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Molecular Diagnostics Market size to exceed $ 29.5bn by 2028

  • Published Date: February 10, 2022

Molecular Diagnostics Market size is set to exceed USD 29.5 Billion by 2028, according to a new research report by Global Market Insights Inc.
 

Technological advancement and surging number of infectious diseases worldwide are few aspects that are expected to drive the market growth over the forthcoming years. Similarly, numerous government initiatives to enhance the overall healthcare facilities in developing economies will further foster the molecular diagnostics industry outlook.
 

Increasing incidence of infectious diseases will fuel the market progression

The rising incidence of infectious diseases in developed as well as developing countries will spur the molecular diagnostics market over the forecast period. Infectious diseases such as COVID-19, HIV, and tuberculosis results in various health complications that require proper diagnosis, management, and treatment. This in turn, surges the demand for molecular diagnostics, thereby augmenting the market progression.
 

Furthermore, several market players are undertaking various initiatives such as new product launches and programs for better patient care. For instance, in July 2019, Roche expanded its Global Access Program beyond HIV to include different tests for human papillomavirus, hepatitis as well as tuberculosis. This program improves the access to early detection in developing countries that fosters the industry expansion.
 

Increasing use of reagents and kits will upsurge the molecular diagnostics industry expansion

Based on product, the molecular diagnostics market is classified into instruments as well as reagents, and kits. Among these, reagents and kits segment exceeded USD 38.2 billion revenue in 2021. The major market participants are focusing on the development of advanced diagnostics kits that benefits the molecular diagnostics market growth. For instance, in August 2020, Illumina launched NovaSeqTM 6000 v1.5 reagent kit to make whole genome sequencing more accessible and affordable for laboratories. This strategy helped the company to enhance its product portfolio and attracted large customer base thus proving beneficial for the market statistics.
 

Browse key industry insights spread across 220 pages with 333 market data tables & 15 figures & charts from the report, Molecular Diagnostics Market Statistics By Product (Instruments, Reagents & Kits), Technology (Polymerase Chain Reaction [PCR], Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology [INAAT], Microarrays), Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RSV, Flu, Tuberculosis}, Oncology Testing, Genetic Disease Testing), End-use (Diagnostics Laboratories, Hospitals & Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/molecular-diagnostics-market-report
 

Growing awareness about hybridization technique for disease diagnosis will ramp up the market growth over the projected years

Based on the technology, the molecular diagnostics market is classified into hybridization, polymerase chain reaction (PCR), sequencing, isothermal nucleic acid amplification technology (INAAT), microarrays, and others. The hybridization segment accounted for more than 4% revenue share in 2021 and the trend will continue to rise in the near future. Hybridization is a low-cost and specific technique that allows the detection of nucleic acid directly from the sample without prior nucleic acid amplification.
 

In addition, the leading market players and research institutes are now focusing towards developing fluorescence in situ hybridization (FISH) probes to visualize COVID-19 RNA in the infected cells. Such factors will drive the segmental as well as market development. For instance, in October 2021, the University of Oxford collaborated with Public Health England School for researching a method to detect the COVID-19 virus in 20 minutes using in situ hybridization. Such developments will facilitate molecular diagnostics market expansion in the forthcoming years.
 

Surging prevalence of cancer will augment the market share over the years

Based on application, the molecular diagnostics market is classified into infectious disease diagnostics, oncology testing, genetic disease testing and others. The oncology testing segment held around 9.5% CAGR through 2028, owing to the rising prevalence of cancer across the globe.
 

Furthermore, increasing new product launches and advancements in cancer genome sequencing technology such as liquid biopsy assays will further enhance the molecular diagnostic market progression.
 

Surging number of lab tests will drive the industry landscape

The molecular diagnostics market based on the end-use is classified as diagnostic laboratories, hospitals and clinics, and others. The diagnostics laboratories segment surpassed USD 15.5 billion in 2021. Factors such as surging lab tests and rising preference towards diagnostics laboratories due to presence of advanced technologies and cost-effective treatment will fuel market trends. For instance, according to American Clinical Laboratory Association, in the U.S., every year more than 7 billion clinical lab tests are performed thus, proving beneficial for the business outlook.
 

Highly competitive molecular diagnostic market in Europe will contribute to industry expansion

European molecular diagnostic market held around 39% market share in 2021. The regional market growth is attributed to the increasing number of people diagnosed with infectious disease and growing awareness regarding availability of advanced technologies. For instance, according to European Centre for Disease Prevention and Control (ECDCC), in 2020, approximately 104,765 people were newly diagnosed with HIV in Europe. Additionally, rising geriatric population, growing healthcare expenditure, recent advancements in pharmacogenomics and growing demand for point-of-care diagnostics are other few factors driving the regional market expansion.
 

Major business leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent industry players operating in the molecular diagnostics market include Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Company, Biocartis, Biomerieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Hologic, Inc., Illumina, Inc., Qiagen, Quidel Corporation, Siemens Healthineers AG, Sysmex Corporation, and Thermo Fisher Scientific among others.
 

These industry players are involved in various strategic collaborations, mergers, and acquisitions to sustain the industry’s competitiveness and to strengthen their market value. For instance, in April 2020, Qiagen announced partnership with LabCorp (Monogram Biosciences) to provide physicians and patients with faster access to new, genomically targeted drugs that are becoming increasingly important therapies for cancer patients. This strategy helped the company in securing its market position in the molecular diagnostics industry.
 

Authors: Sumant Ugalmugle, Rupali Swain