Molecular Diagnostics Market Expected to Reach $23.9 Billion by 2030—Allied Market Research

The Molecular Diagnostics Market size was valued at $9.2 billion in 2020, and is estimated to reach $23.9 billion by 2030, growing at a CAGR of 9.86% from 2021 to 2030. Molecular diagnostics (MDx) are cumulative techniques for analyzing biological markers at the molecular level such as genome and proteome. Molecular diagnostics techniques are used for diagnosis and prediction of various infectious diseases, cancer, and other genetic disorders.

The major factor that impacts the growth of the molecular diagnostics market includes rise in prevalence of infectious diseases, genetic disorders and applications of molecular diagnostics techniques in determination of disease and treatment markers. In addition, technological advancements in the healthcare sector, increase in funds from private and government organizations for development of various diagnostic service centers, and rise in awareness about early diagnosis further fuel growth of the market. Furthermore, rise in preference toward personalized medicines also boosts the growth of the market.

However, stringent regulatory requirements for the approval of new molecular diagnostics techniques is expected to hamper the growth of the market. On the other hand, increase in adoption of the molecular diagnostics in emerging economies is expected to offer profitable opportunities for the growth of the market during the forecast period.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The global molecular diagnostics market has positive impact due to surge in demand for polymerase chain reaction tests (PCR), serology-based rapid-test products, and next-generation sequencing (NGS). Also, increase in adoption of immunoassays and molecular assays diagnostics tests for COVID-19 along with major market player ramping up their R&D activities to curb COVID-19 is expected to positively impact the molecular diagnostics market.

The molecular diagnostics industry is segmented on the basis of product type, technology, application, end user, and region. On the basis of product type, the market is bifurcated into instruments, reagents, and software and services. The reagents dominated the global market in 2020, and is expected to remain dominant throughout the forecast period, owing to advancement in R&D activities in pharmaceutical & biotechnology industry, increase in demand for reagents, and surge in adoption of point-of-care testing.

On the basis of technology, the market is classified into polymerase chain reaction (PCR), DNA Sequencing, hybridization, microarray, isothermal nucleic acid amplification technology (INAAT), and other techniques include electrophoresis, mass spectroscopy, and flow cytometry. The polymerase chain reaction segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in application of PCR technology to detect coronavirus disease coupled with rising launch of molecular diagnostics instruments.

By application, the market is segmented into infectious diseases, oncology, genetic tests, blood screening, and others include microbiology, cardiovascular diseases, and neurological diseases. The infectious diseases held the largest market share in 2020, and is expected to remain dominant during the forecast period, owing to increase in prevalence of infectious diseases such as SARS-COV-19.

By end user, the market is segregated into hospitals, reference laboratories, and others, which includes blood banks, home health agencies, and nursing homes. The hospitals segments dominated the global market in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in the number of patients treated for different infectious diseases, cancer, and others requiring molecular analysis for diagnosis purpose and for quick start of the treatment.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “increase in prevalence of cancer, infectious disease, and genetic disorders and increase in awareness about early diagnosis of these diseases among population drive the growth of the market. In addition, increase in awareness and acceptance of personalized medicines and growth in the biomarker identification, further supplement the global molecular diagnostics market growth.”

KEY FINDINGS OF THE STUDY

• On the basis of product type, the reagent held largest share in the global market in 2020.
• On the basis of technology, the polymerase chain reaction (PCR) held largest market share in 2020 and is expected to remain dominant during the forecast period.
• By application, the infectious disease dominates the global market in 2020 and is anticipated to continue this trend during the forecast period.
• By end user, the hospitals held largest market share in 2020 and is anticipated to continue this trend during the forecast period.
• On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 9.24% during the forecast period.

North America accounted for the largest share of the global molecular diagnostics market in 2020, and is expected to remain dominant during the forecast period. This was attributed to presence of large number of key players in molecular diagnostics market trends and increase in prevalence of infectious disease and cancer cases in the region. Furthermore, increase in adoption of personalized medicine for screening and diagnostics of genetic disorders is expected to boost the market growth.