Molecular Diagnostics Market Size to Hit USD 29.3 Billion by 2030 at 5.7% CAGR – Report by Market Research Future (MRFR)

New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) — Molecular Diagnostics Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Molecular Diagnostics Market Information, By Product, Technique, Application, End User – Forecast till 2030”, the market size is projected to reach USD 29.3 billion by 2030 at 5.7% CAGR during the forecast period 2022-2030.

Market Scope:

Research into the genomes of living organisms, such as humans, viruses, and bacteria, is known as molecular diagnostics (MDx), a rapidly expanding field of laboratory medicine. There is a growing and crucial role for molecular diagnostic techniques and platforms in all of clinical and anatomic pathology. The menu of tests available in the clinical laboratory that rely on DNA and RNA analysis has exploded in the last decade or two. Molecular pathology and diagnostics are revolutionizing the diagnostic laboratory by providing a new level of detail to medical professionals such as doctors, pharmacists, geneticists, forensic scientists, researchers, and others. DNA sequencing remains the best method for the detection and monitoring of infectious diseases, despite the development and explosion of many variant detection assays. Next-generation sequencing (NGS) advancements are especially relevant in this regard. 

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Report Scope:

Molecular Diagnostics Market Competitive Outlook:

Companies in the molecular diagnostics field hope to expand internationally by securing regulatory approval, forming strategic collaborations, and acquiring established competitors in other countries and regions.

• Hoffmann-La Roche Ltd
• Hologic, Inc.
• QIAGEN
• Becton, Dickinson and Company
• Abbott Laboratories
• Cepheid
• Siemens
• Thermo Fisher Scientific
• Agilent Technologies

Market Dynamics:

Market Drivers

Developments in molecular testing methods and the rising incidence of infectious diseases and cancers are fueling the molecular diagnostics market. Molecular diagnostics play an important role in the diagnosis of infectious diseases because of the speed and accuracy they provide. The rising anticipated frequency of hospital-acquired infections and infectious disorders is expected to boost the demand for molecular diagnostics over the forecast period. As a result of progress in molecular diagnostics, many diseases can now be detected, and this is especially true when a differential diagnosis is proving challenging. Cost-effectiveness, accuracy, and portability are all made possible by recent technical developments in molecular diagnostics, which are anticipated to considerably fuel market expansion.

Research and development in molecular diagnostics is anticipated to get more support from governments and numerous organizations due to rising demand for such tests. Rapid expansion of the molecular diagnostics market is anticipated in this area due to rising levels of government support for the life sciences sector and the availability of money for research and development.

Market Restraints

The regulatory framework for approvals has long been a major limiting factor in the development of new pharmaceutical, biotech, and medical technology products. Diagnostic kits that aren’t up to par may give false positives or negatives. Consequently, the expansion of the molecular diagnostics market is constrained by the stringency of regulations related with the approval process for such tests.

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COVID-19 Analysis:

The global spread of COVID-19 has greatly increased the number of confirmed cases and the locations in which laboratory research must be conducted and strengthened. As a direct result of molecular testing, there is currently a global shortage of molecular research reagents for COVID-19. In addition to shortages, certain regions, especially those with lower and moderate incomes, have inadequate capacity for absorption. It appears that testing is essential in tracking the rapid spread of the virus. As the number of reported incidents increases, authorities all around the world are looking into whether or not private laboratories can increase their research output. Rapid diagnosis of COVID-19 should be possible because to the widespread availability of diagnostics. As a part of the strategic plan for readiness and response, the World Health Organization (WHO) has developed recommendations for research techniques.

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Molecular Diagnostics Market Segmentation:

The molecular diagnostics reagents segment is significantly larger than the rest of the industry. High reagent consumption in molecular diagnostic testing, rising demand for over-the-counter diagnostic tests, and rising acceptance of these tests in non-medical facilities, such as home self-testing, are some of the primary growth drivers for the market.

By Technique

Because of its widespread application and rapid technological development, polymerase chain reaction (PCR) has become the industry standard in molecular diagnostics.

By Application

Due to the resurgence of infectious diseases such as novel multidrug-resistant tuberculosis, influenza, and human immunodeficiency virus strains in 2019, the infectious disease testing segment has become the most lucrative segment of the molecular diagnostics industry.

By End-User

The diagnostic laboratories subsector is expected to grow rapidly as a result of rising demand for early diagnosis of a wide range of ailments, which has resulted in increased financing for cutting-edge diagnostic laboratories.

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Molecular Diagnostics Market Regional Analysis:

The Americas are anticipated to be the largest regional market for molecular diagnostics worldwide over the forecast time frame. New healthcare facilities and an increase in the elderly population in the area are to blame. The market is led by North America because to the region’s advanced diagnostic infrastructure, technological innovations, increased patient awareness, and availability of cutting-edge molecular diagnostics technology.

For molecular diagnostics, Europe is projected to have the second largest market throughout the anticipated time frame. Growth in the molecular diagnostics market is forecast to be aided by the availability of funds for research and development and the expanding government support for the life sciences sector in this area.

With burgeoning markets like China, India, and South Korea serving as significant destinations for outsourcing clinical trials, drug manufacture, and pathology testing, the Asia-Pacific region is predicted to grow at the quickest rate. Additionally, the healthcare system in the region has been improved thanks to the research being conducted there.

The market for molecular diagnostics in the MENA region is projected to expand steadily over the analysis period. The development of the molecular diagnostics industry will speed up in the next years as a result of rising healthcare spending aimed at improving healthcare infrastructure. Growth in the molecular diagnostics sector is forecasted to be bolstered by rising consumer interest in and availability of cutting-edge testing methods.

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