Dublin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The "Molecular Diagnostics Market Size and Forecasts 2020-2030, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Disease Area, Technology, Product & Services, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global molecular diagnostics market is on a trajectory of substantial growth, with a projected valuation of US$ 45,875.65 million by 2030, up from US$ 18,173.87 million in 2022. This growth is expected to register a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2030.
Key Market Insights
Key insights from the report include:
- The global molecular diagnostics market is set to reach US$ 45,875.65 million by 2030, reflecting a robust CAGR of 12.3% during the forecast period.
- The market's growth is driven by the development of new products, increasing demand for point-of-care testing, and the rising prevalence of associated diseases. However, limitations associated with molecular testing pose challenges to market growth.
Molecular Diagnostics in Personalized Medicine
Advancements in high-throughput techniques have made genome research more convenient and cost-effective. Molecular diagnostics have become indispensable in clinical laboratories, offering rapid detection results compared to conventional tests that often involve culturing microbes. Precision medicine tailors medical treatments based on a patient's unique genetic makeup, lifestyle, and environment.
Molecular diagnostics play a vital role in this approach by identifying specific biomarkers, genetic mutations, and gene expression patterns that inform treatment decisions. Drug development increasingly relies on molecular diagnostics, particularly in cancer research. Various molecular imaging techniques are employed in screening, diagnosing, and treating diseases, contributing significantly to personalized medicine, research, clinical trials, and oncology practice.
The use of molecular diagnostics in detecting tumors and assessing their activities enhances the development of personalized medicine. Next-generation sequencing (NGS) and other advanced technologies are gaining prominence in oncology molecular diagnostics, enabling personalized medicine and early disease detection.
Limitations of Molecular Testing
Despite its advantages, molecular testing has limitations. Test results may vary depending on sampling and testing processes, technician skills, and other factors, leading to variations in results. Some test procedures are time-consuming, and test kits may yield false positive or negative results. These uncertainties hinder the widespread adoption of molecular tests, especially for life-threatening diseases. Additionally, limited awareness of point-of-care tests, especially in developing countries, and the cost of molecular testing for diseases like cancer and viral infections are challenges to market growth.
Market Segmentation
The molecular diagnostics market is segmented based on disease area, including oncology, infectious diseases, genetic testing, cardiac diseases, immune system disorders, and others. The infectious disease segment held the largest market share in 2022, but the oncology segment is expected to register the highest CAGR of 12.6% during the forecast period.
Oncology molecular diagnostics involve the detection of genetic mutations, proteins, and metabolic functions based on DNA, RNA, and proteins. With the global burden of cancer increasing, there is a growing demand for early diagnosis and preventive care. Various technologies, including PCR, INAAT, and NGS, are used in oncology molecular diagnostics.
Technology-Based Insights
The molecular diagnostics market is segmented by technology into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology, DNA sequencing & Next-Generation sequencing, DNA microarrays, in-situ hybridization, and others. The PCR segment, further divided into RT-PCR, qPCR, Multiplex PCR, and others, held the largest market share in 2022 and is anticipated to register the highest CAGR of 12.7% during the forecast period. PCR is a versatile technique used in various applications, including DNA cloning, diagnosis of infectious diseases, forensic sciences, and functional gene analysis. The cost-effectiveness, sensitivity, and relative simplicity of PCR make it a crucial tool for clinical and diagnostic applications.
Purchase Mode-Based Insights
Based on product & services, the molecular diagnostics market includes assays & kits, instruments, and services & software. The assays and kits segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. These assays and kits are widely used for various diagnostic purposes, including the detection of influenza, COVID-19, tuberculosis, and more. T
he diagnostic laboratories segment was the largest end-user segment in 2022, and it is expected to witness significant growth during the forecast period. Diagnostic laboratories play a crucial role in molecular diagnostics, analyzing samples from patients using various instruments, reagents, and technologies.
Competitive Landscape and Key Developments
Leading companies in the molecular diagnostics market include Abbott Laboratories, Agilent Technologies Inc., Thermo Fisher Scientific Inc., F. Hoffman-La Roche Ltd., Qiagen NV, bioMerieux SA, Illumina Inc., Danaher, Siemens Healthineers AG, Novartis AG, and TBG Diagnostics Limited. These companies are actively launching new products and collaborating to extend their market presence.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $18.17 Billion |
| Forecasted Market Value (USD) by 2030 | $45.87 Billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ga4hv2
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