Molecular Diagnostics Market Analysis Forecast 2024-2032

June 27, 2024 | by Shunmarsh

Global Molecular Diagnostics Market Analysis

The Global Molecular Diagnostics Market is not just a growing market, but a market with immense potential. It is projected to exceed US$26.27 billion by 2032, showing a significant leap from its 2023 value of US$11.88 billion. The compound annual growth rate (CAGR) from 2024 to 2032 is estimated to be a promising 9.21%.

Molecular diagnostics is not just a field, but a crucial part of the healthcare system. It involves identifying specific genetic and protein variations to assist in the detection, diagnosis, classification, prognosis, and monitoring of therapy response. It uses advanced techniques to study biological markers in the genome and proteome, providing insight into how cells express genes as proteins. This field applies the principles of molecular biology to medical testing and is commonly utilized for identifying biological markers in the genome and proteome. For example, it can be used to detect bacterial genes through PCR-based techniques and to measure the levels of specific proteins associated with bacterial infections using methods like enzyme-linked immunosorbent assay (ELISA) and proteomics.

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Driving Factor in the Global Molecular Diagnostics Market

Rising global geriatric population: The growing global geriatric population is a key factor driving the growth of the Molecular Diagnostics Market. As the elderly population increases, the demand for diagnostic tests to detect age-related diseases such as cancer, cardiovascular diseases, and neurological disorders also rises. Molecular diagnostics play a crucial role in early detection, precise diagnosis, and personalized treatment of these conditions. The advancements in molecular diagnostic technologies, such as next-generation sequencing and polymerase chain reaction, have significantly expanded the market. Additionally, the increasing awareness about preventive healthcare among older people and rising investments in healthcare infrastructure further propel the market growth. With the continuous focus on research and development in molecular diagnostics, the market is poised to expand substantially in the coming years.

Growing prevalence of diseases: The growing prevalence of diseases such as cancer, cardiovascular diseases, neurological disorders, diabetes, obesity, and infectious diseases is propelling the expansion of the molecular diagnostics market. Molecular diagnostics are crucial in early disease detection, accurate diagnosis, and personalized treatment strategies. This has led to increased adoption of molecular diagnostic tests, driving market growth. The ability of molecular diagnostics to provide rapid and accurate results, along with advancements in technologies such as next-generation sequencing and PCR, further contributes to the market’s expansion. Moreover, the emphasis on precision medicine and the rising demand for companion diagnostics are also fueling the growth of the molecular diagnostics market. As the healthcare sector continues to prioritize personalized and targeted therapies, the significance of molecular diagnostics in guiding treatment decisions is expected to bolster market growth further.

Technological Advancements: Technological advancements have been the driving force behind the exponential growth of the molecular diagnostics market. The convergence of biotechnology and information technology has led to groundbreaking innovations in molecular diagnostics, revolutionizing how diseases are detected, monitored, and treated. Advanced techniques such as polymerase chain reaction (PCR), next-generation sequencing (NGS), and microarray technology have significantly enhanced the sensitivity, specificity, and speed of diagnostic testing, allowing for earlier and more accurate detection of diseases. Furthermore, the integration of artificial intelligence and machine learning algorithms has further propelled the capabilities of molecular diagnostics, enabling the analysis of complex data sets with remarkable precision. As technology advances, the molecular diagnostics market is expected to witness continued expansion, offering immense potential for improved healthcare outcomes and personalized medicine.

North America Molecular Diagnostics Market

The molecular diagnostics market in North America is dominated by the high prevalence of chronic diseases, especially cancer. The region is at the forefront of technological innovation and research in molecular diagnostics, with the United States leading the way in driving the development and commercialization of cutting-edge molecular diagnostic technologies. The high incidence of cancer in the United States is expected to drive the growth of the oncology molecular diagnostics market due to the increased adoption of molecular diagnostics for cancer diagnosis. Additionally, the United States’ high healthcare expenditures facilitate the adoption of advanced diagnostic technologies, including molecular diagnostics.

Molecular Diagnostics Industry Analysis

The leading market players in the Molecular Diagnostics market are F Hoffmann-la Roche Ltd, Illumina Ltd, Hologic Corporation, Agilent Technologies Inc., Qiagen NV, Myriad Genetics, Abbott Laboratories, Biomerieux SA, Bio-Rad Laboratories Inc., and Sysmex Corporation.

Molecular Diagnostics Company News

In January 2024, Illumina collaborated with Janssen to develop a molecular residual disease liquid biopsy test. The company plans to create a cost-effective whole-genome sequencing multi-cancer test to detect ctDNA

In March 2023, Illumina Inc. and GenoScreen collaborated to offer a package that includes Illumina products and the GenoScreen Deeplex Myc-TB assay, a targeted next-generation sequencing (NGS)- based test for rapid and extensive detection of anti-TB drug resistance.

In March 2023, Oxford Gene Technology launched eight of its CytoCellfluorescence in situ hybridization probes, certified for clinical use by the In Vitro Diagnostics Regulation (IVDR) in Europe.

In August 2023, QIAGEN received the U.S. FDA approval for the Therascreen PDGFRA RGQ PCR kit. This aids physicians in identifying patients with gastrointestinal stromal tumors (GIST).

In January 2023, the U.S. FDA approved EUA for the VIASURE Monkeypox Virus Real-Time PCR Reagents developed by BD and CerTest Biotec to detect the Mpox virus.

In March 2023, Lucira Health launched the first and only at-home COVID-19 and flu tests in the U.S. The U.S. FDA gave the COVID-19 & Flu Home Test the first and only Emergency Use Authorization (EUA) for OTC usage at home and other non-laboratory locations.

In August 2023, Indian companies CrisprBits and MolBio Diagnostics entered a strategic collaboration to revolutionize POC diagnostics by integrating CRISPR technology into POC tests to detect pathogens and genetic markers.

Technology – Global Molecular Diagnostics Market

Chips and Microarrays
In Situ Hybridization
Sequencing
Mass Spectrometry (MS)
PCR
Other Technologies

Application – Global Molecular Diagnostics Market

Pharmacogenomics
Infectious Disease
Genetic Disease Screening
Oncology
Blood Screening
Microbiology
Human Leukocyte Antigen Typing

Product – Global Molecular Diagnostics Market

Instruments
Reagents
Other Products

End User – Global Molecular Diagnostics Market

Hospitals
Laboratories
Other End Users

Geography – Global Molecular Diagnostics Market

North America

United States
Canada

Europe

France
Germany
Italy
Spain
United Kingdom
Belgium
Netherlands
Turkey

Asia Pacific

China
Japan
India
Australia
South Korea
Thailand
Malaysia
Indonesia
New Zealand

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

South Africa
Saudi Arabia
United Arab Emirates

Company Insights:

Overviews
Recent Developments & Strategies
Product Portfolio & Product Launch in Last 1 Year
Revenue

Company Analysis:

F Hoffmann-la Roche Ltd
Illumina Ltd
Hologic Corporation
Agilent Technologies Inc.
Qiagen NV
Myriad Genetics
Abbott Laboratories
Biomerieux SA
Bio-Rad Laboratories Inc.
Sysmex Corporation.

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