing to the expansion of this market.
Favorable government policies, increasing demand for personalized medicine, and the growing prevalence of chronic diseases are anticipated to fuel the market growth
The rising incidence of chronic diseases such as cancer, cardiovascular diseases, and diabetes is driving the demand for molecular diagnostics and personalized medicine. Core molecular laboratories play a critical role in providing advanced molecular testing services to aid in disease diagnosis, prognosis, and treatment.
Moreover, the development of advanced sequencing technologies, such as next-generation sequencing (NGS), and the increasing availability of high-throughput screening technologies are driving the growth of the core molecular laboratories market. These technologies enable faster and more accurate molecular testing and analysis, thus improving patient outcomes.
In addition, the increasing focus on personalized medicine and precision medicine is driving the growth of the core molecular laboratories market. Molecular testing services are critical in identifying the genetic markers that can guide personalized treatment and improve patient outcomes.
Furthermore, governments across the globe and healthcare organizations are investing heavily in healthcare infrastructure, which is driving the growth of the core molecular laboratories market. The increasing healthcare expenditure is enabling the expansion of core molecular laboratory facilities and the development of new molecular testing services.
North America held the dominant market share in the global core molecular laboratories market
North America is currently the largest market for core molecular laboratory services, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period, due to the increasing investment in healthcare infrastructure and the rising demand for advanced diagnostic services in countries such as China and India.
North America is currently the largest market for core molecular laboratory services, primarily due to the well-established healthcare infrastructure, high healthcare expenditure, and increasing prevalence of chronic diseases in the region. The United States is the major contributor to the North American core molecular laboratory market, and the country’s dominance can be attributed to the presence of major players in the region, technological advancements, and favorable government policies.
Whereas, the European region is the second-largest market for core molecular laboratory services, with Germany, France, and the UK being the major contributors. The region’s market growth is driven by the increasing prevalence of chronic diseases, rising demand for personalized medicine, and growing government support for precision medicine and genomics research.
In addition, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period, due to the increasing investment in healthcare infrastructure and the rising demand for advanced diagnostic services in countries such as China, India, Japan, and South Korea. Moreover, the region is witnessing a surge in the number of collaborations between research institutes and biotech companies to develop innovative products and technologies.
Furthermore, Latin America, and the Middle East & Africa are also expected to witness significant growth in the core molecular laboratory market during the forecast period, driven by increasing healthcare expenditure, growing awareness about the benefits of molecular diagnostics, and rising government initiatives to improve healthcare infrastructure.
Overall, the global core molecular laboratory market is expected to experience significant growth across all regions due to the increasing demand for advanced molecular testing services, the growing adoption of precision medicine, and technological advancements in the field of genomics and molecular diagnostics.
Market Structure and Competitive Landscape
The global core molecular laboratory market is fragmented in nature with various players operating in the market, some of the prominent players that contribute significantly to the global core molecular laboratory market include Thermo Fisher Scientific, Illumina Inc., QIAGEN N.V., Bio-Rad Laboratories Inc., Agilent Technologies Inc., and F. Hoffmann-La Roche AG, among others.
These companies are investing heavily in research and development to advance their technologies and expand their product portfolios to meet the growing demand for molecular testing services. Moreover, the companies are focusing on strategic partnerships, acquisitions, and product development to expand their market presence and meet the growing demand for core molecular laboratory products and services.
- In January 2022, PathGroup, one of the largest providers of anatomic pathology, digital pathology, clinical and molecular laboratory services in the United States, announced the acquisition of Pathology Consultants, a leading provider of pathology services based in Greenville, S.C. Together, PathGroup and Pathology Consultants will provide physicians and patients across the Southeast with superior quality and service levels for their comprehensive testing needs.
- In April 2017, Siemens Healthcare and Thermo Fisher Scientific today announced a new strategic relationship that includes the integration of Thermo Fisher Scientific’s real-time PCR system into Siemens’ VERSANT® kPCR Molecular Solution. The combined workflow will offer laboratories Siemens complete molecular testing.
Key Market Segmentation
RationalStat has segmented the global core molecular laboratory market based on product, technology, application, and region.
- By Product
- Test Kits
- By Technology
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Chips and Microarrays
- Mass Spectrometry
- Transcription Mediated Amplification (TMA)
- By Application
- Breast Cancer
- Kidney Cancer
- Prostate Cancer
- Colorectal Cancer
- Blood Cancer
- Lung cancer
- Liver Cancer
- Infectious Diseases
- Methicillin-resistant Staphylococcus Aureus (MRSA)
- Clostridium difficile
- Vancomycin-Resistant Enterococci (VRE)
- Carbapenem-resistant bacteria
- Respiratory Syncytial Virus (RSV)
- Tuberculosis (TB) and drug-resistant TB
- Gastrointestinal panel testing
- Hepatitis C
- Hepatitis B
- Genetic Testing
- Newborn screening
- Predictive and Presymptomatic Testing
- Neurological Diseases
- Cardiovascular Diseases
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global core molecular laboratory market players, healthcare industry, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global core molecular laboratory market is expected to grow at a CAGR of 10.2% during the forecast period 2022-2028.
The global market for the core molecular laboratory was US$ 7.5 Billion in 2022.
Increasing healthcare spending and government support are some of the major trends in the global core molecular laboratory market.
North America is the leading region in this market.
Major companies operating in the global Core Molecular Laboratory market include Abbott Laboratories, Roche Diagnostics, Siemens Healthineers, Thermo Fisher Scientific, etc.