The “Molecular diagnostics market: Global industry trends, share, size, growth, opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global molecular diagnostics market has witnessed substantial growth, reaching a valuation of US$ 18.5 billion in 2022. Over the forecast period from 2023 to 2028, the market is expected to expand even further, with a projected value of US$ 27.4 billion, representing a robust compound annual growth rate (CAGR) of 6.5%.
Molecular diagnostics: Precision medicine at its best
Molecular diagnostics encompasses a set of laboratory tests that analyze an individual’s deoxyribonucleic acid (DNA), ribonucleic acid (RNA), or cell proteins to detect potential disease biomarkers. This technology plays a vital role in diagnosing and monitoring infections and diseases, identifying health risks, and assessing the effectiveness of therapeutic interventions. In recent years, molecular diagnostics has experienced rapid growth in various fields, including oncology, pharmacogenomics, microbiology, infectious diseases, genetic disease screening, and blood screening. As a result, it has become an integral part of personalized patient care, driving its global demand.
The molecular diagnostics market is witnessing extensive adoption by hospitals, laboratories, and research institutes for the early detection of diseases, coagulation studies, and human leukocyte antigen typing. Key factors fueling market growth include the rising incidence of chronic diseases such as cancer, cardiovascular diseases (CVDs), neurological disorders, and infectious diseases.
The aging global population, which is more susceptible to various medical conditions, coupled with the widespread adoption of point-of-care (POC) testing devices, is contributing to increased market demand. The recent Covid-19 pandemic has further accelerated the adoption of molecular diagnostic methods like polymerase chain reaction (PCR) for Covid-19 testing. Supportive initiatives by government agencies and regulatory bodies worldwide, such as fast-track approvals of diagnostic products to combat the pandemic, are also boosting market growth.
Additionally, major market players are making substantial investments in launching innovative diagnostic devices that offer improved accuracy, flexibility, cost-effectiveness, and faster results. This strategy allows them to expand their product portfolios and gain a competitive edge. Other factors contributing to a positive market outlook include the rising demand for personalized treatment, the emergence of preventive medicine, improved healthcare infrastructure, and ongoing technological advancements.
Key players in the market
Prominent companies contributing to the competitive landscape of the molecular diagnostics market include Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Diasorin Molecular LLC (DiaSorin), F. Hoffmann-La Roche AG (Roche Holding AG), Hologic Inc., Illumina Inc., Myriad Genetics Inc., Qiagen, Quidel Corporation, and Thermo Fisher Scientific. Research and Markets