This report on global molecular diagnostics market studies various products, applications and technologies used in the field of molecular diagnostics. Increasing number of patients suffering with chronic illnesses requiring prompt diagnosis, rising demand for personalized medication, advent of pharmacogenomics, and government initiatives in promoting public health and welfare will propel the molecular diagnostics market. The limiting factors related to this market is the complex regulatory scenario for approvals to molecular diagnostic kits which vary according to countries. Technological advancement in the design and manufacture of diagnostic kits will result into deep market penetration of molecular diagnostics solutions in the market.

For the purpose of this study, the various products studied include reagents and kits, instruments, services, and software; applications studied for the purpose of this research are segmented as infectious disease, oncology, next-generation sequencing, DNA sequencing, microbiology, and others. The molecular diagnostic technologies are further categorized as polymerase chain reaction, isothermal nucleic acid amplification technology, in situ hybridization, microarray and others. 

This report also includes qualitative assessment factors such as market dynamics (drivers, restraints, and opportunities) to have a good understanding of the current and anticipated trends in the global molecular diagnostics market. Competition assessment tools such as Porter’s five forces analysis, market attractiveness assessment, and competitive landscape analysis by key players are also presented in the study. Furthermore, this report concludes with profiling of key players currently enjoying prominent position in the global molecular diagnostics market. The key players profiled in this report are Abbott Laboratories, Inc., Alere, Inc., Bayer AG, Becton Dickinson and Company, BioMerieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F.Hoffman La-Roche Ltd., Novartis AG, Qiagen N.V., Siemens Healthcare, and Sysmex Corporation.

Diverse reagents and kits such as acetonitrile, methane, Baeyer’s reagent, carbon disulfide, Brdu ELISA kit, typhoid kit, hepatitis B detection kit, etc. are available to perform clinical and molecular diagnosis of diseases. Sophisticated instruments such as high-performance liquid chromatography (HPLC), mass spectrometry, gas chromatography and nuclear magnetic resonance (NMR) are employed to identify and detect various pathogens and other biopsy parameters present in the samples obtained from patients suffering with different ailment. Software that are utilized in these instruments are undergoing rapid transition in order to meet the requirement of accurate, precise and reliable data analysis and interpretation of the disease under investigation.

In 2021, reagent and kits held the largest revenue share in the product segments due to its diverse application in hospitals, research organizations and academic institutions and high reliability and interpretation as compared to other automated tools employed for diagnosis like sonography, CT scan and MRI. Additionally, instruments is estimated to be the fastest growing segment over the forecast period 2023-2030, majorly due to factors such as technological advancement in design and manufacture, easy handling due to enhanced automation of instruments and less time taken to perform the diagnosis as compared to the conventional techniques.

Molecular diagnostics is utilized for identification of biological markers in the human genome in order to identify gene expression respective to diseases. It is very vital in the early diagnosis of life threatening diseases where effective treatment regimen is considered immediately. Emergence of infectious diseases such as from Ebola virus and Zika virus, where early disease etiology and symptoms are difficult to detect and interpret, drives the need for molecular diagnosis. Molecular diagnostics helps to decide treatment regimen in accordance to the nature of disease and patients.

Among the considered application areas, infectious diseases hold the largest market in the application segment for the base year 2021, chiefly due to factors such as rising prevalence of infectious diseases, increasing number of primary healthcare centers in both the developed and developing worlds, government initiatives and healthcare expenditure to fight fatal disease like malaria, cholera, tuberculosis, AIDS and HPV. Oncology will be the fastest growing market in the application segment throughout the forecast period 2023-2030, due to increasing number of patients suffering with cancer, rising public awareness leading to early disease diagnosis and treatment, evolved reimbursement scenario regarding disease diagnosis.

Molecular diagnostic techniques are crucial in healthcare management as they are useful in improving patient care, contribute to protect consumer health, and assistive in limiting healthcare expenditure, which is a major economic issue throughout the world. Rising public awareness and inclination towards healthy and hygienic lifestyle, outbreak of pandemic diseases and increasing number of primary healthcare centers and supportive regulatory approval for molecular diagnostic products and services are the factors that propel the growth of global molecular diagnostics market. In 2021, polymerase chain reaction (PCR) was observed to be the largest technology segment. Vitality of PCR technology in early detection of rare diseases, rising demand for personalized medication and pharmacogenomics, and assistance in establishing DNA sequence of patients which will be helpful in the prevention of several life threatening diseases are the key factors driving this segment. Microarray will be the fastest growing market in the technology segment throughout the forecast period 2023-2030, majorly due to its ability to detect different types of cancer on the basis of the patterns of gene activity in the tumor cells; increasing demand for toxicogenomics in determining antibiotics treatment due to rising prevalence of drug resistant bacterial infection. Overall, the global molecular diagnostics market is highly competitive with presence of multiple players like F.Hoffman La-Roche Ltd., Abbott Laboratories, Novartis AG, Alere, Inc., Siemens Healthcare, Bayer AG, Becton, Dickinson and Company etc. specializing in respective fields.

North America was observed as the largest market for molecular diagnostics in the base year 2021. The dominance of North America market is mainly attributed to rising number of infectious diseases requiring immediate diagnosis, increased government healthcare expenditure to promote public health and wellbeing and favorable reimbursement scenario. Europe is expected to be the second largest market due to high prevalence of cancer, technological advancement in diagnostic techniques and positive regulatory approval for molecular diagnostic products. Asia Pacific will be the fastest growing market for the forecast period 2023-2030, the factors that propel the market growth are large patient pool undergoing diagnosis for chronic diseases, infections, and cancer, rise in market competition due to presence of existing and budding manufactures involved in production of molecular diagnostic solutions, and increasing disposable income in these regions. Factors such as development of large number of primary healthcare centers in remote areas, increasing disease awareness and increasing demand for molecular diagnostics are going to fuel the rapid growth of molecular diagnostic market in Latin America and Middle East, and Africa region in the near future.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Molecular Diagnostics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Molecular Diagnostics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Molecular Diagnostics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Molecular Diagnostics market?
• Which is the largest regional market for Molecular Diagnostics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Molecular Diagnostics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Molecular Diagnostics market worldwide?