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Molecular Diagnostics Market : High CAGR In Future With Industry Demand and Focusing Key Players by 2028

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Molecular Diagnostics Market : High CAGR In Future With Industry Demand and Focusing Key Players by 2028

September 27
19:09 2022
Molecular Diagnostics Market : High CAGR In Future With Industry Demand and Focusing Key Players by 2028
Molecular Diagnostics Market
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

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 by Reports and Data. Government initiatives to promote molecular testing, increasing geriatric population, and rising cases of various infectious diseases across the world are key factors boosting global market revenue growth.

Increased investment in molecular diagnostics Research & Development (R&D) for development of advanced tools and methods for early diagnosis of cancer and other diseases is driving growth of molecular diagnostic market. Increase in funding by government across the globe for development of advanced testing kits & instruments and infrastructural developments in healthcare sector are further supporting market revenue growth. With the ability to identify specific genetic variations in patients, molecular diagnostics represents an invaluable tool kit for current health professionals who can chart highly individualized treatment plans for their patients. Therefore, molecular diagnostic techniques have gained rapid traction over the last few years and are widely used in laboratories, research institutes, and hospitals for various purposes.

Testing and screening operations are becoming advanced as molecular diagnostics are being utilized broadly for amplification and discovery purposes. Increasing adoption of self-testing kits is fueling growth of the market. However, many hospitals and reference laboratories in developing countries find it difficult to afford costly instruments & kits. This is expected to hamper global market growth in the coming years.

  Some Key Highlights from the Report:

  • In November 2021, Hoffmann-La Roche, a Switzerland-based company, launched cobas 5800 System, a new molecular laboratory instrument, in countries accepting the CE mark. It is built upon the innovation of the cobas® 6800 and cobas® 8800 systems, making molecular testing accessible to more patients around the world.
  •  
  • In 2020 reagents & kits segment accounted for largest revenue share. Increasing investments by market players to develop improved and effective kits to cater to rising diseases and high demand for reagents & kits in research, clinical laboratories, and hospitals are fueling segment revenue growth.
  • Polymerase chain reaction (PCR) segment revenue is expected to register significant growth rate over the forecast period because of increasing usage of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
  •  
  • Infectious disease segment accounted for largest revenue share in 2020. As prevalence of infectious diseases worldwide is rising, need for early detection and treatment of these diseases is also increasing, which is boosting demand for molecular diagnostic kits.
  •  
  • Diagnostic laboratories segment revenue is expected to register high growth rate during the forecast period due to constantly rising demand for molecular diagnostic tests to detect infectious diseases and cancer.
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  • Market in Asia Pacific is expected to register high revenue growth rate during the forecast period. Rapid revenue growth is attributed to growing awareness about early detection of disease, high patient pool, rapid developments in healthcare infrastructure and facilities, and ongoing research on diagnostic procedures.

 

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

  Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

Abbott, F. Hoffmann-La Roche Ltd, QIAGEN, Danaher, Hologic Inc., Becton Dickinson and Co (BD), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., and Cepheid.

  Molecular Diagnostics Market Segmentation:

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:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

  Frequently asked questions addressed in the report:

  • What is the revenue growth rate of the global Molecular Diagnostics market over the forecast period?
  • What are the major factors driving the growth of the Global Molecular Diagnostics Market?
  • What are the key challenges impacting the global Molecular Diagnostics market growth?
  • What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.

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  About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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