Enjoy complimentary customisation on priority with our Enterprise License!
The Molecular Diagnostics Market size is forecast to increase by USD 7.72 billion, at a CAGR of 5.96% between 2022 and 2027. The growth of the molecular diagnostics market depends on several factors, including increased prevalence of age-related diseases, global adoption of advanced treatment solutions, and high demand from developing countries. Additionally, molecular diagnostics are essential for early identification, assessment, and surveillance of conditions such as age-related disorders, cancer, etc., offering personalized insights into an individual's genetic tendencies, symptoms, disease advancement, and response to control methods and therapies. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample
Testing methodologies for molecular diagnostics have undergone a remarkable transformation, particularly within laboratory settings, where cutting-edge technology has revolutionized genetic analysis. Laboratories equipped with state-of-the-art tools and techniques now enable healthcare professionals to delve deep into the intricacies of genetic makeup. This advanced technology facilitates precise diagnoses, offering insights into genetic predispositions and potential health risks. Harnessing the power of genetic analysis through sophisticated testing methods has paved the way for personalized medicine and tailored treatment approaches, marking a significant milestone in modern healthcare practices.
The market is experiencing significant growth driven by advancements in precision pathology testing and laboratory technology. This sector focuses on genetic analysis, aiding healthcare professionals in accurate diagnosis and research of various diseases. Utilizing DNA and RNA samples, molecular diagnostics enable the detection of biomarkers, sequencing, and clinical testing for precise disease identification. With continuous innovation in genomics and molecular techniques, the market is witnessing substantial industry growth. Molecular diagnostics play a crucial role in modern healthcare, offering unparalleled precision and insights into disease mechanisms. As demand for accurate diagnostic tools rises, the molecular diagnostics industry remains at the forefront of medical innovation, shaping the future of healthcare diagnostics. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased prevalence of age-related diseases is the key driver for the growth of the precision pathology testing market. The rising geriatric population has shown a significant impact on the demand. Age-related diseases, such as cardiovascular diseases, cancer, neurodegenerative disorders, and chronic conditions like diabetes are seen as more susceptible in the individual's age.
Furthermore, molecular diagnostics play a crucial role in the early detection, diagnosis, and monitoring of these diseases, as they provide personalized information about an individual's genetic predisposition, disease symptoms and progression, and control measures and treatment response. With the rising population, there is a growing significance in disease prevention and early intervention. They enable the identification of genetic risk factors for certain diseases, allowing for targeted screening and preventive measures. Due to all such factors, the market growth is expected to witness growth during the forecast period.
Integration of next-generation sequencing (NGS) is the primary trend in the global market growth. Next-generation sequencing technologies have revolutionized molecular diagnostics by enabling high-level analysis of genetic information. Next-generation sequencing (NGS) allows for the significant analysis of multiple genes or entire genomes, these also provide comprehensive genetic profiling for disease diagnosis, symptoms, and treatment selection. NGS has become a necessary tool in genomics research and drug development.
Moreover, NGS is used to study the genetic basis of diseases such as, identify potential therapeutic targets, and discover novel biomarkers. The integration of NGS in these areas has shown a rise in the demand for molecular diagnostics. NGS technology has enlarged the test menu, improved diagnostic accuracy, facilitated personalized medicine, supported research and drug development, and reduced costs. These factors have collectively contributed to the increased demand in clinical practice and research settings, which in turn will propel the growth of the global market in focus during the forecast period.
Inadequate medical reimbursements is the major challenge for the global market growth. Owing to the modern diagnostic products which are expensive, medical reimbursement is important. As a result, limited reimbursements impact the use of these modern devices. For instance, in the US, the Centers for Medicare and Medicaid Services provide reimbursements for a few diagnostic test kit products.
Moreover, many private and government centers provide reimbursement facilities in the US and a few parts of Europe. for secure reimbursements process and funding for diagnostic tests, is difficult owing to the process since stakeholders must recognize the knowledge necessary by payers and purchasers through research. Factors such as high healthcare costs and increased demand for treatment care are affecting the reimbursement structures in the US and European countries. The lack of reimbursements for expensive diagnostic procedures and molecular diagnostic methods, this aspect may limit the market's expansion during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers molecular diagnostics test which supports COVID-19 test with automated, high throughput systems that meet different lab needs.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Molecular diagnostics is a branch of laboratory medicine that involves detecting and analyzing genetic material, such as DNA and RNA, to diagnose diseases, predict disease progression, select appropriate therapies, and monitor treatment response. It utilizes techniques and technologies that identify and characterize specific genetic sequences or alterations associated with various diseases or conditions. It encompasses a wide range of tests and methodologies that help healthcare professionals gain insights into individuals' genetic information.
The market is witnessing a revolutionary transformation propelled by advancements in laboratory technologies and diagnostic precision. Leveraging cutting-edge DNA and RNA sequencing techniques, molecular diagnostics enable clinicians to identify specific biomarkers associated with various diseases, enhancing clinical decision-making and patient care. Innovations in genomics and pathology have expanded the scope of molecular diagnostics, allowing for more accurate disease diagnosis and personalized treatment strategies. This market's growth is fueled by continuous technological innovations aimed at improving testing accuracy and efficiency.As the demand for precise and reliable diagnostic solutions continues to rise, the molecular diagnostic market remains at the forefront of medical innovation, driving improvements in patient outcomes and healthcare delivery.
The global market share growth by the instruments segment will be significant during the forecast period. In the past five years molecular diagnostic instruments have shown significant advancements. Advancements include the development of faster and more accurate nucleic acid amplification techniques like polymerase chain reaction(PCR) and isothermal amplification methods. In addition, the emergence of next-generation sequencing (NGS) platforms has revolutionized genomic analysis.
Get a glance at the market contribution of various segments View the PDF Sample
The instruments segment showed a gradual increase in the market share of USD 14.43 billion in 2017 and continued to grow by 2021. The rising demand for molecular diagnostic instruments is fulfilled by the continuous improvement and accessibility of these technologies. Moreover, molecular diagnostic instruments are essential in research and development efforts across various fields, including genomics, pharmaceuticals, and biotechnology. The demand for molecular diagnostic instruments is driven by ongoing research and development activities which will positively impact the growth of the global market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Asia is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Countries such as China, India, and Japan, have experienced outbreaks of infectious diseases, such as COVID-19, dengue, tuberculosis, and hepatitis. The rising demand for molecular diagnostic tests to detect and monitor these symptoms of diseases.
PCR-based tests have played an important role in diagnosing and tracking the spread of infectious diseases in the region. The growing middle-class population in Asia, coupled with increasing healthcare expenditures, has raised greater demand for advanced medical services, including molecular diagnostics. Additionally, Asia has become a popular destination for medical tourism, attracting individuals seeking high-quality healthcare services, including molecular diagnostic testing.
The market is revolutionizing healthcare with advancements in artificial intelligence, digital polymerase chain reaction, and RNA-Seq technologies, enabling precise cellular differentiation and treatment of cancer. It leverages techniques like fluorescence in situ hybridization and reverse transcription polymerase chain reaction for accurate diagnosis and monitoring of diseases such as influenza A virus and influenza B virus. With cost-effectiveness analysis driving adoption, they provide point-of-care testing solutions, enhancing efficiency and patient care. Compliance with regulations like the General Data Protection Regulation ensures data security and privacy in handling patient information. As a vital tool in epidemiology and organ transplantation, molecular diagnostics continues to evolve, offering insights into physiology and ageing for improved healthcare outcomes.
The molecular diagnostics industry is experiencing significant growth driven by advancements in the diagnostics industry and increasing awareness among patients. With innovation in molecular testing and assays, hospitals and healthcare facilities are adopting point-of-care (POC) solutions for faster results. Product development and commercialization efforts by diagnostics companies like Grifols are expanding the molecular diagnostics markets globally. In regions like Spain, Italy, and Latin America, the incidence of diseases like prostate cancer, lung cancer, and obesity is driving the demand for genetic testing and pathogens detection. Mass spectrometry and emergency use authorization for assays are further propelling market growth, establishing a strong foothold in the diagnostics industry.
This market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Molecular Diagnostic Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
Market growth 2023-2027 |
USD 7.72 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.98 |
Regional analysis |
Asia, Europe, North America, and Rest of World (ROW) |
Performing market contribution |
Asia at 34% |
Key countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Co., Bio Rad Laboratories Inc., Biocartis Group 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. |
Market dynamics |
Market trends and analysis, Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.