Market Overview
The Global Molecular Diagnostic Market is expected to have a value of
USD 27.3 billion in 2023, and it is further predicted to reach a market value of
USD 37.6 billion by 2032 at a
CAGR of 3.6%.
Molecular diagnostics play an important role in identifying many diseases like infectious, hereditary, cardiovascular, and neurological, conditions by analyzing molecules like RNA, DNA, & proteins in tissues or fluids. These tests use various techniques, like PCR, mass spectrometry, next-generation sequencing, in situ hybridization, & molecular imaging. They depend on strong technologies like DNA sequencing, gene expression analysis, & biomarker discovery to perfectly diagnose medical disorders.
Market Dynamic
The growing global population of elderly individuals is highly increasing the risk of various diseases, including cardiovascular conditions, cancer, obesity, neurological disorders, and diabetes. According to a UN report, in 2020, there were about 727 million people aged 65 & above across the globe, and this number is expected to double for those aged 80 & older by 2050. With aging-related physiological changes, lower immune function, & higher susceptibility to multiple illnesses, as the elderly are at greater risk, driving market growth.
However, the main challenge to market expansion is the stringent regulatory approval process, which is in place to ensure diagnostic accuracy & safety. Regulatory obstacles can be challenging due to the possibility of inaccurate results from diagnostic kits or inexperienced test operators. As a result, stringent regulations can restrain the market growth.
Research Scope and Analysis
By Product
Among the products in the molecular diagnostics market, the reagents segment commands the largest revenue share in 2023 and is projected to continue its dominance in the future due to its high utilization in both research & clinical environments. Standard reagents play a major role in ensuring accurate & efficient outcomes, making them indispensable. The consistency they provide, along with enhanced efficiency & affordability, is expected to drive market expansion.
Additionally, the rise in the use of instruments originally designed for other infectious diseases in the detection of coronavirus is set to further expand market growth. These adaptable instruments played a major role in strengthening the fight against the pandemic.
By Technology
The polymerase chain reaction (PCR) segment holds the largest share of revenue in 2023, mainly due to its main role in detecting COVID-19 & other infectious diseases. The growth in adoption of high-throughput PCR technology for identifying infectious & genetic diseases is set to drive the market growth significantly.
In addition, when it comes to sequencing technologies in the molecular diagnostics market, it includes DNA sequencing methods & emerging next-generation sequencing (NGS) technologies, containing sequencing platforms & RNA sequencing. Also, DNA sequencing plays a critical role in drug discovery, novel drug development, & personalized medicine. Companies are introducing new NGS-based tests for the early diagnosis of diseases.
Moreover, a valuable application is the in-situ hybridization (ISH) technique, which helps in understanding pathogenic processes & conducting molecular tests for cancer diagnosis, monitoring, and treatment. ISH technology is highly useful for investigating mRNA expression in preserved tissue samples & for molecular analysis of chromosomal integrity utilizing Fluorescence ISH (FISH). With the growth in a growing aging population susceptible to cancer, the use of ISH technology for cancer detection, & the introduction of new products, this technology segment is anticipated to experience high growth during the forecast period.
By Application
In terms of application, the infectious disease sector leads the molecular diagnostics market in terms of revenue in 2023, which is primarily driven by the high usage of molecular techniques, like PCR tests, for diagnosing COVID-19, which has made this segment the dominant force. In addition, technological developments like PCR & ISH have shown the shortcomings of traditional testing methods, like lengthy result turnaround times, limited in vitro growth, challenges in cultivating organisms in manually prepared culture media, & lower sensitivity.
Also, the oncology segment is expected to experience significant growth during the forecast period. According to the World Health Organization (WHO), in 2020, there were about 19.3 million new cancer cases globally, resulting in around 10.0 million deaths related to cancer. Further, cancer is projected to be the second most common cause of death in the United States. Moreover, in the recent past, the British
In Vitro Diagnostics Association announced the development of a commissioning framework for molecular diagnostics in oncology by NHS England, focused on enhancing the adoption & accessibility of oncology molecular diagnostics.
By End User
Hospitals & Clinics are expected to be the major driver to the growth of global molecular diagnostics market in coming years, as they have revolutionized healthcare by allowing hospitals & clinics to rapidly & accurately diagnose a range of medical conditions. These tests use advanced techniques to detect genetic, microbial, & protein markers in patient samples, enabling the identification of diseases like cancer, COVID-19, & genetic disorders.
They offer quick results, enabling timely treatment decisions, customized therapies, & infection control. In hospitals & clinics, molecular diagnostics are instrumental in disease screening, monitoring treatment effectiveness, & assisting patient management. Their precision & speed enhance patient care, minimize the spread of infectious diseases, & contribute to improved overall health outcomes.
The Molecular Diagnostic Market Report is segmented on the basis of the following
By Product
- Instruments
- Reagents
- Others
By Technology
- PCR
- ISH
- INAAT
- Chips & Microarrays
- Mass Spectrometry
- Sequencing
- TMA
- Others
By Application
- Oncology
- Pharmacogenomics
- Infectious Diseases
- Genetic Testing
- Neurological Disease
- Cardiovascular Disease
- Microbiology
- Others
By End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Others
Regional Analysis
Europe's contribution to the revenue stands to be
28.1% of total revenue in 2023, primarily driven by the growing number of infectious & chronic diseases, which has spurred research & development efforts, encouraging market growth. The region's high living standards & public awareness of the importance of early diagnosis, along with a well-established healthcare system, are major growth drivers.
Also, the Asia Pacific region is expected to have substantial growth in the coming years, which is driven by expanding market reach & a highly unmet need for
healthcare solutions. With a constantly growing patient population, an aim on early disease prevention & diagnosis, along with more accurate treatment options, the Asia Pacific market is expected to experience a significant growth.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The molecular diagnostics market is intensely competitive, featuring numerous prominent companies. However, due to technological progress & fresh product ideas, smaller to medium-sized firms are growing their market footprint by launching new, affordable devices in the market.
In April 2023, Biomérieux SA revealed a collaboration with Oxford Nanopore Technologies plc to unveil the latter's nanopore-driven molecular sensing technology to the field of infectious diseases, which tracks variations in electrical currents as genetic material flows through tiny protein pores, & then interprets these signals to show the accurate sequence of RNA or DNA, a valuable development in the detection & analysis of infectious diseases.
Some of the prominent players in the global Molecular Diagnostic Market are:
- Abbott
- Illumina Inc
- BD
- Biomerieux SA
- Danaher
- Hologic Inc
- Thermo Fisher Scientific
- Qiagen NV
- Myriad Genetics
- Sysmex Corp
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Molecular Diagnostic Market
The COVID-19 pandemic had an influential impact on the global molecular diagnostic market. As the virus spread, the need for molecular diagnostic tests, like PCR tests, skyrocketed, driving significant growth in the industry. These tests were critical for diagnosing & tracking the virus. However, the recession that accompanied the pandemic also imposed challenges. Economic uncertainties led to limited healthcare spending & delayed non-COVID-related diagnostic procedures.
Despite the initial surge in demand, the molecular diagnostic market experienced financial pressures. However, the pandemic showcased the importance of molecular diagnostics, encouraging innovation & investment in the field, which could lead to long-term growth opportunities as the healthcare industry adapts to the changing landscape.
| Report Characteristics |
| Market Size (2023) |
USD 27.3 Bn |
| Forecast Value (2032) |
USD 37.6 Bn |
| CAGR (2023-2032) |
3.6% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Instruments, Reagents, and Others), By
Technology (PCR, ISH, INAAT, Chips & Microarrays,
Mass Spectrometry, Sequencing, TMA, and Others),
By Application (Oncology, Pharmacogenomics,
Infectious Diseases, Genetic Testing, Neurological
Disease, Cardiovascular Disease, Microbiology, and
Others), By End User (Hospitals & Clinics, Diagnostic
Laboratories, and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Abbott, Illumina Inc, BD, Biomerieux SA, Danaher,
Hologic Inc, Thermo Fisher Scientific, Qiagen NV,
Myriad Genetics, Sysmex Corp, and Other Key Players |
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Frequently Asked Questions
The Global Molecular Diagnostic Market is estimated to reach USD 27.3 billion in 2023, which is further
expected to reach USD 37.6 billion by 2032.
Europe dominates the Global Molecular Diagnostic Market with a share of 28.1% in 2023.
Some of the major key players in the Global Molecular Diagnostic Market are Abbott, BD, Danaher, and
many others.
The market is growing at a CAGR of 3.6% over the forecasted period