Molecular Diagnostics Market by Product (Reagent & 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 2030

The Molecular Diagnostics Market is projected to reach $46.69 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.

The molecular diagnostics market comprises advanced products and technologies used by medical professionals for patient management, from diagnosis to treatment, primarily focusing on areas such as infectious disease and cancer.

The growth of this market is driven by the rising global geriatric population, the increasing prevalence of communicable & non-communicable diseases, technological advancements in molecular diagnostics, and rising healthcare expenditures. However, unfavorable regulatory frameworks and the high costs of molecular diagnostic tests restrain the growth of this market.

Impact of COVID-19 on the Molecular Diagnostics Market

The COVID-19 pandemic had a positive impact on the molecular diagnostics market in terms of revenue. However, the diagnosis of other disorders was reduced during the initial phase of the pandemic, and the COVID-19 testing capabilities were increased to limit the spread of infection. Some of the initiatives are mentioned below:

• In February 2022, the Ministry of Health and Family Welfare (Government of India) issued new guidelines for international travelers, wherein all travelers arriving from abroad were required to submit negative COVID-19 RT-PCR reports.

• In December 2021, the U.S. Government made it mandatory for all incoming passengers to carry a negative COVID-19 test report or proof of recovery from the disease amidst the rising number of cases of the Omicron variant.
• In March 2021, the U.K. Government made COVID-19 testing mandatory for all workplaces and businesses with over ten employees. The government also provided free testing kits as a part of its workplace testing program for businesses that cannot afford on-site testing kits. More than 60,000 businesses enrolled under this program for the on-site testing of their workers.
• In December 2020, the French government launched a mass COVID-19 screening campaign in France to control the spread of the disease.
• In October 2020, the Italian Health Ministry announced that rapid COVID-19 diagnostic tests would be conducted throughout the country to control the rising prevalence of COVID-19 infections. 

Such initiatives positively impacted the demand for molecular diagnostics for COVID-19 during the pandemic.

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Increase in Funding for R&D

The development of molecular diagnostic systems or assays requires significant capital investments. Thus, financial support in the form of funding is essential to develop and bring the technology into the market. Many molecular diagnostic devices that are in the developmental phase are being funded by various organizations. Below are some examples related to funding received by the companies that helped them focus on developing molecular diagnostics products.

• In August 2022, Nanopath Inc. (U.S.) raised USD 10 million in Series A funding, co-led by Norwest Venture Partners and Medtech Convergence Fund. The funds will be used to develop a point-of-care diagnostics platform for women’s health screenings.

• In December 2021, the global alliance for diagnosis named FIND (Switzerland) invested USD 21 million to accelerate the development, manufacturing, and launch of affordable, multi-pathogen, molecular diagnostic platforms, specifically for use in decentralized settings in low- and middle-income countries (LMICs).
• In October 2020, MultiplexDX International (U.S.) received funding for applied research on COVID-19/Influenza from the Slovak Research and Development Agency. The aim was to develop a high-throughput, sensitive RT-qPCR test and rapid, point-of-care RT-LAMP test to differentiate SARS-CoV-2 and influenza (CoV-INFect).

Key Findings of the Molecular diagnostics Market Study:

In 2023, the Kits & Reagents Segment is Expected to Dominate the Molecular Diagnostics Market

Based on product & service, in 2023, the kits & reagents segment is expected to account for the largest share of the molecular diagnostics market. Recurrent use of assays & kits in the detection of various diseases through molecular diagnostics, rise in product approvals, and technological advancements in molecular techniques contribute to the large market share of this segment.

In 2023, the Laboratory Tests Segment is Expected to Dominate the Molecular Diagnostics Market

Based on test type, in 2023, the laboratory tests segment is expected to account for the largest share of the molecular diagnostics market. Lab tests are traditionally used in hospitals and diagnostic centers and are widely accepted. These factors contribute to the large market share of this segment.

In 2023, the Polymerase Chain Reaction (PCR) Segment is Expected to Dominate the Molecular Diagnostics Market

Based on technology, in 2023, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the molecular diagnostics market. The specificity and sensitivity of the instrument and the technological developments in various diagnostic applications contribute to this segment's large market share.

In 2023, the Infectious Diseases Segment is Expected to Dominate Molecular Diagnostics Market

Based on application, in 2023, the infectious diseases segment is expected to account for the largest share of the molecular diagnostics market. Infectious diseases are transmissible or communicable illnesses that spread quickly in some areas and become epidemics. It is crucial to quickly diagnose initial infections and prevent further spread through in vitro diagnosis. The growing prevalence of infectious diseases, the rising funds for infectious disease diagnostic research activities, and the sudden emergence of a pandemic are the factors attributed to the large market share of this segment.

In 2023, the Hospitals & Clinics Segment is Expected to Dominate Molecular Diagnostics Market

Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the molecular diagnostics market size. Factors attributing to this segment's share include increased hospitalizations due to various diseases, the rise in the geriatric population, and the high prevalence of healthcare-associated infections (HAIs).

Asia-Pacific: Fastest-growing Regional Market

Based on geography, Asia-Pacific is slated to record the fastest growth rate during the forecast period. The growth of this regional market is mainly driven by the rising prevalence of infectious & chronic diseases, the increasing number of hospitals and diagnostic laboratories, efforts to improve the accessibility of diagnostic services, and the growing demand for clinical testing.

Key Players

The key players profiled in the molecular diagnostics market study 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.), Illumina, Inc. (U.S.), and Seegene, Inc. (South Korea).

Scope of the Report:

Molecular Diagnostics Market, by Product & Service

• Kits & Reagents
• Instruments
• Software & Services

Molecular Diagnostics Market, by Test Type

• Laboratory Tests
• PoC Tests

Molecular Diagnostics Market, by Technology

• Polymerase Chain Reaction (PCR)
• In Situ Hybridization (ISH)
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Microarrays
• Mass Spectrometry
• Sequencing
• Other Technologies

Molecular Diagnostics Market, by Application

• Infectious Diseases
  • COVID-19
  • Hepatitis
  • HIV
  • Healthcare-associated Infections (HAIs)
  • Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG)
  • Human papillomavirus (HPV)
  • Tuberculosis
  • Influenza
  • Other Infectious Diseases
• Oncology
  • Breast Cancer
  • Colorectal Cancer
  • Lung Cancer
  • Prostate Cancer
  • Lymphoma
  • Leukemia
  • Cervical Cancer
  • Other Cancer Types
• Genetic Testing
• Neurological Diseases
• Cardiovascular Diseases
• Other Applications

Molecular Diagnostics Market, by End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Academic & Research Institutes
• Other End Users

Molecular Diagnostics Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • RoLATAM
• Middle East & Africa

Key questions answered in the report: