The global molecular diagnostics market size is expected to surpass around US$ 37.19 Bn by 2030 and it is estimated to expand at a CAGR of 11.1% from 2021 to 2030.
The global molecular diagnostics market size is expected to surpass around US$ 37.19 Bn by 2030 and it is estimated to expand at a CAGR of 11.1% from 2021 to 2030.
Even though elective procedures have been postponed indefinitely during the ongoing COVID-19 outbreak, healthcare facilities are ensuring continuity in services for key sectors such as blood screening and detection of infectious diseases, among others. However, in many cases, it has been found that late diagnosis of any disease results in rise in the cost of treatment. Hence, companies in the molecular diagnostics market should increase R&D to enable early detection of diseases and invest in marketing of tests to increase awareness about its advantages for early disease diagnosis. Alternatively, the strong growth of molecular diagnostics in Germany can be attributed to the government’s focus on healthcare investments, enhancing the biotechnology sector, and increasing the number of biotechnology companies in the country.
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North America and Asia Pacific Witnessing Change in Molecular Diagnostics
North America dominated the global molecular diagnostics market in 2020, followed by Europe. The region’s dominance can be attributed to the increase in diagnostic facilities and emergence of new players in the region. North America is the leading market for molecular diagnostics due to rise in investments by governments in support of molecular diagnostic tests. Surge in incidence of cancer and unhealthy lifestyle leading to severe infectious diseases are fueling growth of the molecular diagnostics market in the region. Other factors such as large geriatric population and rise in demand for personalized medicines are expected to augment the market in North America.
Emerging markets in Asia Pacific hold immense growth potential due to initiatives taken by governments to promote healthcare and robust economic growth. Moreover, improving purchasing power, consumer awareness about health issues, and better disease management are expected to boost the growth of the molecular diagnostics market in Asia Pacific.
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Report Scope |
Details |
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Market Size By 2030 |
USD 37.19 Billion |
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Growth Rate from 2022 to 2030 |
CAGR of 11.1% |
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Largest Market |
North America |
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Fastest Growing Region |
Asia Pacific |
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Base Year |
2021 |
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Forecast Data |
2022 to 2030 |
Unprecedented Demand for RT-PCR Test During COVID-19 Pandemic Propelling Market Growth
In order to keep the economies running amid the ongoing COVID-19 outbreak, companies in the global molecular diagnostics market are increasing R&D in PCR (Polymerase Chain Reaction) & real-time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing, etc.
The PCR & real-time PCR segment accounted for a leading revenue share of the global market in 2020. The segment is likely to witness strong growth during the forecast period, as the PCR technique is a cost-effective way of copying or amplification of small segments of DNA or RNA. The unprecedented demand for RT-PCR test during the ongoing pandemic is propelling the market growth.
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Lack of Awareness about Molecular Diagnostic Tests Affecting Market Expansion
Less awareness and ambiguity about diagnostic techniques for detecting various infectious & chronic diseases is a major factor limiting the penetration of tests, such as HIV test, healthcare acquired infection test, and rapid molecular tests in the mycobacterium tuberculosis into the molecular diagnostics market. Therefore, small and medium community medical practitioners in emerging economies such as China and India need to be educated about the availability of these tests, and how these can be used for the prevention and diagnosis of chronic diseases. Stakeholders in the molecular diagnostics market should increase marketing and awareness about molecular diagnostic tests to increase its acceptance among people in developing economies.
Increase in Adoption of Molecular Diagnostic Devices in Europe Driving Global Market
Companies in the Europe molecular diagnostics market are focusing on hospitals, diagnostic laboratories, academic & research institutes, and pharmaceutical & biotechnology companies to expand their business activities. Pharmaceutical and biotechnology companies are anticipated to be the fastest growing segment, owing to their increasing investments on research that contributes to the growth in adoption of molecular diagnostic devices. This segment is closely trailed by academic and research institutes. The growth in this segment can be attributed to the increasing public and private funding for research. European funding organizations are supporting innovative companies in the development of new products and are conducting annual PCR conferences to identify potential innovators of PCR technology.
Automation Technologies Growing Prominent in Molecular Diagnostics
The demand for molecular diagnostic systems has been increasing, owing to the increasing automation in the research process. These systems aid in automating the process of DNA extraction, amplification, and recording the analysis of data. In addition, these systems offer a range of advantages such as increased efficiency, correctness of the data, and decrease in the time required for results, which contribute to garner market growth.
Companies are increasing efforts toward high-throughput molecular testing of infectious diseases. They are entering into agreements to provide molecular diagnostic tests, which are designed for the detection of various pathogens with a single patient sample.
Molecular Diagnostics Market – Scope of Report
The global molecular diagnostics market for the historical period 2017–2019 and forecast period 2021–2030, increase in geriatric population, rise in demand for personalized health care, and surge in awareness about molecular diagnostics are the key factors projected to drive the global molecular diagnostics market during the forecast period
Rise in Prevalence Infectious Diseases and Cancer: Key Driver
According to the World Health Organization (WHO), cancer accounts for 8.3 million deaths globally each year, with 70% new cancer cases expected to be reported in the next 20 years. Each cancer type requires unique treatment. Hence, rise in prevalence of cancer and the need of personalized medicine are expected to drive demand for molecular diagnostics during the forecast period. This is likely to provide significant opportunities to players in the market, as it is still in a nascent stage.
Increase in Government Investment in Diagnostic Health Care to Boost Market Growth
Governments of several countries are investing in diagnostic health care. According to the World Bank, global public expenditure was 6% of the GDP.
In the past few years, the health care spending in the U.S. increased by 5.8% to reach US$ 3.2 Trn. The overall share of the U.S. economy devoted to health care spending was 17.8% in 2015, up from 17.4% in 2014.
In 2014, total health care expenditure of the general government in Europe was 7.2% of GDP
Lack of Awareness to Hamper Market
Less awareness and ambiguity about diagnostic techniques for detecting various infectious and chronic diseases is a major factor limiting the penetration of tests, such as HIV test, health care acquired infection test, and rapid molecular tests for mycobacterium tuberculosis, into the molecular diagnostics market. Therefore, small and medium community medical practitioners in emerging economies such as China and India need to be educated about the availability of these tests and how these can be used for the prevention and diagnosis of chronic diseases.
Late diagnosis of any disease results in increase in the cost of treatment
Molecular Diagnostics Market: Competition Landscape
This report profiles major players in the global molecular diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global molecular diagnostics market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global molecular diagnostics market are
- Abbot Laboratories
- Becton
- Dickinson and Company
- Bio-Rad Laboratories, Inc.
- bioMérieux SA
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- QIAGEN N.V.
- Siemens AG
- Thermo Fisher Scientific, Inc., among others
Key Questions Answered in Global Molecular Diagnostics Market Report
- What is the scope of growth of companies in the global molecular diagnostics market?
- What will be the Y-o-Y growth of the global molecular diagnostics market between 2021 and 2028?
- What is the influence of changing trends in technologies on the global molecular diagnostics market?
- Will North America be the most profitable market for molecular diagnostics devices providers?
- Which factors are anticipated to hamper the growth of the global molecular diagnostics market during the forecast period?
- Which are the leading companies in the global molecular diagnostics market?
Molecular Diagnostics Market – Segmentation
Technology
- PCR & Real-time PCR
- Hybridization
- Microarray
- Transcription-mediated Amplification
- Next-Generation Sequencing
- Others
Application
- Infectious Diseases
- Virology
- Bacteriology
- Oncology
- Blood Screening
- Microbiology
- Genetic Testing
- Women’s Health
End-user
- Hospitals
- Diagnostic Laboratories
- Blood Banks
- Academics & Research
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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