Meticulous Research®—a leading market research company, published a research report titled ‘Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global Forecast to 2029”.
According to this latest publication from Meticulous Research®, the molecular diagnostics market is projected to reach $25.59 billion by 2029, at a CAGR of 9.8% from 2022 to 2029. Technological advancements in molecular diagnostics, the increasing use of PoC diagnostic tests, the increase in focus and funding for R&D of diagnostic products, and the rising geriatric population and increasing prevalence of target diseases are the factors contributing to the growth of this market. Additionally, growth opportunities in emerging countries and developments in companion diagnostics are expected to offer significant growth opportunities for the players operating in the molecular diagnostics market.
Increase in Approvals of Molecular Diagnostics Products During the COVID-19 Pandemic.
Amid the pandemic, manufacturers focused on developing various diagnostic kits and assays for early disease diagnosis, which is expected to drive the molecular diagnostics market in the coming years. Some of the companies that launched their diagnostic products during the pandemic are mentioned below-
With the increase in approvals, the companies operating in the diagnostics market also conducted web meetings and webinars to interact with customers & shareholders to provide product descriptions and customer demonstrations. This helped the end users know about the product in detail.
The molecular diagnostics market is segmented by Product (Reagents & Kits, Instruments/Systems, Software & Services); Test Type (Lab Tests, PoC Tests); Technology [Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Chips and Microarrays, Mass Spectrometry, Sequencing, Transcription Mediated Amplification (TMA), Other Technologies]; Application [Oncology (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma Cancer, Leukemia Cancer, Cervical Cancer, Other Cancer Types), Infectious Diseases (Hepatitis, HIV, Healthcare-associated Infections (HAIs), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), Human papillomavirus (HPV), Tuberculosis, Influenza, COVID-19, Other Infectious Diseases), Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications]; End User (Hospitals & Clinics, Diagnostic Laboratories, Other End Users); and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on product, in 2022, the reagents & kits segment is expected to account for the largest share of the molecular diagnostics market. Factors contributing to the large market share of this segment are the frequent and repetitive use of diagnostic kits, the large portfolio of disease-specific kits for the early diagnosis of chronic and infectious diseases, and technological advancements in molecular diagnostics.
Based on test type, in 2022, the lab tests segment is expected to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to a large number of lab tests, as these are preferred by hospitals, laboratories, and academic & research institutes. Additionally, the majority of the developments have been done in lab tests.
Based on technology, in 2022, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the molecular diagnostics market. PCR is a sensitive technique that allows rapid amplification of a specific segment of DNA. This technology thus helps in the diagnosis of diseases. It is effective for low-number targets and less expensive than other technologies, such as sequencing. Hence, the huge demand for PCR devices further contributes to the growth of this segment.
Based on application, in 2022, the infectious diseases segment is expected to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to the rising incidence rates of infectious diseases and the increase in initiatives by government organizations toward their prevention by early diagnosis.
Based on end user, the molecular diagnostics market is segmented into hospitals & clinics, diagnostic laboratories, and other end users. In 2022, the hospitals & clinics segment is expected to account for the largest share of the molecular diagnostics market. Hospitals & clinics perform a wide range of tests to diagnose various medical conditions, including communicable and non-communicable diseases and other medical conditions to ensure proper clinical planning of treatment and prevention. Thus, the large number of patients going to hospitals & clinics contributes to the large market share of this segment.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the molecular diagnostics market, followed by Europe and Asia-Pacific. Highly developed infrastructure for diagnostics research, favorable reimbursement policies, increased accessibility to healthcare, and the high number of laboratory tests performed annually contribute to this market's large share.
The key players operating in the molecular diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (U.S.), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), bioMérieux S.A. (France), Becton, Dickinson and Company (BD) (U.S.), Siemens Healthineers AG (Germany), DiaSorin S.p.A. (Italy), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Illumina, Inc. (U.S.).
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