Rising Expenditure for Molecular Diagnosis Products is Anticipated to Boost the Global Molecular Diagnostics Market in the Forecast Period

The growing occurrence of infectious diseases and cancer worldwide has increased the adoption of molecular diagnostics. As per the records of the World Health Organization in 2020, cancer is one of the top causes of death and resulted for around 10 million deaths in the year 2020. The major market players are now primarily focused on technological advances in molecular diagnostics and are also involved in collaboration and partnerships with many other organizations.    

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Data Bridge Market Research analyses that the Global Molecular Diagnostics Market was valued at USD 17.8 billion in 2021 and is expected to reach USD 46.65 billion by 2029, registering a CAGR of 12.8% during the forecast period of 2022-2029. The increasing demand for the molecular diagnostics across different sector will provide potential opportunities for the market growth in the forecast period.

The increasing prevalence of infectious diseases and cancer is expected to drive the market's growth rate

The increasing incidence of infectious diseases and cancer is a major factor for boosting the growth of the molecular diagnostics market in the upcoming future. Patients suffering from infectious diseases and cancer are provided with a prescription for molecular diagnostics tests that will increase the market growth. Additionally, molecular diagnostics tools assist in the diagnosis of the disease at an early stage and could help prevent death.

For instance,

• In 2020, as per the U.S. Department of Health & Human Services, around 37.6 million people were suffering from HIV globally out of which 35.9 million are adults

Report Scope and Market Segmentation

Segment Analysis:

The global molecular diagnostics market is segmented into four notable segments based on the products, technology, application and end user.

• On the basis of products, the global molecular diagnostics market is segmented into reagents & kits, instruments and services & softwares.

The instruments segment of product type is anticipated to dominate the molecular diagnostics market

The instruments segment is expected to dominate the molecular diagnostics market with a market share of 45.2% because of the increase in demand for advanced technology to diagnose diseases such as cancer, infectious diseases, and others.

• On the basis of technology, the global molecular diagnostics market is segmented into mass spectrometry (MS), capillary electrophoresis, next generation sequencing (NGS), chips and microarray, polymerase chain reaction (PCR)-based methods, cytogenetics, in situ hybridization (ISH or FISH), molecular imaging and others.

The polymerase chain reaction (PCR)-based methods segment of technology type is anticipated to dominate the molecular diagnostics market

The polymerase chain reaction (PCR)-based methods segment is expected to dominate the molecular diagnostics market with a market share of 41.55% because of the increased demand for PCR kits to diagnose COVID-19 and restrict the pandemic

• On the basis of application, the global molecular diagnostics market is segmented into oncology, pharmacogenomics, microbiology, prenatal tests, tissue typing, blood screening, cardiovascular diseases, neurological diseases, infectious diseases, and others. The infectious diseases segment is expected to dominate the molecular diagnostics market with a market share of 35.30% because of the increase in infectious diseases such as COVID-19, flu, AIDS, and others and the higher demand for highly efficient molecular diagnostics technology
• On the basis of end user, the global molecular diagnostics market is segmented into hospital, clinical laboratories, academics and others. The clinical laboratories segment is expected to dominate the molecular diagnostics market with a market share of 48.8% because of the increasing number of patients with numerous illnesses and the rising need for diagnostics instruments

Major Players

Data Bridge Market Research recognizes the following companies as the major molecular diagnostics market players in molecular diagnostics market are F. Hoffmann-La Roche Ltd(Switzerland), Hologic, Inc., (U.S), bioMérieux (France), Abbott (U.S), QIAGEN (Netherlands), Thermo Fisher Scientific (U.S), Siemens (Germany), Danaher (U.S), Myriad Genetics Inc. (U.S.), Illumina Inc. (U.S), Agilent Technologies Inc. (U.S.), BD (U.S), DiaSorin S.p.A (Italy), Grifols S.A. (Spain), Quidel Corporation(U.S.)

Market Development

• In 2021, according to MM Activ Sci-Tech Communications' records, PerkinElmer, Inc launched a highly sensitive PoC antigen test. PerkinElmer COVID-19 Antigen Test is used for the detection of SARS-CoV-2 nucleocapsid protein antigen in nasal (NS) or nasopharyngeal (NP) swab specimens
• In 2020, Roche Diagnostics India launched the Cobas 8800 instrument at the National Institute of Cholera and Enteric Diseases, Kolkata, and Cobas 6800, to assist with SARS CoV-2 diagnostic testing. The Roche Cobas 6800/8800 systems deliver test findings in three and a half hours, allowing higher operational efficiency, flexibility, and the quickest time-to-results.
• In 2020, Abbott launched a new point-of-care product ID NOW which has been approved by FDA for Emergency Use Authorization (EUA), and it enables rapid testing for COVID-19 in less than 5 minutes

 Regional Analysis

Geographically, the countries covered in the molecular diagnostics market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa

As per Data Bridge Market Research analysis:

North America is the dominant region in molecular diagnostics market during the forecast period 2022 to 2029

North America dominates the molecular diagnostics market due to the rising per capita healthcare expenditure and increasing demand for better healthcare facilities within the region.  

Asia-Pacific is estimated to be the fastest-growing region in molecular diagnostics market the forecast period 2022 to 2029

Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 because of the high geriatric population, growing cancer and infectious disease prevalence in countries and the growing healthcare infrastructure within the region.

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