Molecular Diagnostics Market to Be Worth $46.69 Billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., Feb. 13, 2023 /PRNewswire/ -- According to a new market research report titled, 'Molecular Diagnostic 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' published by Meticulous Research^®, the molecular diagnostics market is expected to grow at a CAGR of 5.6% from 2023 to 2030 to reach $46.69 billion by 2030.

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A major factor contributing to market growth is the use of Point-of-Care (POC) diagnosis. PoC tests are becoming increasingly popular among people. Point-of-care (POC) diagnostics involve the use of rapid analytical devices-based technologies that quickly provide clinical information that can be directly accessed on-site. Professional healthcare providers consider these devices a crucial part of standard clinical medical practice as they facilitate the development of evidence-based control strategies for the diagnosis and management of various health conditions.

Also, the aging population is driving a steady increase in the number of people suffering from chronic diseases. According to the World Population Ageing 2020 report released by the Department of Economic and Social Affairs, United Nations, globally, there were 727 million people aged 65 or above in 2020. It is estimated that by 2050 this number will cross 1.5 billion. Hence, there will be an increase in the number of age-specific diseases leading to early diagnosis and treatment of these diseases.

Additionally, the increase in focus and funding for R&D of diagnostic products and technological advancements in molecular diagnostics drives the market growth. Moreover, the developments in companion diagnostics and growth opportunities in emerging economies is expected to offer significant opportunities for the players operating in the molecular diagnostics market.

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The molecular diagnostics market is segmented by Product & Service (Kits & Reagents, Instruments, Software & Services); Test Type [Laboratory Tests, Point-of-Care (PoC) Tests]; Technology [Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Mass Spectrometry, Sequencing, Other Technologies]; Application [Infectious Diseases (COVID-19, Hepatitis, HIV, Healthcare-associated Infections (HAIs), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), Human papillomavirus (HPV), Tuberculosis, Influenza, Other Infectious Diseases), Oncology (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, Other Cancer Types), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications]; End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Other End Users); and Geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa). The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on product & service, the kits & reagents segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the segment's high growth are rising prevalence of chronic disease leading to the development of assays for the diagnosis. Also, the emergence of novel diseases such as the coronavirus will lead to development of new molecular diagnostic assays due to their accuracy compared with other diagnostic kits.

Based on test type, the PoC segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the segment's high growth are simplicity, convenience, rapid turnaround time, and the potential to improve patient outcomes.

Based on technology, the polymerase chain reaction (PCR) segment is expected to register the highest CAGR during the forecast period. PCR helps in detecting specific pathogens, provides rapid results, and its sensitivity are the factors which propels the segment growth.

Based on application, the infectious diseases segment is expected to register the highest CAGR during the forecast period. The major factors contributing to the segment's high growth are rising prevalence of infectious diseases and outbreaks of infectious diseases around the world and also measures taken by the government for its prevention leading to early diagnosis of these diseases.

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Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the molecular diagnostics market. Hospitals & clinics perform a wide range of tests to diagnose various medical conditions, including communicable and non-communicable diseases and other medical conditions to ensure proper clinical planning of treatment and prevention. As hospitals are present in urban as well as rural areas, people prefer visiting there for the diagnosis. Also, during the pandemic, hospital admissions were observed, which increased the demand for diagnostic products. Post-pandemic, a large population is regaining their accessibility to healthcare/medical services and has started visiting hospitals and other healthcare settings for routine medical checkups or testing, contributing to the large market share of this segment. However, the diagnostic laboratories segment is expected to register the highest growth rate during the forecast period. Major factor contributing to the growth of this segment is the increasing demand for clinical testing leading to requirement of more laboratories and diagnostic products. Also, the funding available for well-equipped infrastructure of the laboratories contributes to the growth of segment.

Based on geography, in 2023, North America is expected to dominate the global molecular diagnostics market, followed by Europe and Asia-Pacific. The increasing number of patient admissions, the increasing awareness among people for early diagnosis, and the high adoption of self-testing kits among the general population are the factors contributing to this market's large market share. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. Major factors contributing to the growth of this segment are the ageing population in the region, growing demand for clinical testing, and government initiatives for access to molecular diagnostics.

Some of 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).

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Scope of the Report:

Molecular Diagnostics Market, by Product & Service

• Kits & Reagents
• Instruments
• Software & Services

Molecular Diagnostics Market, by Test Type

• Laboratory Tests
• PoC Tests

Molecular Diagnostics Market, by Technology

• Polymerase Chain Reaction (PCR)
• In Situ Hybridization (ISH)
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Microarrays
• Mass Spectrometry
• Sequencing
• Other Technologies

Molecular Diagnostics Market, by Application

• Infectious Diseases
• OVID-19
• Hepatitis
• HIV
• Healthcare-associated Infections (HAIs)
• Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG)
• Human papillomavirus (HPV)
• Tuberculosis
• Influenza
• Other Infectious Diseases
• Oncology
• Breast Cancer
• Colorectal Cancer
• Lung Cancer
• Prostate Cancer
• Lymphoma
• Leukemia
• Cervical Cancer
• Other Cancer Types
• Genetic Testing
• Neurological Diseases
• Cardiovascular Diseases
• Other Applications

Molecular Diagnostics Market, by End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Academic & Research Institutes
• Other End Users

Molecular Diagnostics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific
• China
• Japan
• India
• Australia
• Rest of APAC (RoAPAC)
• Latin America
• Brazil
• Mexico
• RoLATAM
• Middle East & Africa

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