Molecular Diagnostics Market to be Worth $31.9 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 5, 2023 /PRNewswire/ -- 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 -0.4% from 2023 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.

Key Industry Insights & Findings from the report:

• Reagents dominated the overall market majorly driven by the high usage rate of reagents due to the COVID-19 pandemic.

• PCR technology accounted for a revenue share of 71.8% in 2022. The increased use of PCR for the diagnosis of COVID-19 and other infectious diseases is one of the major reasons for its dominance.

• Self-testing or OTC segment is anticipated to be the fastest-growing segment, over the forecast period, as it facilitates early diagnosis and constant patient monitoring. The launch of COVID-19 molecular self-tests is also expected to boost the growth of this segment.

• North America commanded the highest revenue share in 2022, driven by a high disease prevalence, proactive government measures, high testing rate for COVID-19, technological advancements, and improvements in healthcare infrastructure.

Read 270-page market research report, "Molecular Diagnostics Market Size, Share & Trends Analysis Report By Product (Instruments, Reagents), By Test Location, By Technology (PCR, Sequencing, INAAT, TMA), By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Molecular Diagnostics Market Growth & Trends

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.

Companies are expanding their product portfolios with the acquisition of smaller companies. For instance, in March 2021, Hologic announced the acquisition of Diagenode-a molecular diagnostic company with a wide range of PCR instruments, facilitating the detection of over 30 bacteria-for USD 159 million. Similarly, in April 2021, F. Hoffmann-La Roche Ltd. acquired GenMark Diagnostics, Inc. at a price of USD 24.05 per share in cash, and it holds around 82.89% of total shares of GenMark Diagnostics. GenMark Diagnostics, Inc. has proprietary technologies, such as eSensor XT-8 and ePlex, which can be utilized in developing tests for infectious diseases, including bloodstream infections.

Key players are enhancing their range of testing options for real-time PCR instruments by increasing R&D activities for the development of kits that target emerging diseases or by entering into agreements with other kit manufacturing companies. These include the introduction of Cobas HPV test assay in Cobas 4800 by Roche Diagnostics. The introduction of tuberculosis testing Xpert assay on GeneXpert platform by Cepheid is an example of such advancement. Such advances are anticipated to drive the global molecular diagnostics market.

Molecular Diagnostics Market Report Scope

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

Product Outlook (Revenue, USD Million, 2018 - 2030)

•  Instruments
• Reagents
• Others

Test Location Outlook (Revenue, USD Million, 2018 - 2030)

• Point-of-Care
• Self-test or Over the Counter
• Central Laboratories

Technology Outlook (Revenue, USD Million, 2018 - 2030)

•  Polymerase chain reaction (PCR)
• PCR, by Type
• Multiplex PCR
• Other PCR
• PCR, by Product
• Instruments
• Reagents
• Others
• In Situ Hybridization (ISH)
• Instruments
• Reagents
• Others
• Isothermal Nucleic Acid Amplification Technology (INAAT)
• Instruments
• Reagents
• Others
• Chips and Microarrays
• Instruments
• Reagents
• Others
• Mass Spectrometry
• Instruments
• Reagents
• Others
• Sequencing
• Instruments
• Reagents
• Others
• Transcription Mediated Amplification (TMA)
• Instruments
• Reagents
• Others
• Others
• Instruments
• Reagents
• Others

Application Outlook (Revenue, USD Million, 2018 - 2030)

•  Oncology
• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Cervical Cancer
• Kidney Cancer
• Liver Cancer
• Blood Cancer
• Lung Cancer
• Other Cancer
• Pharmacogenomics
• Infectious Diseases
• Methicillin-resistant Staphylococcus Aureus (MRSA)
• Clostridium Difficile
• Vancomycin-resistant Enterococci (VRE)
• Carbapenem-resistant Bacteria
• Flu
• Respiratory Syncytial Virus (RSV)
• Candida
• Tuberculosis and Drug-resistant TBA
• Meningitis
• Gastrointestinal Panel Testing
• Chlamydia
• Gonorrhea
• HIV
• Hepatitis C
• Hepatitis B
• Other Infectious Disease
• Genetic Testing
• Newborn Screening
• Predictive and Presymptomatic Testing
• Other Genetic Testing
• Neurological Disease
• Cardiovascular Disease
• Microbiology
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030) 

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Belgium
• Switzerland
• Netherlands
• Poland
• Austria
• Denmark
• Sweden
• Turkey
• Norway
• Asia Pacific
• Japan
• China
• India
• Sri Lanka
• Malaysia
• Australia
• New Zealand
• Thailand
• Vietnam
• Singapore
• Latin America
• Brazil
• Mexico
• Chile
• Peru
• Colombia
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Jordan
• UAE
• Qatar
• Kuwait
• Egypt

Check out more market research studies published by Grand View Research:

• Transplant Diagnostics Market - The global transplant diagnostics market size is expected to reach USD 895.2 million by 2024, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 7.6% over the forecast period. An increasing number of patients suffering from chronic diseases frequently leading to organ failure is creating an upsurge in demand for transplant procedures. In addition, the adoption of stem cell therapy and personalized medicine is escalating, thereby influencing demand for transplant diagnostics.
• North America Molecular Diagnostics Market - The North America Molecular Diagnostics (MDx) market size is expected to reach USD 8.10 billion by 2025 expanding at a CAGR of 10.4% during the forecast period, according to a new report by Grand View Research, Inc. Rising incidence of long-term diseases, such as cancer, Cardiovascular Diseases (CVDs), neurological disorders, obesity, and diabetes, is expected to drive the North America MDx market.
• Infectious Disease Molecular Diagnostics Market - The global infectious disease molecular diagnostics market size is expected to reach USD 40.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 3.0% from 2020 to 2028. The market is driven by the introduction of technologically advanced products and an increase in demand for molecular diagnostics in PoC settings.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

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.

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SOURCE Grand View Research, Inc.