Global Forecast to 2029", is valued at an estimated USD 17.3 billion in 2024 and is projected to reach USD 32.7 billion by 2029 at a CAGR of 13.5% during the forecast period.
The molecular diagnostics market has witnessed a considerable growth in the past few years. Government initiatives, funding schemes, and policies have been instrumental in developing the growth opportunities in the molecular diagnostics market. Such financial incentives and support systems aid and empower companies to fund investments in necessary areas, such as R&D and development of infrastructure, among others, to produce leading diagnostic technologies. The resulting developments will yield better detection and monitoring of diseases. Hence, this will help in enormous growth of the molecular diagnostics market from this continuous cycle of innovation, fueled by support from the government.
In 2023, the infectious disease diagnostics segment held the largest share of the molecular diagnostics market, by application segment.
By application, the molecular diagnostics market has been segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. In 2023, the largest share of the molecular diagnostics market was accounted for by the infectious disease diagnostics segment. The increasing demand for rapid and accurate point-of-care diagnostics in resource-limited settings is likely to be a key factor for the growth of the molecular diagnostics market. In resource-limited countries with hundreds of possible infectious agents, molecular diagnostic technologies are very important in infectious disease diagnosis. For instance, the outbreak of unprecedented Ebola and Yellow fever haemorrhagic viruses in Nigeria within the past decade was rapidly identified by molecular methods. Those instances represent evidence in favour of the routine implementation of molecular diagnostics for infectious disease diagnosis.
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The blood, serum, & plasma segment accounted for the largest share of the molecular diagnostics market, by sample type in 2023.
The segmentation of the molecular diagnostics market by sample type includes blood, serum, & plasma, urine, and other sample types. Blood, serum, and plasma are readily accessible and, hence, commonly used samples in molecular diagnostics. These samples are by nature rich sources of useful information, spanning from the level of circulating genetic materials down to proteins and other biomarkers for health. This vastness of data allows healthcare professionals to derive significant insight into a wide range of diseases and health conditions. Furthermore, the simplicity of blood and serum sample collection and processing reduces operational costs and resource needs for laboratories and healthcare providers. These are what make the blood, serum, & plasma-based molecular diagnostic products grow at a very fast rate.
North America represents the largest regional molecular diagnostics market.
The molecular diagnostics market has been segmented into six geographical regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. The North American region has commanded the major share of the molecular diagnostics market in 2023. The large share of this region in the global molecular diagnostics market is mainly due to the presence of a well-established healthcare infrastructure in the US and Canada, the existence of leading national clinical laboratories, and easy access to innovative diagnostic technologies. The increasing expenditure in the healthcare sector and an adequate focus on healthcare infrastructure are also offering ample opportunities for growth in the North American region.
The major players operating in this market are Danaher (US), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (US), bioMérieux (France), Hologic, Inc. (US), Abbott (US), Thermo Fisher Scientific Inc. (US), QIAGEN (Netherlands), Revvity (US), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (US), Grifols, S.A. (Spain), QuidelOrtho Corporation (US), DiaSorin S.p.A. (Italy), Exact Sciences Corporation (US), Genetic Signatures (Australia), Agilent Technologies, Inc. (US), MDxHealth (Belgium), Biocartis (Belgium), TBG Diagnostics Limited (Australia), HTG Molecular Diagnostics, Inc. (US), Vela Diagnostics (Singapore), Amoy Diagnostics Co., Ltd. (China), ELITechGroup (France), Molbio Diagnostics Pvt. Ltd. (India), geneOmbio Technologies (India), Savyon Diagnostics (Israel), and Uniogen OY (Finland).
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