Molecular Diagnostics Industry Overview
The global molecular diagnostics market size is expected to reach USD 31.9 billion by 2030, and is expected to decline at a CAGR of -1.6% from 2022 to 2030, according to a recent study by Grand View Research, Inc. The contraction in the market will be due to the decline in demand for molecular testing for COVID-19. However, factors such as the rising geriatric population and increasing demand for technologies such as NGS is expected to drive market growth.
Molecular diagnostics plays an important role in infectious disease testing as they can yield effective and fast results. Hence, the increasing prevalence of hospital-acquired infections & infectious diseases is projected to drive the market over the forecast period. Increasing incidence and awareness regarding genetic disorders is further anticipated to accelerate market growth. The miniaturization of three basic molecular assays-nanobiotechnology, biochips, and microfluidics are expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to enhance the availability of PoC molecular diagnostic tests to yield quick and effective test results.
Molecular Diagnostics Market Segmentation
For this report, Grand View Research has segmented the global molecular diagnostics market based on product, test location, technology, application, and region:
Based on the Product Insights, the market is segmented into Instruments, Reagents, Others.
The reagents segment accounted for the largest revenue share of the market in 2021.
It is expected to maintain its dominance in upcoming years owing to its wide adoption in research and clinical settings. Standard reagents help achieve efficient and accurate results. Standardized results, improved efficiency, and cost-effectiveness are anticipated to support the market growth.
The growing use of instruments to detect coronavirus, which was earlier developed for other infectious diseases, is anticipated to boost the market growth.
Based on the Test Location Insights, the market is segmented into Point-of-Care, Self-test or Over the Counter, Central Laboratories.
Central laboratories held the largest share of the market in 2021, attributable to high procedure volumes for Covid testing in central laboratories. An increase in the number of initiatives undertaken by the government to provide various services, such as reimbursement for diagnostic tests, is another major factor anticipated to drive the market.
There is an increasing interest in the development of molecular diagnostic platforms that can also be used in PoC settings. Therefore, various companies are designing assays & molecular diagnostic platforms for POC or near-patient testing.
Based on the Application Insights, the market is segmented into Oncology, Pharmacogenomics, Infectious Diseases, Genetic Testing, Neurological Disease, Cardiovascular Disease, Microbiology, Others.
The infectious disease segment accounted for the largest revenue share of the molecular diagnostics market in 2021. The increased usage of molecular, particularly PCR tests, for the diagnosis of COVID-19 is the major reason for the dominance of this segment.
The drawbacks of traditional testing, such as long turnaround time, poor in vitro kinetic development, difficulty in growing organisms in manually prepared culture media, and the lack of sensitivity have been offset with technological advancements, such as PCR and ISH.
Oncology segment is expected to grow at a high CAGR during the forecast period. According to WHO, in 2020, an estimated 19.3 million new cancer cases were diagnosed globally; and about 10.0 million cancer deaths occurred in 2020.
Based on the Technology Insights, the market is segmented into 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.
The polymerase chain reaction (PCR) segment accounted for the largest revenue share in 2021. This is attributed to its use in the detection of COVID-19 and other infectious diseases. The increasing use of high-throughput PCR technology to detect infectious diseases and genetic diseases is expected to drive market growth.
Sequencing technologies for the molecular diagnostics market include DNA sequencing processes and emerging NGS technologies, such as sequencing platforms and RNA sequencing.
DNA sequencing technologies are integrally linked to drug discovery, novel drug development, and personalized medicine. Companies are launching new NGS-based tests for early disease diagnosis.
The sequence specificity of the ISH technique is a major application that helps in understanding pathogenic processes and performing molecular testing for diagnosis, monitoring, and treatment of cancer. Key applications of ISH technology include identifying and investigating mRNA expression in preserved tissue samples, using probes that are complementary to the concerned sequence, and molecular diagnosis of chromosomal integrity using Fluorescence ISH (FISH).
Molecular Diagnostics Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Players such as Roche are using mergers and acquisitions strategy to enhance product capabilities and promote their product offerings. For instance, in May 2021, Roche acquired GenMark Diagnostics for USD 1.8 billion. This acquisition will help Roche expand its molecular diagnostics portfolio.
Some prominent players in the global molecular diagnostics market include
BD
bioMĂ©rieux SA
Bio-Rad Laboratories, Inc.
Abbott
Agilent Technologies, Inc.
Danaher
Hologic Inc. (Gen Probe)
Illumina, Inc.
Johnson & Johnson Services, Inc.
Grifols, S.A.
QIAGEN
F. Hoffmann-La Roche, Ltd.
Siemens Healthineers AG
Sysmex Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.