Molecular Diagonstics Market: By Key Players, Deployment Type, Applications, Vertical, and Forecast: 2022-2031

Global Molecular Diagnostics Market was valued at US$ 6,242.6 million in 2022 and is anticipated to reach US$ 9,546.2 million by 2031 displaying a reasonable CAGR of 6.3% over the forecast period (2022-2031). Molecular Diagnostics is the detection of genomic variants, aiming to facilitate detection, diagnosis, subclassification, prognosis, and monitoring response to therapy. The market of Molecular Diagnostics market is anticipated to grow enormously owing to factors such as rising geriatric population, increasing prevalence of chronic diseases, increasing adoption of Point-of-care diagnosis, advances in genomics and proteomics, and introduction of technologically advanced products. The growing incidence of infectious diseases and cancer is increasing the demand for molecular diagnostics techniques. The rapid advancements witnessed in the molecular biology technologies, development of molecular diagnostic technologies to automated processes, growing awareness about molecular diagnostics usage for the detection of different diseases in developing countries is boosting the overall market growth. The investment in unifying technology, consolidation and automation of labs, and shift to data-driven healthcare will mark as a trend in this industry. However, high prices of molecular diagnostics tests and unfavorable reimbursement policies will act as the major challenges in the growth of this market.

In this evolving environment, it is a business imperative for diagnostic manufacturers to understand, demonstrate, and clearly articulate how their offerings can lead not only to better patient outcomes but also create value for a variety of key stakeholders. There are many ways that diagnostic technologies can impact the quality and cost of care. Medical diagnostic tests and technologies are at the forefront of health care and personalized medicine. These technologies increasingly are a key component in ensuring that the right treatment gets to the right patient at the right time. Advances in life sciences and in test technologies are making diagnostics ever more central in the delivery of effective health care. It is well understood by health care stakeholders that diagnostics significantly affect clinical decision-making. Nevertheless, it is critical for diagnostic test developers to be able to demonstrate the value of their tests to a variety of stakeholders in the face of growing scrutiny and cost pressure directed at almost every health care sector
“Reagents are the majorly used product under the Molecular Diagnostics market, holding ~69% share in 2022”

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Based on product type the global molecular diagnostics market is bifurcated into Instruments, Reagents and services and others. The market of the Reagents segment is expected to grow tremendously and is projected to dominate the market in 2022 due to the high demand for over-the-counter diagnostic tests, rise in adoption of these tests in nonmedical facilities, such as home.
“Polymerase chain reaction (PCR) is expected to dominate the technique segment during the analyzed period.”
Molecular diagnostics market, based on technique is segmented into Polymerase Chain Reaction (PCR), Transcription-Mediated Amplification (TMA), In Situ Hybridization, DNA Sequencing & Next-Generation Sequencing (NGS), Chips and Microarrays and others. The PCR segment occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2031 owing to the increased usage and advancements in PCR techniques.

“Molecular Diagnostic techniques are majorly applied for Virology study, the segment generated revenue of US$ 2,243.9 million in 2022”
The molecular diagnostics market is applied in various medical fields including Microbiology, Virology, Hospital Acquired Infections (HAI), Genetic Testing, Oncology, Pharmacogenetics, Human Leukocytes Antigen (HLA), Blood Screening and others. In 2018, Virology segment dominated the market and is anticipated to dominate this segment in 2025. However, Oncology application segment is expected to witness highest CAGR growth during the forecast period 2022-2031.
“Amongst end-users’ type, hospitals are anticipated to dominate Global Molecular Diagnostics market by 2031.”
Hospitals, clinics & labs and others are the major end-users of the molecular diagnostic technology. In 2018, the application of the technology was dominated by Hospitals segment. The increased adoption in hospitals is driven by high procedure volume and extensive presence of ancillary support in terms of manpower and infrastructure. However, Clinics & labs application type is expected to witness reasonable CAGR growth during the analyzed period.

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“North America dominated the market for molecular diagnostic technology in 2018, followed by Asia-Pacific and Europe”
For a deep-dive analysis of the industry, detailed regional/country-level analysis is conducted for markets including North America (US, Canada, Rest of US), Europe (Germany, France, Spain, Italy, UK, Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific) and Rest of World (Brazil and Other Rest of World). In 2018, North America generated revenue of US$ 2,964.9 million, however, Asia-Pacific is expected to witness highest CAGR of 6.74%b during the forecast period. The dominance of North America is majorly driven by the presence of a well-established diagnostic infrastructure, technological advancements, patient awareness and presence of advanced products in the field of molecular diagnostics.

Competitive Landscape-Top 10 Market Players

Abbott Laboratories, Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Hologic, Inc., Qiagen, Roche, Siemens Healthineers AG, Sysmex Corporation and Thermo Fisher Scientific are some of the prominent players operating in the Global Molecular Diagnostics market industry. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy:

• Current and future market size from 2018 to 2025 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of molecular diagnostics market
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Regions/countries Covered: North America (US, Canada, Rest of US), Europe (Germany, France, Spain, Italy, UK, Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific) and Rest of World (Brazil and Other Rest of World)

Customization Options:

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Molecular Diagnostics Market can be customized to the country level or any other market segment.

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