The global molecular diagnostics market is a rapidly growing market driven by the increasing demand for early disease diagnosis, personalized medicine, and precision medicine. As per RationalStat, the global molecular diagnostics market size was valued at US$ 9.2 billion in 2020 and is expected to grow at a CAGR of 12.1% during the period 2022 to 2028.
The market is driven by several factors, including the increasing prevalence of infectious diseases, cancer, and genetic disorders, the rising demand for point-of-care testing, the increasing adoption of automated platforms, and the development of advanced molecular diagnostic technologies. Furthermore, the COVID-19 pandemic has accelerated the growth of the molecular diagnostics market, with a significant increase in demand for COVID-19 testing and the development of new molecular diagnostic assays for the detection of the virus. Moreover, growing demand for personalized medicine coupled with technological advancement are also expected to further drive the demand for molecular diagnostics across the globe.
The polymerase chain reaction is the furthermost widely used technology
Polymerase Chain Reaction (PCR) is the furthermost widely used technology in molecular diagnostics, accounting for the majority of the market share. PCR is used for amplifying DNA sequences and detecting genetic mutations, making it useful in disease diagnosis, genetic testing, and drug development. The market for PCR is driven by the increasing prevalence of infectious diseases, cancer, and genetic disorders, as well as technological advancements, such as real-time PCR and digital PCR.
However, Nucleic acid sequencing is a rapidly growing technology in molecular diagnostics, used for identifying genetic variations, mutations, and biomarkers. The market for nucleic acid sequencing is driven by the increasing demand for personalized medicine, the rising prevalence of cancer and genetic disorders, and technological advancements, such as next-generation sequencing (NGS) and single-cell sequencing.
High prevalence of chronic diseases leads North America to dominate the global market
North America is anticipated to dominate the global molecular diagnostics market owing to the high prevalence of chronic diseases, such as cancer and cardiovascular diseases, and the presence of key market players in the region. Moreover, the molecular diagnostic market has significant potential in the areas of Europe and Asia-Pacific. This is mostly caused by an increase in the number of zoonotic and infectious diseases as well as cancer cases in the area. According to the Australian Federation of AIDS Organizations (AFAO) 2019 data, there were roughly 29,045 persons with HIV in Australia in the year 2019.
India was the second-worst-hit country, followed by the UK and Russia in fourth and fifth place, and among the top five nations that were ravaged by the COVID-19 pandemic due to high cases, three were from the APAC and Europe region. The demand for the molecular diagnosis will therefore increase as the burden of infectious diseases in the regions rises.
Market Structure and Competitive Landscape
The global Molecular Diagnostic market is fragmented in nature with the presence of various players in the market. Some of the prominent players operating in the global Molecular Diagnostic market include BioMérieux SA, Bio-Rad Laboratories, Abbott, Agilent Technologies, Inc., Danahe, Hologic Inc, Illumina, Inc., Johnson & Johnson Services, Inc, Grifols, S.A., F. Hoffmann-La Roche, Ltd, Siemens Healthineers AG, Sysmex Corporation, Becton Dickinson and Co., Danaher Corp., and Luminex Corp among others. These players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the global Molecular Diagnostic market.
Key Market Segmentation
RationalStat has segmented the global Molecular Diagnostic market on the basis of product/services, test type, technology, application, end user, and region.
- By Product / Services
- Reagents & Kits
- Services and Software
- By Test Type
- Lab Test
- Point of Care (PoC) Test
- By Technology
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Transcription Mediated Amplification
- Isothermal Nucleic Acid Amplification Technology
- Chips and Microarrays
- Others (Mass Spectrometry, etc.)
- By Application
- Infectious Diseases
- RSV Virus
- HIV Market
- Hepatitis C/B
- Others (H.Pylori, etc.)
- Autoimmune Diseases
- Genetic Testing
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Other (Drug Testing, etc.)
- Infectious Diseases
- By End User
- Diagnostic labs
- Others (ASCs etc.)
- 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, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for Molecular Diagnostic providers, 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 molecular diagnostic market is expected to grow at a CAGR of over 12% during the forecast period 2022-2028.
North America is dominating the global molecular diagnostic market in 2022.
Rising prevalence of chronic diseases is the key driver of the global molecular diagnostic market.
Major companies operating in the global molecular diagnostic market include BioMérieux SA, Bio-Rad Laboratories, Abbott, Agilent Technologies, Inc., Danahe, Hologic Inc, Illumina, Inc., Johnson & Johnson Services, Inc, Grifols, S.A., F. Hoffmann-La Roche, Ltd, etc.