Molecular Diagnostics Market to Surpass $50.9 Billion in 2030

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Aug 24, 2022, 10:15 ET

DUBLIN, Aug. 24, 2022 /PRNewswire/ -- The "Molecular Diagnostics Market Size, Share, Trends, By Product & Services, By Technology, By Application, By End-use and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global molecular diagnostics market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report. The rising prevalence of infectious diseases and cancer is anticipated to fuel demand for molecular diagnostic tests.

Molecular diagnostics is a rapidly evolving field in healthcare that uses nucleic acid-based tests to detect and characterize the genetic content of diseases. It helps in the early diagnosis of disease and can guide personalized treatment decisions. Molecular diagnostic tests are used for various applications, including infectious disease testing, oncology testing, genetic testing, and pharmacogenomics.

Key factors boosting global market revenue growth are the rising prevalence of infectious diseases and cancer, the ever-growing geriatric population, and the increasing demand for personalized medicine. The rapidly evolving field of molecular diagnostics is being used in the early detection, diagnosis, and treatment of various chronic and infectious diseases such as cancer, human immunodeficiency virus (HIV), and hepatitis.

The increasing adoption of point-of-care (POC) testing and the development of novel assays are expected to create significant growth opportunities for the molecular diagnostics market. POC testing is convenient and can provide rapid results, which is expected to increase its adoption in the coming years. In addition, the launch of new products and the expansion of existing product portfolios are expected to drive market growth. For instance, in November 2019, Roche launched two new next-generation sequencing (NGS) panels for cancer diagnosis.

The increasing number of regulatory approvals is another major factor driving the growth of the molecular diagnostics market. For instance, in March 2019, the U.S. Food and Drug Administration (FDA) approved Foundation Medicine's FoundationOne CDx as a complementary diagnostic for all solid tumors. The approval was based on data from a pivotal clinical trial, which showed that the test accurately identified patients who were likely to respond to certain FDA-approved treatments.

The high cost of molecular diagnostics tests is a major factor restraining the growth of the market. Molecular diagnostics tests are expensive, and not all insurance companies cover them. This is expected to hamper the growth of the molecular diagnostics market in the coming years.

Market Dynamics

Market Drivers

Growing Research in Molecular Pathology
Rising Use of High Throughput Sequencing Technologies

Market Restraints

Time-Consuming Approval Mechanism
Shortage of Trained Medical Personnel
Insufficient Research Funding in Developing Economies

For the purpose of this report, the publisher has segmented the molecular diagnostics market based on product & services, technology, application, end-use, and region:
Product & Services Outlook (Revenue, USD Billion; 2018-2030)

Reagents & Kits
Instruments
Services & Software

Technology Outlook (Revenue, USD Billion; 2018-2030)

Polymerase Chain Reaction (PCR)
Isothermal Nucleic Acid Amplification Technology
DNA Sequencing & Next-generation Sequencing (NGS)
In Situ Hybridization
DNA Microarray
Other Technologies

Application Outlook (Revenue, USD Billion; 2018-2030)

Infectious Diseases
Hepatitis
Human Immunodeficiency Virus (HIV)
Chlamydia Trachomatis / Neisseria Gonorrhoeae(CT/NG)
Healthcare-associated Infections (HAIS)
Human Papillomavirus (HPV)
Tuberculosis
Influenza
Other Infectious Diseases
Oncology
Breast Cancer
Colorectal Cancer
Lung Cancer
Prostate Cancer
Other Cancers
Genetic Tests
Other Tests

End-use Outlook (Revenue, USD Billion; 2018-2030)

Hospitals
Diagnostic Laboratories
Others

Regional Outlook (Revenue, USD Billion; 2018-2030)

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Molecular Diagnostics Market Segmentation & Impact Analysis

Chapter 5. Molecular Diagnostics Market By Product & Services Insights & Trends

Chapter 6. Molecular Diagnostics Market By Technology Insights & Trends

Chapter 7. Molecular Diagnostics Market By Application Insights & Trends

Chapter 8. Molecular Diagnostics Market by End-use Insights & Trends

Chapter 9. Molecular Diagnostics Market Regional Outlook

Chapter 10. Competitive Landscape

Chapter 11. Company Profiles

Companies Mentioned