Molecular Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Products and Services (Reagents and Kits, Instruments, Services and Software), By Technology (Polymerase Chain Reaction (PCR), Sequencing, In-situ hybridization, Chips and microarrays, Mass spectrometry, Others), By Application (Infectious disease, Oncology testing, Genetic testing
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMolecular Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Products and Services (Reagents and Kits, Instruments, Services and Software), By Technology (Polymerase Chain Reaction (PCR), Sequencing, In-situ hybridization, Chips and microarrays, Mass spectrometry, Others), By Application (Infectious disease, Oncology testing, Genetic testing
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 15.28 Billion |
| CAGR (2023-2028) | 7.14% |
| Fastest Growing Segment | Polymerase Chain Reaction (PCR) |
| Largest Market | North America |
Market Overview
Key Market Drivers
Boosting Prevalence of Chronic Ailments
Modernizing Healthcare Infrastructure
Large Outbreaks of Bacterial and Viral Epidemics
Rising Technological Advancements
Key Market Challenges
High Cost of Molecular Diagnostics
High Initial Installation Costs
Key Market Trends
Increasing Demand for Point-of-Care Diagnostics
Recent Advancements in Pharmacogenomics
Segmental Insights
Products and Services Insights
Based on the products and services, owing to the substantial cost of equipment and the need for frequent replacement or updates, the instruments category accounted for the largest revenue share of the market in 2022. The demand for molecular diagnostic tools is also projected to increase due to the growing prevalence of chronic diseases such as cancer, genetic disorders, and infectious diseases, necessitating more advanced diagnostic methods. During the forecast period, the reagents & kits segment is anticipated to exhibit the highest revenue growth. This growth can be attributed to the rising demand for companion diagnostics and personalized medicine, both of which require specially formulated reagents and kits for specific applications. The market for reagents and kits is also expected to expand with the introduction of novel and cost-effective diagnostic assays for infectious diseases, genetic disorders, and cancer.
The software segment is expected to experience significant expansion throughout the forecast period due to the increasing use of Laboratory Information Management Systems (LIMS) and electronic health record (EHR) systems. The integration of molecular diagnostic software with electronic medical records is anticipated to enable more precise and effective patient diagnosis and treatment. Moreover, the development of Artificial Intelligence (AI) and Machine Learning (ML) technologies is expected to fuel the expansion of molecular diagnostic software, enabling automated analysis of large datasets.
Application Insights
Based on the application segment, application-based divisions of the global molecular diagnostics market encompass infectious diseases, cancer, genetic testing, blood screening, and others. The infectious diseases segment is projected to lead the market in 2028 in terms of revenue share. This growth can be attributed to the increased prevalence of infectious diseases worldwide, particularly in underserved regions. The expanding market is driven by the growing demand for timely and accurate diagnosis of infectious diseases, aided by cutting-edge molecular diagnostic technologies such as PCR and NGS.
During the forecast period, the oncology segment is also expected to experience significant expansion. This can be attributed to the rising incidence of cancer worldwide and the growing need for personalized therapy. Molecular diagnostic techniques have revolutionized the field of oncology by providing precise and detailed information about the genetic makeup of tumors. These tests assist in determining the most effective treatment approach and monitoring treatment efficacy. The availability of immunotherapies and targeted treatments has further increased the demand for molecular diagnostics in oncology. The genetic testing segment is also anticipated to undergo substantial growth during the forecast period. This market is expanding due to the increasing demand for prenatal and newborn screening, as well as the rising prevalence of genetic diseases. The accessibility of advanced molecular diagnostic procedures like whole genome sequencing and gene editing technologies further fuels the expansion of the molecular diagnostics market.
Regional Insights
Recent Developments
- In March 2023, Illumina Inc., a US-basedcompany specializing in DNA sequencing and array-based technologies, partneredwith GenoScreen to introduce a comprehensive package. This package combinesIllumina products with the GenoScreen Deeplex Myc-TB assay, a targetednext-generation sequencing (NGS) based test. The objective is to enable rapidand extensive detection of anti-TB drug resistance.
- In March 2023, Oxford Gene Technologysuccessfully launched eight CytoCell fluorescence in situ hybridization probes.These probes have obtained certification for clinical use in compliance withthe In Vitro Diagnostics Regulation (IVDR) in Europe.
- In 2021, Roche Diagnostics introduced a newpolymerase chain reaction (PCR) test for the detection of COVID-19. Named theCobas SARS-CoV-2 & Influenza A/B Test, this test is specifically designedto differentiate between COVID-19 and influenza. Remarkably, it can deliverresults in less than four hours.
Key Market Players
- F Hoffmann-la Roche Ltd
- Illumina Ltd
- Hologic Corporation
- Agilent Technologies Inc.
- Qiagen NV
- Grifols S.A.
- Becton, Dickinson and Company
- Abbott Laboratories, Inc.
- Biomerieux SA
- Bio-Rad Laboratories Inc.
- Sysmex Corporation
| By Products and Services | By Technology | By Application | By End User | By Region |
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