Core Clinical Molecular Diagnostics Market to Reach $11.9 Billion, Globally, by 2032 at 9.5% CAGR: Allied Market Research

Increase in demand for precision medicine, rise in the prevalence of chronic diseases, and advancements in molecular diagnostics technology drive the growth of the global core clinical molecular diagnostics market.

PORTLAND, Ore., April 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Core Clinical Molecular Diagnostics Market By Product Type (Instruments, Reagents, and Software and Services), Technique (PCR, Nucleic Acid Sequencing, Fluorescence In Situ Hybridization (FISH), and Others), and Application (Infectious Disease, Genetic Disorder, Cancer Screening, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global core clinical molecular diagnostics market was valued at $4.8 billion in 2022 and is estimated to reach $11.9 billion by 2032, exhibiting a CAGR of 9.5% from 2023 to 2032.

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Prime determinants of growth

Growth in the adoption of molecular diagnostics, advancements in technologies, and presence of key players are the factors that drive the growth of the global core clinical molecular diagnostics market. However, the initial high cost of molecular diagnostic products is anticipated to hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the core clinical molecular diagnostics market during the forecast period.

Report coverage & details:

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The reagent segment to maintain its lead position during the forecast period.

By product type, the reagent segment accounted for the largest share in 2022, accounting for more than half of the global core clinical molecular diagnostics market revenue. This was primarily attributed to its indispensable role in molecular diagnostics. Reagents are essential components in PCR, sequencing, and other techniques, thus driving the demand. Furthermore, rise in innovation and adoption of advanced reagents in effective diagnostic workflows drive the segment growth.

However, the instruments segment is projected to register the highest CAGR of 10.4% during the forecast period owing to technological advancements and increase in demand for automated and high-throughput diagnostic platforms.

The PCR segment to maintain its lead position during the forecast period.

By technique, the PCR segment accounted for the largest share in 2022, accounting for half of the global core clinical molecular diagnostics market revenue. This was primarily attributed to several factors. PCR techniques are widely utilized for their versatility, sensitivity, and specificity in detecting genetic variations, infectious agents, and mutations associated with various diseases. Additionally, ongoing advancements in PCR technology, such as real-time PCR and digital PCR, further contribute to its sustained leadership in the molecular diagnostic market.

However, the nucleic acid sequencing segment is projected to register the highest CAGR of 10.7% during the forecast period owing to advancements in next-generation sequencing (NGS) technologies, driving down costs and enabling high-throughput analysis of entire genomes. NGS facilitates comprehensive genetic profiling, enhancing its utility in disease diagnosis, personalized medicine, and research applications.

The infectious disease segment maintained its lead position during the forecast period.

By application, the infectious disease segment accounted for the largest share in 2022, accounting for more than one-third of the global core clinical molecular diagnostics market revenue. This is primarily attributed to an increase in the global prevalence of infectious diseases, driving the demand for diagnostic tests. Additionally, ongoing outbreaks and the need for rapid and accurate diagnostics further bolster the market growth in this segment.

However, the cancer segment is projected to register the highest CAGR of 10.4% during the forecast period owing to several factors, including rise in cancer incidence rates globally that increase the demand for early detection methods. Secondly, advancements in screening technologies enhance accuracy and efficiency, encouraging adoption. Additionally, growth in awareness campaigns and government initiatives for cancer prevention and screening contribute to this segment growth.

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North America is expected to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for almost two-fifths of the global core clinical molecular diagnostics market revenue owing to the presence of well-established healthcare infrastructure, robust research and development activities, high adoption rates of advanced diagnostic technologies, favorable reimbursement policies, and a growth in focus on personalized medicine. Additionally, increase in incidences of chronic diseases and infectious outbreaks further drives the demand for diagnostic tests in the region, ensuring sustained market growth.

However, Asia-Pacific is projected to register the highest CAGR of 11.5% during the forecast period. This is attributed to increase in the prevalence of chronic and infectious diseases, rise in healthcare expenditure, expanding access to healthcare services, growth in awareness about early disease detection, and ongoing advancements in diagnostic technologies.

Leading Market Players: -

• F. Hoffmann-La Roche Ltd.
• Novartis, Abbott Laboratories
• Becton, Dickinson and Company
• Siemens Healthineers
• Agilent Technologies
• Hologic Inc.
• Bio-Rad Laboratories Inc.
• Qiagen
• BioMérieux

The report provides a detailed analysis of these key players in the global core clinical molecular diagnostics market. These players have adopted different strategies such as product launch, product development, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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