According to our new research study on “Molecular Diagnostics Market Forecast to 2030 – Geography Analysis by Disease Area, Technology, Product and Services, End User, and Geography,” the molecular diagnostics market size is expected to reach US$ 45,875.65 million by 2030 from US$ 18,173.87 million in 2022; it is estimated to register a CAGR of 12.3% from 2022 to 2030. The report highlights trends prevailing in the market and the factors driving and hindering the molecular diagnostics market growth. The growth of the market is attributed to the development of new products and increase in demand for point-of-care testing and surging prevalence of associated diseases. However, limitations associated with molecular testing hinders the market growth.

Molecular diagnostics procedures can be employed in the detection of a wide range of conditions such as oncologic diseases, infectious diseases, cardiac diseases, and immune system disorders; they can also be used in genetic testing using genetic material such as DNA and RNA for the diagnosis of different diseases.

Surging Prevalence of Associated Diseases

Molecular diagnostics procedures can be employed in the detection of a wide range of conditions such as oncologic diseases, infectious diseases, cardiac diseases, and immune system disorders; they can also be used in genetic testing using genetic material such as DNA and RNA for the diagnosis of different diseases. Cancer is one of the leading causes of death worldwide. The early detection of the disease can help prevent death among the patients. The World Health Organization (WHO) stated that cancer was a cause of ~70% of deaths in low- and middle-income countries in 2021. As per the Global Burden of Disease Study in the Global Health Data Exchange and the World Health Statistics 2020, cardiovascular disease (CVD) mortality in China was 322 per 100,000 population, while India reported 185 per 100,000 population of CVD. As per the estimates of the American Cancer Society, ~1.9 million new cancer cases were diagnosed in the US in 2021. According to the data published by the UK.GOV on November 22, 2021, the infection rate of COVID-19 was ~422.7 per 100,000 population. Thus, the rising prevalence of target diseases fuels the molecular diagnostics market growth.

Based on technology, the molecular diagnostics market is divided into polymerase chain reaction, isothermal nucleic acid amplification technology, DNA sequencing & Next-Generation sequencing, DNA microarrays, in-situ hybridization, and others. The PCR is further sub segmented into RT-PCR, qPCR, Multiplex PCR, and others. The PCR segment held the largest share of the market in 2022, and the same segment is anticipated to register the highest CAGR of 12.7% in the market during the forecast period. PCR is mainly used to make or amplify DNA by copying the nucleic acid strands. Thermal cyclers are employed to denature and anneal DNA strands during amplification, along with reagents such as enzymes, nucleotides, and buffers to build the novel DNA. This technique is widely used in various application such as functional analysis of genes, diagnosis of hereditary, DNA cloning, paternity testing, detection of infectious diseases, and forensic sciences. Polymerase chain reaction has been classified into traditional PCR, real-time PCR, and digital PCR. However, ongoing technological advances and surging demand amid the pandemic will continue to fuel the need for PCR tests in India as well as other Asia Pacific countries. Consistent prevalence of diseases like tuberculosis, Hepatitis, flu, and serious infections will foster PoC molecular diagnostic industry trends. Presently, the outbreak of novel COVID-19 pandemic would create lucrative growth aspects for the market as this approach is highly critical to detect virus in individuals who exhibit no symptoms of signs of disease. PCR’s exquisite sensitivity, relative simplicity, and cost-effectiveness makes PCR stand apart from other nucleic acid amplification techniques, cementing it as a mainstay in molecular laboratories.PCR has become an indispensable tool for various clinical and diagnostic applications or examinations due to continuous research & development on PCR technologies. Therefore, it offers many opportunities for rapid point-of-care diagnostics for various infectious diseases. For instance, F. Hoffmann-La Roche Ltd is continuously working on the advancements of Digital PCR (dPCR) techniques. dPCR has extended its applications to the clinical field and has emerged as an important clinical tool. dPCR offers ultrasensitive and absolute nucleic acid quantification without reference standard. Thus, it offers a broader aspect for standardizing and comparing results between laboratories. During pandemic outbreak, one of the first mover startup, Mylab PathoDetect COVID-19 Qualitative PCR kit was among the first in the country to receive commercial approval from the Central Drugs Standard Control Organisation (CDSCO) last year. Following the approval, Mylab had partnered with biotech giant Serum Institute of India and local firm AP Globale. PCR is further sub-segmented into RT-PCR, qPCR, multiplex PCR and others.

Abbott Laboratories, Agilent Technologies Inc., Thermo Fisher Scientific Inc, F. Hoffman-La Roche Ltd., Qiagen NV, bioMerieux SA, Illumnia Inc., Danaher, Siemens Healthineers AG, Novartis AG, and TBG Diagnostics Limited are among the key players operating in the global molecular diagnostics market.

The report segments the global molecular diagnostics market as follows:

Based on disease area, the molecular diagnostics market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders, and others. Based on technology, the molecular diagnostics market is divided into polymerase chain reaction, isothermal nucleic acid amplification technology, DNA sequencing & Next-Generation sequencing, DNA microarrays, in-situ hybridization, and others. Based on product & services, the molecular diagnostics market is segmented into assays & kits, instruments, and services & software. Based on end user, the molecular diagnostics market is segmented into hospitals & clinics, diagnostic laboratories, research & academic institutions, and others. Geographically, the molecular diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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