PUBLISHER: Renub Research | PRODUCT CODE: 1498419
PUBLISHER: Renub Research | PRODUCT CODE: 1498419
The Global Molecular Diagnostics Market size will surpass US$ 26.27 billion by 2032 from US$ 11.88 billion in 2023, with a CAGR of 9.21% from 2024 to 2032.
Molecular diagnostics involves identifying genomic variants to aid in detecting, diagnosing, sub-classifying, prognosis, and monitoring therapy response. It utilizes techniques to analyze biological markers in the genome and proteome, examining how cells express genes as proteins. This field applies molecular biology to medical testing. It is widely used for identifying biological markers in the genome and proteome, such as detecting bacterial genes using PCR-based techniques and measuring expressed bacterial infection-specific proteins using enzyme-linked immunosorbent assay (ELISA) and proteomics.
The growing global geriatric population and the prevalence of diseases like cancer, cardiovascular diseases, neurological disorders, diabetes, obesity, and infectious diseases are driving market growth. The World Bank Group data indicates that 2022 there were approximately 779 million people aged 65 years and above globally. Furthermore, the no. of individuals aged 80 years and above is projected to double by 2050, surpassing more than 1.5 billion. This trend is expected to have a significant impact on the market. Additionally, the market is expected to experience growth due to the rising incidence of infectious diseases.
The potential market expansion is due to an increase in diseases such as HIV, HPV, and STI, as well as initiatives by significant market players to improve access to cost-effective resources. It also mentions that infections are expected to drive growth in the molecular diagnostics market and highlights the importance of molecular tests in disease diagnostics despite their high cost. The increasing global incidence of infectious diseases such as HIV, citing a UNAIDS update from August 2022, reported approximately 38.4 million people worldwide living with HIV in 2021. This includes 36.7 million adults and 1.7 million children. The high incidence of infectious diseases is expected to drive molecular die market growth due to the increased adoption of molecular diagnostics for HIV.
Factors such as technological advancements, a growing elderly population, and increased demand for genetic testing are creating significant opportunities for market growth. Increased self-testing diagnostics and patient awareness about faster diagnostics also contribute to this growth. For example, in February 2023, Huwel Lifesciences developed a portable RT-PCR machine for testing various viruses.
North America Molecular Diagnostics Market
North America dominates the molecular diagnostics market due to its high prevalence of chronic diseases. Molecular diagnostics play an important role in the early detection, diagnosis, and monitoring of conditions like cancer and infectious diseases, leading to a shift from traditional diagnostic methods. The estimated number of new cancer cases and deaths due to cancer in the United States in 2023, as reported by the ACS 'Cancer Facts & Figures 2022'. It also suggests that the high incidence of cancer in the region is expected to drive the growth of the oncology molecular diagnostics market due to the increased adoption of molecular diagnostics for cancer diagnosis. The United States is a hub for technological innovation and research in molecular diagnostics, with many leading biotechnology and diagnostic companies driving the development and commercialization of cutting-edge molecular diagnostic technologies. The United States has one of the highest healthcare expenditures globally, facilitating the adoption of advanced diagnostic technologies, including molecular diagnostics.
Molecular Diagnostics Industry Analysis
The leading market players in the Molecular Diagnostics market are F Hoffmann-la Roche Ltd, Illumina Ltd, Hologic Corporation, Agilent Technologies Inc., Qiagen NV, Myriad Genetics, Abbott Laboratories, Biomerieux SA, Bio-Rad Laboratories Inc., and Sysmex Corporation.
Molecular Diagnostics Company News
Technology - Global Molecular Diagnostics Market
Application - Global Molecular Diagnostics Market
Product - Global Molecular Diagnostics Market
End User - Global Molecular Diagnostics Market
Geography - Global Molecular Diagnostics Market
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Company Insights:
Company Analysis: