The global molecular diagnostics (MDx) market was valued at USD 7.9 billion in 2019, and is estimated to be valued at USD 13.3 billion by 2024, while witnessing a CAGR of 9.23 percent during 2020 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 2020 to 2024.
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 lower prices. Companies like Abbott Laboratories, Roche Ltd., Hologic Corporation, Danaher Corporation, and Agilent Technology hold substantial shares in the market.