The global molecular diagnostics market was valued at USD 7854.45 million in 2018, and is estimated to be valued at USD 13,340.35 million by 2024, while witnessing a CAGR of 9.23 percent during 2019 to 2024, estimates Mordor Intelligence. This growth in market size is attributable to the deployment of molecular diagnostics in early cancer detection and cancer treatment. Molecular diagnostics is being used to reduce healthcare costs for patients by avoiding unnecessary chemotherapy for cancer, medical care, and drugs. The ability of molecular diagnostics to validate cancer biomarkers and improve patient care is also a significant factor in boosting its use in cancer treatment.
In the product segment of the global molecular diagnostics market, the instruments sub-segment is believed to have the largest market size and is expected to witness a CAGR of 9.13 percent during 2019 to 2024. Molecular diagnostics plays a vital role in the assessment of disease prognosis and therapy response, as well as in the detection of minimal residual disease. In the past decade, molecular diagnostics has grown, with advances in the chemistries and instrumentation, including automation, integration, throughput, and the ability to use the instrumentation in a random-access mode.
Additionally, the increasing adoption of molecular diagnostics technology, the launch of disease-specific products, and advancements in technologies for the procurement of effective and efficient results at low costs, are other factors expected to drive market growth in the coming years. The global molecular diagnostics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to small companies are increasing their market presence by introducing new devices with fewer prices. Companies like Abbott Laboratories, Roche Ltd., Hologic Corporation, Danaher Corporation, and Agilent Technology hold substantial shares in the market.