According to the report, the molecular diagnostics market was estimated at USD 24.68 billion in 2022 and is likely to grow at a CAGR of 4.59% during 2023-2028 to reach USD 32.33 billion in 2028.

What are molecular diagnostics?

Molecular diagnostics encompasses a wide range of techniques that allows the detection and analysis of biological markers in the genome and proteome. These biomarkers can also include chromosomal abnormalities, protein levels, genetic mutations, gene expressions, etc. Molecular diagnostics can provide vital insights about an individual's health status and aid in disease diagnosis, by identifying these biomarkers.

COVID-19 IMPACT

The global pandemic Covid-19 impacted almost every industry and shook the market. However, the pandemic increased the need of developing diagnostic instruments and diagnostic service centers and hence there was a positive impact on the molecular diagnostics market.

Leading players in the market -

To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Molecular Diagnostics Market, which is given below -

• Agilent Technologies, Inc.
• BioMerieux SA
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Illumina, Inc.
• Novartis AG
• QIAGEN N.V.
• Siemens Healthineers AG
• TBG Diagnostics Limited
• Thermo Fisher Scientific Inc.

Market Dynamics

The molecular diagnostics market has experienced significant growth in recent years. Several dynamics have contributed to this growth, a few are mentioned below–

• Growing incidence of infectious diseases is one of the primary growth factors over the forecast period. With the growing incidence of STIs such as HIV, HPV, etc. the need for accurate and affordable diagnosis also grows substantially. There are over 38 million (33.9–43.8 million) people living with HIV by the end of 2021, according to WHO. The health organization states that the Global Fund and Joint United Nations Programme on HIV/AIDS – UNAIDS targets to end the HIV epidemic by 2030, and to achieve this, 95% of all HIV-affected people should have a diagnosis.
• Rising government initiatives, funding activities, etc. are supporting and promoting development in this sector, providing growth opportunities. For instance – The National Institutes of Health (NIH) has the Molecular and Cellular Biology (MCB) program, the National Institute of Allergy and Infectious Diseases (NIAID) Intramural Research Program, the Molecular and Cellular Oncology (MCO) program, and more. Apart from NIH, The Food and Drug Administration (FDA), The Centers for Disease Control and Prevention (CDC), The Department of Defense (DoD), etc. also have a number of programs that support the development and use of molecular diagnostics for military, public health, and many other purposes.
• Rising geriatric population globally is increasing the risk of getting a number of diseases including cardiovascular disease, neurological disorders, diabetes, etc. The global geriatric population (people aged 65 years or older) worldwide is expected to double over the next three decades. According to World Social Report 2023 published by the United Nations (un.org), the count of elderly people will reach 1.6 billion by 2050.
• Increasing incidence of cancer calls for early diagnosis. According to the American Cancer Society (ACS), in 2023, ~1,958,310 new cancer cases are predicted in the United States. By 2040, the global cancer cases count is expected to rise to 27.5 million new cases. Since molecular diagnostics is vital in early detection, prognostics, and other clinical trials, the global market for molecular diagnostics will grow with the growing incidence of cancer.

Report Findings

Based on the product type, the market is segmented as reagents & kits, instruments, and others. The reagents & kits segment is expected to hold the major share of the market during the forecast period. The high use of reagents in molecular diagnostic testing, increasing demand for over-the-counter diagnostic tests, and growing adoption of these tests in non-medical facilities such as home self-testing are driving the segment's growth.

Based on the application type, the market is segmented as infectious diseases, blood screening, oncology, genetic tests, and others. Infectious diseases are estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as SARS-CoV-2, new multidrug-resistant TB, H1N1, and HIV strains.

In terms of regions, North America is expected to be the leading region in the market during the forecast period, owing to a growing geriatric population, increasing demand for point-of-care diagnostics, and outbreaks of bacterial and viral diseases. Furthermore, technological advancements, the presence of well-established diagnostic systems, and development in the healthcare sector are expected to drive market growth during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers the following questions:

·       How big is the potential Molecular Diagnostics Market?

·       Will this market grow or shrink in the future?

·       Who are our top competitors or key players?

·       What market share do the competitors own?

·       How Covid19 has affected the market?

·       How long will it take to recover from the Covid-impact?

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