Molecular Diagnostics Market to grow by USD 7.92 Billion (2024-2028), driven by rising age-related diseases; Report highlights AI-driven transformation - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global molecular diagnostics market size is estimated to grow by USD 7.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.84% during the forecast period. Increased prevalence of age-related diseases is driving market growth, with a trend towards integration of next-generation sequencing (NGS). However, inadequate medical reimbursements poses a challenge. Key market players include Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Co., Bio Rad Laboratories Inc., Biocartis NV, BioMerieux SA, Danaher Corp., ELITechGroup SAS, F. Hoffmann La Roche Ltd., Genome Diagnostics Pvt. Ltd., Hologic Inc., Illumina Inc., QIAGEN NV, Siemens Healthineers AG, Solone Life Sciences India Pvt. Ltd., Spectrum Diagnostics and Health Care, Sysmex Corp., Thermo Fisher Scientific Inc., U Gen Biotechnology Inc., and Xiamen Zeesan Biotech Co. Ltd..

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Market Driver

The molecular diagnostics market is experiencing significant growth in the diagnostics industry due to the increasing prevalence of various diseases and the need for faster and more accurate diagnosis. Molecular diagnostics uses techniques like Polymerase Chain Reaction (PCR), DNA and RNA sequencing, and mass spectrometry to detect diseases and biomarkers. Cancer, HIV, Hepatitis B and C, HPV, and obesity are some of the major diseases driving the market. Major players in the molecular diagnostics market include Grifols, Qiagen, and F. Hoffmann-La Roche. Innovations in Point of Care (POC) testing, oncology diagnostics, and genetic testing are key market trends. Instruments, assays, reagents, and services segments dominate the market. Hospitals and healthcare facilities are the major end-users, with IVD companies gaining a foothold in the market through approvals and partnerships. The market is expected to continue due to the increasing incidence of diseases, advances in technologies, and the growing need for accurate and timely diagnosis for effective treatment. Countries like Spain, Italy, and Latin America are expected to offer significant market opportunities due to their large populations and growing healthcare infrastructure. The market is also witnessing the commercialization of flexible and cost-effective solutions for various applications. 

Next-generation sequencing (NGS) technologies have transformed molecular diagnostics by enabling in-depth analysis of genetic material. NGS allows for the simultaneous examination of multiple genes or entire genomes, offering comprehensive genetic profiling for disease diagnosis, prognosis, and treatment selection. This technology is indispensable in genomics research and drug development. In fields such as disease diagnosis, NGS is used to identify genetic markers for various conditions, including cancers. Pharmaceutical companies also rely on NGS to discover potential therapeutic targets and biomarkers for drug development. The integration of NGS into these areas has significantly increased the demand for molecular diagnostics, making it an essential tool for supporting research and the development of personalized medicine. 

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Market Challenges

• The diagnostics industry is witnessing significant growth in the molecular diagnostics market due to the increasing prevalence of diseases and the need for accurate and rapid diagnosis. Molecular diagnostics is a key area of innovation in healthcare, with instruments and assays used for disease detection and diagnosis in hospitals and clinical laboratories. The market for molecular diagnostics is dominated by cancer, with a focus on oncology and POC testing. Companies like Grifols, Qiagen, and FDA-approved products are leading the market. The molecular diagnostics market is driven by the adoption of advanced techniques such as Polymerase Chain Reaction (PCR), DNA and RNA sequencing, and mass spectrometry. The market is also witnessing advances in genetic testing for diseases like obesity, HPV, and infectious diseases such as HIV and Hepatitis. The molecular diagnostics market is expected to continue its growth trajectory due to the increasing incidence of diseases, regulatory approvals, and commercialization of new tests and solutions. The market is also witnessing in partnerships and collaborations between diagnostics companies and healthcare organizations to expand their foothold in the market. The molecular diagnostics market report highlights the market size, share, and growth opportunities in various segments, including assays, diseases, end users, and regions. The report also provides insights into the market challenges, trends, and developments, including pricing, regulatory approvals, and clinical applications. The molecular diagnostics industry is a critical component of healthcare infrastructure, providing accurate and timely diagnosis for patients, enabling effective treatment decisions, and improving patient outcomes. The market is expected to continue its growth, driven by the increasing needs of the population and the advancements in molecular diagnostics technologies.
• In the realm of molecular diagnostics, the use of advanced testing equipment is crucial for accurate and timely disease identification. However, the high cost of these modern diagnostic products necessitates medical reimbursement for widespread adoption. In the US, the Centers for Medicare and Medicaid Services offer reimbursement for select diagnostic test kit products. Several private and government initiatives also provide reimbursement facilities in the US and parts of Europe. Securing reimbursement and funding for diagnostic tests, particularly genetic tests, is a complex process. Payers and purchasers require a clear understanding of the test's value, making research essential. Healthcare costs and increased treatment demands impact reimbursement structures in the US and European countries.

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Segment Overview

This molecular diagnostics market report extensively covers market segmentation by

1. Product 
• 1.1 Instruments
• 1.2 Reagents and kits
2. Application 
• 2.1 Infectious diseases
• 2.2 Oncology
• 2.3 Blood screening
• 2.4 Microbiology
• 2.5 Others
3. Geography 
• 3.1 Asia
• 3.2 Europe
• 3.3 North America
• 3.4 Rest of World (ROW)

1.1 Instruments- Molecular diagnostic instruments have experienced notable advancements in the last five years, with the introduction of faster and more precise nucleic acid amplification techniques such as Polymerase Chain Reaction (PCR) and isothermal amplification methods. Furthermore, the emergence of next-generation sequencing (NGS) platforms has significantly transformed genomic analysis. These tools are essential in research and development initiatives spanning various sectors, including genomics, pharmaceuticals, and biotechnology. Scientists and researchers utilize molecular diagnostic instruments to execute genetic analysis, discover new biomarkers, and examine disease mechanisms. The market growth for molecular diagnostic instruments is fueled by continuous research and development activities, leading to a positive outlook for the global molecular diagnostics market during the forecast period.

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Research Analysis

Molecular diagnostics is a subfield of healthcare that utilizes genetic testing and molecular analysis for the diagnosis and research of various diseases. This innovative approach to diagnostics provides precision and accuracy unlike traditional methods. Laboratories use molecular diagnostics to detect biomarkers and sequence genomes from medical samples, leading to faster and more personalized treatment plans. The growth of this field is driven by the increasing demand for early and accurate disease diagnosis, as well as the advancements in genomics and biotechnology. Molecular diagnostics plays a crucial role in clinical research and development, enabling the identification of new biomarkers and therapeutic targets. Overall, molecular diagnostics is revolutionizing the healthcare industry by providing more precise and effective methods for disease detection and treatment.

Market Research Overview

Molecular diagnostics is a segment of the diagnostics industry that utilizes techniques such as Polymerase Chain Reaction (PCR), DNA and RNA sequencing, and mass spectrometry to detect diseases and biomarkers at the molecular level. The molecular diagnostics market encompasses a range of products, including instruments, assays, and reagents, used for the diagnosis of various diseases, from cancer to infections, in hospitals, laboratories, and healthcare facilities. The market's growth is driven by the increasing prevalence of diseases, adoption of molecular testing in oncology and other clinical applications, and innovation in POC testing and genetic diagnostics. The market is dominated by a few key players, but advances in technology and commercialization are creating opportunities for new entrants. Some countries, such as Spain and Italy, are expected to see significant growth in the molecular diagnostics market due to increasing healthcare infrastructure and population needs. The market includes IVD companies, diagnostics companies, and service providers, with a focus on accuracy, flexibility, and regulatory approvals. The market for molecular diagnostics is expected to continue due to the increasing incidence of diseases, advances in technology, and the growing demand for personalized medicine and faster, more accurate results for patient treatment decisions. The market includes segments such as assays, reagents, and platforms, with a focus on cancer, infectious diseases, and genetic testing. The FDA and other regulatory bodies play a key role in market approval and pricing, while partnerships and collaborations between organizations are driving market growth and development. The market opportunities are vast, with applications in pathology, oncology, infectious diseases, and healthcare infrastructure, among others. The market is expected to continue its dominance in the diagnostics industry, providing valuable information and solutions for healthcare providers and clients.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Instruments
• Reagents And Kits
• Application
• Infectious Diseases
• Oncology
• Blood Screening
• Microbiology
• Others
• Geography
• Asia
• Europe
• North America
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio