Molecular Diagnostics Market to Witness Promising CAGR Growth of 13.3% by 2030, Size, Share, Trends, Demand, Revenue and Segmentation Outlook
The growing incidence of infectious diseases and cancer globally has increased the adoption of molecular diagnostics. The major market players are now primarily focused on technological advances in molecular diagnostics. Also, it has been witnessed during COVID-19 that the diagnostics industry faced much growth, with a race to develop novel and rapid diagnostics kits for the detection of coronavirus. In 2021, a 59% rise in revenue was reported by Thermo Fisher Scientific due to the diagnostics division that delivered 150% growth.
Data Bridge Market Research analyses that the molecular diagnostics market, which was USD 20.1 billion in 2022, would rise to USD 54.76 billion by 2030 and is expected to undergo a CAGR of 13.3% during the forecast period from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Molecular diagnosis can detect the diseases such as hereditary diseases, infectious diseases, neurological diseases, cardiovascular diseases, and others by examining molecules such as DNA, RNA, and protein in a tissue or a fluid. Numerous methods, such as mass spectrometry, PCR, next-generation sequencing, in situ hybridization, molecular imaging, and others, are used to diagnose several diseases. Molecular diagnostics uses strong technologies such as DNA sequence analysis, gene expression profiling, and biomarker identification to identify disorders correctly.
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Global Molecular Diagnostics Market Dynamics
Drivers
- Increasing Elderly Population
The increasing geriatric population worldwide is surging the risk of getting several diseases, such as cardiovascular diseases, cancer, obesity, neurological disorders, and diabetes. As per the UN report, in 2020, there were around 727 million people aged 65 years and above worldwide. In addition to this, the number of individuals aged 80 years and above is anticipated to double by 2050. The geriatric population is more likely to suffer from multiple diseases due to multimorbidity, decreased immune function, and aging-related physiological changes. Thus, this factor boosts market growth.
- High Usage of PCR
PCR is highly used in CROs, research institutes, and hospitals, enhancing the market growth rate. The growing use of high-throughput PCR technology to detect infectious and genetic diseases is anticipated to surge market growth. For instance, Seegene announced the launch of its upcoming Allplex SARS-CoV-2 Fast PCR Assay in 2022. The test has a turnaround time of 60 minutes and thus is appropriate for mass testing. Thus, this factor boosts market growth.
Opportunities
- Increasing Demand for Molecular Diagnostics in Point-of-Care Setting
In recent years, molecular diagnostic platforms have been widely used in PoC settings. Numerous companies are designing molecular diagnostic platforms and assays for POC or near-patient testing. In addition to this, the increasing development of new assays that provide quick PoC results is estimated to enhance market growth. For instance, Abbott launched a molecular point of care test, the ID NOW COVID-19 test, to diagnose COVID-19 in less than 5 minutes in 2020. Thus, this factor boosts market growth.
- Increasing Prevalence of HIV
The increasing incidence of infectious diseases is anticipated to boost market growth over the forecast period. The growing occurrence of STIs, such as HIV and HPV, is anticipated to enhance the market growth as all these diseases demand a high rate of molecular tests. As per the WHO records, the prevalence of HIV was approximately 37.7 million and 1.5 million, respectively, in 2020. Additionally, people who have HIV are highly vulnerable to other infections, such as tuberculosis. All these infectious diseases demand multiple molecular tests, which will further help in faster treatment processes. Thus, this factor boosts market growth.
Restraints/Challenges
- Increasing Regulatory Approvals
The regulatory framework for approval is the main limiting factor in the market’s growth. Many times, inaccurate results may be attained because of some fault in the diagnostic kits or an untrained person performing the test. Thus, strict regulation has been related to the approval process. Thus, this factor is restricting the market growth.
Major Points Covered in TOC:
Molecular Diagnostics Market Overview: It incorporates six sections, research scope, significant makers covered, market fragments by type, Molecular Diagnostics Market portions by application, study goals, and years considered.
Molecular Diagnostics Market Landscape: Here, the opposition in the Worldwide Molecular Diagnostics Market is dissected, by value, income, deals, and piece of the pie by organization, market rate, cutthroat circumstances Landscape, and most recent patterns, consolidation, development, obtaining, and portions of the overall industry of top organizations.
Molecular Diagnostics Profiles of Manufacturers: Here, driving players of the worldwide Molecular Diagnostics Market are considered dependent on deals region, key items, net edge, income, cost, and creation.
Molecular Diagnostics Market Status and Outlook by Region: In this segment, the report examines about net edge, deals, income, creation, portion of the overall industry, , and market size by locale. Here, the worldwide Molecular Diagnostics Market is profoundly examined based on areas and nations like North America, Europe, China, India, Japan, and the MEA.
Molecular Diagnostics Application or End User: This segment of the exploration study shows how extraordinary end-client/application sections add to the worldwide Molecular Diagnostics Market.
Molecular Diagnostics Market Forecast: Production Side: In this piece of the report, the creators have zeroed in on creation and creation esteem conjecture, key makers gauge, and creation and creation esteem estimate by type.
Molecular Diagnostics Research Findings and Conclusion: This is one of the last segments of the report where the discoveries of the investigators and the finish of the exploration study are given.
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Some of the major players operating in the molecular diagnostics market are:
- F. Hoffmann-La Roche Ltd(Switzerland)
- Hologic, Inc., (U.S.)
- bioMérieux (France)
- Abbott (U.S.)
- QIAGEN (Netherlands)
- Thermo Fisher Scientific (U.S.)
- Siemens (Germany)
- Danaher (U.S.)
- Myriad Genetics Inc. (U.S.)
- Illumina Inc. (U.S.)
- Agilent Technologies Inc. (U.S.)
- BD (U.S), DiaSorin S.p.A (Italy)
- Grifols S.A. (Spain)
- Quidel Corporation(U.S.)
- Genetic Signatures (Australia)
- MDxHealth, Inc. (U.S.)
- Exact Sciences Corporation (U.S.)
- Biocartis (Belgium)
- TBG Diagnostics Limited (Australia)
- GenMark Diagnostics Inc. (U.S.)
- Luminex Corporation (U.S.)
- HTG Molecular Diagnostics Inc. (U.S.)
- Vela Diagnostics (Singapore)
- Amoy Diagnostics Co., Ltd. (China)
- Molbio Diagnostics Pvt. Ltd. (India)
- geneOmbio (India)
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