Molecular Diagnostics Market is projected to reach a Revenue of US$ 59 Bn by 2033 at a CAGR of over 4.1%

The molecular diagnostics market refers to the use of DNA, RNA, and other molecular biomarkers for the diagnosis and monitoring of diseases. It is a rapidly growing segment of the diagnostic industry and has seen tremendous growth in recent years due to advances in technology and an increased understanding of the molecular basis of diseases. The market includes a range of diagnostic tests such as polymerase chain reaction (PCR), next-generation sequencing (NGS), and other nucleic acid-based tests.

Newly-released Molecular Diagnostics Market analysis report by Persistence Market Research reveals that global sales of the Molecular Diagnostics Market in 2022 was held at US$ 38 Billion. With a CAGR of 4.2% from 2023 - 2033, the market is projected to reach a valuation of US$ 59 Billion by 2033. Central Laboratories is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 4.1% from 2023 to 2033.

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One of the key drivers of the molecular diagnostics market is the increasing prevalence of infectious diseases. The COVID-19 pandemic has highlighted the importance of molecular diagnostics in the detection and management of infectious diseases. PCR-based tests are widely used for the diagnosis of COVID-19 and have played a critical role in controlling the spread of the disease. In addition, the rising incidence of chronic diseases such as cancer and genetic disorders has also led to an increased demand for molecular diagnostics.

 Companies

BD
BioMérieux SA
Bio-Rad Laboratories Inc
Abbott
Agilent Technologies, Inc.
Danaher
Hologic Inc
Illumina  Inc
Johnson & Johnson Services Inc
Grifols  S.A.
QIAGEN
F. Hoffmann-La Roche  Ltd
Siemens Healthineers AG

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Another factor driving the molecular diagnostics market is the increasing adoption of personalized medicine. Molecular diagnostics can be used to identify genetic variations that may influence an individual's response to treatment. This allows for more precise and targeted therapies, which can improve patient outcomes and reduce healthcare costs. The development of companion diagnostics, which are tests used to identify patients who are likely to benefit from a particular therapy, is also contributing to the growth of the market.

However, there are also some challenges facing the molecular diagnostics market. One of the main challenges is the lack of standardized regulations and guidelines for the development and use of molecular diagnostic tests. This has led to variability in test performance and a lack of confidence in test results. In addition, the high cost of molecular diagnostic tests and the need for specialized equipment and expertise may limit their availability in certain regions.

Some of the recent developments of key Molecular Diagnostics providers are as follows:

In March 2021, QIAGEN N.V. announced that the QIAcube Connect MDx, an adjustable platform for automated sample processing, will be offered to molecular diagnostic laboratories in the United States and Canada, as well as other markets across the world.
In March 2021, Roche and GenMark Diagnostics agreed to consolidate, with Roche acquiring GenMark entirely. Roche's current molecular diagnostics business will be supplemented with GenMark's syndromic panel testing portfolio, which will be acquired as part of the deal.
In January 2021, Biotheranostics Inc. was purchased by Hologic, Inc. to add to its molecular diagnostics portfolio.
In May 2020, Roche Diagnostics acquired Stratos Genomics to supplement its nanopore technology development and gain access to Stratos Genomics' proprietary chemistry, Sequencing by Expansion.
In March 2020, Abbott Laboratories introduced the ID NOW PoC testing system.

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Market Segments Covered in Molecular Diagnostics Market Analysis

By Application

Oncology
Breast Cancer
Prostate Cancer
Colorectal Cancer
Cervical Cancer
Kidney Cancer
Liver Cancer
Blood Cancer
Lung Cancer
Other Cancer
Infectious Diseases
Methicillin-resistant Staphylococcus Aureus (MRSA)
Clostridium Difficile
Vancomycin-resistant Enterococci (VRE)
Carbapenem-resistant bacteria
Other Infectious Diseases
Genetic Testing
New-born Screening
Predictive and Pre-symptomatic Testing
Other Genetic Testing
Pharmacogenomics
Neurological Disease
Cardiovascular Disease

By Product Type

Instruments
Reagents
Others

By Test Location

Point of care
Self-Test or Over the counter
Central Laboratories

By Technology

Polymerase Chain Reaction (PCR)
In Situ Hybridization (ISH)
Isothermal Nucleic Acid Amplification Technology (INAAT)
Chips and Microarrays
Mass Spectrometry
Sequencing
Transcription Mediated Amplification (TMA)
Others

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This release was published on openPR.