Molecular Diagnostics Market to Surpass US$ 35,500.8 Million by 2030 - Coherent Market Insights

According to Coherent Market Insights, global molecular diagnostics market is estimated to be valued at US$ 14,772.2 million in 2023 and is expected to exhibit a CAGR of 11.6% during the forecast period (2023-2030).

Molecular diagnostics refers to medical tests that analyze biological markers in the genome and proteome to aid in disease diagnosis, prediction of disease risk, identification of suitable treatment options, and monitoring of disease progression and treatment response. They are utilized for various applications like infectious disease testing, oncology testing, genetic testing, and others.

Market Dynamics:

Rising incidence of infectious diseases across the globe is expected to drive the market growth during the forecast period. According to the World Health Organization (WHO), infectious diseases accounted for around 26% of global deaths in 2017. Growing geriatric population is also expected to aid market growth between 2023 and 2030, as older adults are more prone to various infectious and chronic conditions that require molecular diagnostics tests for diagnosis and treatment. Additionally, technological advancements in molecular diagnostic platforms enabling faster, more sensitive, and multiplex testing is further projected to boost the molecular diagnostics market growth over the forecast period.

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Market Driver:

The rising prevalence of chronic and infectious diseases across the globe is one of the major drivers for the growth of the molecular diagnostics market. According to the WHO, cardiovascular diseases are the number one cause of deaths globally, taking an estimated 17.9 million lives each year. The increasing incidence of cancers is also contributing significantly to the disease burden. New infections and antibiotic resistance are additionally fueling the cases of infectious illnesses. With molecular diagnostics providing accurate, quick and cost-effective test results, they are enabling improved disease management and helping patients receive timely treatment. This is proving beneficial in disease control and positively impacting the market. 

Market Restraint:

While several favorable dynamics are aiding expansion of the molecular diagnostics market, challenges with reimbursement policies continue to restrain its trajectory to a certain extent. Molecular diagnostic tests require high capital investments and have additional running costs. However, adequate payment and coverage for these tests through both private and public payers remains uncertain in many regions globally. There are ambiguities surrounding reimbursement policies for new and evolving molecular diagnostic technologies as well. These inconsistencies and lack of transparent reimbursement pathways increase the financial risks for players. Addressing this threat by improving policy frameworks will help address a significant challenge and encourage higher market penetration for molecular diagnostics.

Market Opportunity:

One major opportunity provided by the market is the growing elderly patient cohort worldwide. According to United Nations estimates, the number of people aged 60 years and above will reach 2 billion by 2050 from the current 1 billion. With aging comes a higher susceptibility to various chronic diseases like cancer, cardiovascular conditions, neurological disorders and diabetes. Molecular diagnostic solutions empower geriatric care by facilitating earlier disease detection, aiding treatment monitoring and helping manage comorbidities efficiently and non-invasively. Their widespread availability will address the healthcare needs of this expanding demographic more effectively. Catering molecular diagnostic product portfolios to the needs of older patients represents a lucrative avenue for companies to capitalize on in the coming years. 

Market Trend:

A key trend gaining momentum in the molecular diagnostics market is the rising demand for companion diagnostics. Companion diagnostics are medical devices or tests that provide vital information for the safe and effective use of certain drugs or treatments. They deliver a patient's molecular profile to help physicians identify appropriate therapies for disease management. There is a significant surge in the development and commercialization of targeted therapies based on genetic signatures. This is propelling the evaluation needs of companion diagnostics in clinical settings. Major players are actively collaborating to develop complementary diagnostics tools and strengthening their position in this fast growing segment. Companion diagnostics are expected to account for a considerable share of the overall molecular diagnostics landscape over the next decade. 

Competitive Landscape

In the segment specifically devoted to leading companies in the Molecular Diagnostics Market of the market analysis document, our researchers provide a summary of the financial statements of all the major companies, covering their noteworthy developments, product benchmarking, and SWOT analysis. The corporate profile copy also includes financial information and a business summary. The businesses in this area can be customized to match the unique needs of the client.

Some of the Top Players in Molecular Diagnostics Market: 

Hologic,Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, Agilent Technologies, Inc., Meridian, Cepheid, and Beckman Coulter, Inc.

Regional Analysis -

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
Latin America (Colombia, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Reasons to Purchase this Report:

✔ Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
✔ Reports provide opportunities and threats faced by suppliers in the Molecular Diagnostics industry around the world.
✔ The report shows regions and sectors with the fastest growth potential.
✔ A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
✔ The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
✔ This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.

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