Molecular Diagnostics Market worth $26.8 billion by 2028 | F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), Thermo Fisher Scientific Inc. (US)

Molecular Diagnostics Market in terms of revenue was estimated to be worth $16.6 billion in 2023 and is poised to reach $28.6 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Due to the high prevalence of such infectious diseases, the demand for molecular diagnostic products and services is expected to increase in the coming years, which, in turn, will drive market growth. Also, globally, the prevalence of cancer has increased significantly over the last few years. The growing prevalence of cancer globally will increase the number of specimens tested, thus creating a demand for new diagnostic procedures, including molecular diagnostics.

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In 2022, the infectious disease diagnostics segment held the largest share of the molecular diagnostics market, by application segment

The molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications based on applications. The infectious disease diagnostics segment accounted for the largest share the global molecular diagnostics market in 2022. The large share of this segment can be attributed to the development of advanced assays for the diagnosis of different diseases & conditions, the increasing prevalence of infectious diseases, and rising awareness of the effective use of molecular diagnostic technologies/products to control the spread of infectious diseases. Infectious diseases pose a significant public health challenge, with outbreaks and epidemics occurring worldwide. The need for timely and accurate identification of infectious agents is paramount for implementing appropriate treatment strategies, infection control measures, and preventive interventions.

Diagnostic laboratories segment held the largest share of the molecular diagnostics market, by end user segment in 2022

The molecular diagnostics market is differentiated into diagnostic laboratories, hospitals & clinics, and other end users. In 2022, diagnostic laboratories dominated the molecular diagnostics market. Diagnostics laboratories play a crucial role in performing molecular diagnostic tests. These laboratories are equipped with specialized infrastructure, including advanced molecular testing platforms, equipment, and trained personnel. They are designed to handle complex molecular diagnostic procedures efficiently. The continuous advancements in molecular diagnostic technologies have expanded the capabilities of diagnostics laboratories. New platforms, such as next-generation sequencing (NGS), digital PCR, and microarrays, offer enhanced sensitivity, accuracy, and efficiency, enabling diagnostics laboratories to provide more comprehensive and precise testing services.

North America is the largest regional market for molecular diagnostics market

The molecular diagnostics market has been segmented into five major regions namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the molecular diagnostics market. The large share of North America in this market can be attributed to the increasing prevalence of infectious diseases and cancer, rising healthcare spending, and the growing healthcare system that is highly developed in the US and Canada.

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Molecular Diagnostics Market Dynamics:

Drivers:

Increasing prevalence of infectious diseases and cancer globally
Rising focus on R&D and growing funding in molecular diagnostics by healthcare-based companies
Growing awareness regarding early disease diagnosis in developing countries
Rising technological advancements in molecular diagnostics in recent years
Increasing use of PoC diagnostic tests in homecare settings and hospitals

Restraints:

Unfavorable reimbursement scenario for diagnostic companies
High cost of molecular diagnostic instruments

Opportunities:

Growing significance of companion diagnostics in drug development process
Increasing growth opportunities for molecular diagnostics companies in emerging economies

Challenges:

Changing regulatory landscape for IVD and molecular diagnostics in US and European Union
Operational barriers and shortage of skills across major markets
Introduction of alternative technologies for disease detection and diagnosis

Key Market Players:

The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), bioMérieux (France), QIAGEN (Netherlands), PerkinElmer Inc. (US), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), Danaher (US), Illumina, Inc. (US), Becton, Dickinson and Company (US), Grifols, S.A. (Spain), QuidelOrtho Corporation (US), Agilent Technologies, Inc. (US), DiaSorin S.p.A. (Italy), Exact Sciences Corporation (US), Genetic Signatures (Australia), MDx Health (Belgium), Biocartis (Belgium), TBG Diagnostics Limited (Australia), HTG Molecular Diagnostics, Inc. (US), Vela Diagnostics (Singapore), Amoy Diagnostics Co., Ltd. (China), ELITechGroup (France), Molbio Diagnostics Pvt. Ltd. (India), Savyon Diagnostics (Israel), Abacus Diagnostica Oy (Finland), and geneOmbio Technologies Pvt. Ltd. (India)

Recent Developments:

In February 2023, Thermo Fisher Scientific Inc. (US) acquired Binding Site Group (UK), a global leader in specialty diagnostics, to expand Thermo Fisher's existing specialty diagnostics portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma.

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