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From its 2020 valuation of $9.2 billion, the global molecular diagnostics market is expected to expand at a CAGR of 9.86% to $23.9 billion by 2030. To aid in detection, diagnosis, subclassification, prognosis, and monitoring response to medication, molecular diagnostics relies on the identification of genetic variations. It applies molecular biology to diagnostic testing by analysing markers in the genome and proteome and determining how cells express genes as proteins. The detection of bacterial genes (using PCR-based techniques) and the measurement of expressed bacterial infection-specific proteins (using enzyme-linked immunosorbent assay [ELISA] and proteomics) are two examples of molecular diagnostics' broad applicability, potency, and sensitivity.
The diagnostics industry was spurred into action by the COVID-19 outbreak, prompting a rush to create novel and rapid diagnostics tests for the identification of coronavirus. As a result of the pandemic, businesses dealing with infectious diseases saw a surge in profits. Thermo Fisher Scientific, for example, reported a 59% increase in revenue in April 2021, with 150% growth coming from the diagnostics sector. However, increasing immunisation rates around the world suggest demand for COVID-19 diagnostics will fall during the projection period.
Diseases like cancer, heart disease, obesity, neurological problems, and diabetes have increased in prevalence as the world's population has aged. A UN research estimates that by 2020, there will be 727 million individuals worldwide who are 65 or older. The population of those aged 80 and up is also expected to double by 2050, reaching almost 1.5 billion. The growth in the world's elderly population is predicted to be a major factor propelling the market forward throughout the forecast period.
The rise in infectious disease and cancer incidence rates is a key factor in the expansion of the molecular diagnostics industry. Growing biomarker identification and public understanding and acceptance of personalised treatment also contribute to market expansion. Growth of the market is anticipated to be hampered during the forecast period by strict regulatory criteria for the licencing of new molecular diagnostics techniques. On the other hand, the projected period should be full of lucrative chances for the expansion of the market thanks to the rising popularity of molecular diagnostics in developing countries.
Molecular diagnostics has seen a number of recent technological advancements. A patient's sample can be completely analysed for any and all microorganisms with the help of a genomics-based test called shotgun metagenomic next-generation sequencing. About 40,000 different types of microorganisms (bacteria, viruses, parasites, and fungus) are looked for in every sample. The MSI Analysis System is able to detect microsatellite instability (MSI), a form of genomic instability that has been related to Lynch Syndrome, a dominant hereditary malignancy. The field of molecular diagnostics has benefited from advances in sample preparation techniques. If the fluorescent signal is too weak or the biomarker concentration is too low, a false diagnosis is possible. NANOPEC can assist reduce this risk. These kinds of technological advances by various key players are what will push the molecular diagnostics market forward in the years to come.
A key barrier limiting the expansion of the molecular diagnostics sector is inadequate reimbursements. Getting Medicare and private health insurers to pay for their tests is a big hurdle for most diagnostic companies. In 2021, Medicare in the United States will implement a new reimbursement system for several IVD tests, among them molecular diagnostics. Unlisted codes are used to bill for several molecular pathology tests because they do not have their own HCPCS codes. Medicare Administrative Contractors (MACs) determine the appropriate reimbursement amount for each region. According to the American Society for Clinical Oncology, Medicare does not currently fund genetic testing for people who do not have a family history of cancer. These factors are likely to have a negative impact on the molecular testing market in the United States.
Report Coverage
Global Molecular Diagnostics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Molecular Diagnostics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Molecular Diagnostics competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Molecular Diagnostics market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Molecular Diagnostics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Molecular Diagnostics market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
SIEMENS AG (SIEMENS HEALTHINEERS), ABBOTT LABORATORIES, F. HOFFMON LA-ROCHE LTD, DANAHER CORPORATION, BIOMÉRIEUX SA, GRIFOLS S.A, Agilent Technologies Inc., HOLOGIC INC., BECTON DICKINSON AND COMPANY, QIAGEN INC
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Molecular Diagnostics market based on the below-mentioned segments:
Global Molecular Diagnostics Market, By Type
Instruments
Reagents
Software & Services
Global Molecular Diagnostics market, By Application
Infectious diseases
Oncology
Genetic testing
Blood screening
Others
Global Molecular Diagnostics Market, By End User
Hospital
Reference Labortories
Others
Global Molecular Diagnostics market, Regional Analysis
The diagnostics industry was spurred into action by the COVID-19 outbreak, prompting a rush to create novel and rapid diagnostics tests for the identification of coronavirus. As a result of the pandemic, businesses dealing with infectious diseases saw a surge in profits. Thermo Fisher Scientific, for example, reported a 59% increase in revenue in April 2021, with 150% growth coming from the diagnostics sector. However, increasing immunisation rates around the world suggest demand for COVID-19 diagnostics will fall during the projection period.
Diseases like cancer, heart disease, obesity, neurological problems, and diabetes have increased in prevalence as the world's population has aged. A UN research estimates that by 2020, there will be 727 million individuals worldwide who are 65 or older. The population of those aged 80 and up is also expected to double by 2050, reaching almost 1.5 billion. The growth in the world's elderly population is predicted to be a major factor propelling the market forward throughout the forecast period.
The rise in infectious disease and cancer incidence rates is a key factor in the expansion of the molecular diagnostics industry. Growing biomarker identification and public understanding and acceptance of personalised treatment also contribute to market expansion. Growth of the market is anticipated to be hampered during the forecast period by strict regulatory criteria for the licencing of new molecular diagnostics techniques. On the other hand, the projected period should be full of lucrative chances for the expansion of the market thanks to the rising popularity of molecular diagnostics in developing countries.
Molecular diagnostics has seen a number of recent technological advancements. A patient's sample can be completely analysed for any and all microorganisms with the help of a genomics-based test called shotgun metagenomic next-generation sequencing. About 40,000 different types of microorganisms (bacteria, viruses, parasites, and fungus) are looked for in every sample. The MSI Analysis System is able to detect microsatellite instability (MSI), a form of genomic instability that has been related to Lynch Syndrome, a dominant hereditary malignancy. The field of molecular diagnostics has benefited from advances in sample preparation techniques. If the fluorescent signal is too weak or the biomarker concentration is too low, a false diagnosis is possible. NANOPEC can assist reduce this risk. These kinds of technological advances by various key players are what will push the molecular diagnostics market forward in the years to come.
A key barrier limiting the expansion of the molecular diagnostics sector is inadequate reimbursements. Getting Medicare and private health insurers to pay for their tests is a big hurdle for most diagnostic companies. In 2021, Medicare in the United States will implement a new reimbursement system for several IVD tests, among them molecular diagnostics. Unlisted codes are used to bill for several molecular pathology tests because they do not have their own HCPCS codes. Medicare Administrative Contractors (MACs) determine the appropriate reimbursement amount for each region. According to the American Society for Clinical Oncology, Medicare does not currently fund genetic testing for people who do not have a family history of cancer. These factors are likely to have a negative impact on the molecular testing market in the United States.
Report Coverage
Global Molecular Diagnostics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Molecular Diagnostics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Molecular Diagnostics competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Molecular Diagnostics market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | SIEMENS AG (SIEMENS HEALTHINEERS), ABBOTT LABORATORIES, F. HOFFMON LA-ROCHE LTD, DANAHER CORPORATION, BIOMÉRIEUX SA, GRIFOLS S.A, Agilent Technologies Inc., HOLOGIC INC., BECTON DICKINSON AND COMPANY, QIAGEN INC |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Molecular Diagnostics Market from 2021 to 2030.
- Market Forecast for Molecular Diagnostics Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Molecular Diagnostics competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Molecular Diagnostics
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Molecular Diagnostics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Molecular Diagnostics market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
SIEMENS AG (SIEMENS HEALTHINEERS), ABBOTT LABORATORIES, F. HOFFMON LA-ROCHE LTD, DANAHER CORPORATION, BIOMÉRIEUX SA, GRIFOLS S.A, Agilent Technologies Inc., HOLOGIC INC., BECTON DICKINSON AND COMPANY, QIAGEN INC
Primary Target Market
- Market Players of Molecular Diagnostics
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Molecular Diagnostics market based on the below-mentioned segments:
Global Molecular Diagnostics Market, By Type
Instruments
Reagents
Software & Services
Global Molecular Diagnostics market, By Application
Infectious diseases
Oncology
Genetic testing
Blood screening
Others
Global Molecular Diagnostics Market, By End User
Hospital
Reference Labortories
Others
Global Molecular Diagnostics market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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