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Molecular Diagnostics Market is expected to reach US$ 45,875.65 million by 2030

The global Molecular Diagnostics market is projected to grow from USD 18,173.87 million in 2022 to USD 45,875.65 million by 2030.

By The Insight Partners

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.

Based on disease area, the molecular diagnostics market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders, and others. The infectious disease segment held a larger market share in 2022. However, oncology segment is anticipated to register the highest CAGR of 12.6% during the forecast period. Oncology molecular diagnostics are tests that expose inherited material, proteins, associated molecules and assess metabolic functions, drug metabolism, and disease induction grounded on DNA, RNA, and proteins that deliver oncological information. As stated by World Health Organization (WHO), cancer reckoned for roughly 10 million demises in 2020. Furthermore, as per the 2021 statistics by the American Cancer Society, by 2040, the global burden of carcinoma is anticipated to raise to 27.5 million fresh cases and 16.3 million cancer deceases. Such like high figures denote that the evaluated rising frequency of cancer is chipping into the accelerating requirement for primitive diagnosis and preventive cure. There are numerous methods to diagnose carcinoma comprehending PCR, INAAT, and NGS etc. Among all the conception of PCR (polymerase chain reaction) led to an enormous advancement in clinical DNA testing. PCR-based methodologies demand straightforward instrumentation and infrastructure, exploit only minute quantities of biological material and are extensively harmonious with clinical routine.

Molecular Diagnostics Market, by Region, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00003124

Although the cost of PCR is lofty, most accurate real-time PCR approach (with more than 99% accuracy) is the one substantially used in numerous developed countries including Korea, while developing countries substantially exploit the conventional PCR (more than 90% accuracy), which is affordable than real-time PCR. Because of the high prices of the other options, underdeveloped countries generally use Rapid PCR (60 – 70% accuracy). Within the field of oncology molecular diagnostics, NGS is another technology flaunting the loftiest rate of growth. Numerous companies are working intensely to make economic use of this technology. For instance, in April 2021, Illumina Inc. blazoned its partnership with Kartos Therapeutics to co-develop an NGS- Based TP53 Companion Diagnostic, which aided to reduce the costs associated with storing and managing of genomic data.

Region Analysis- Molecular Diagnostics Market

Geographically, the molecular diagnostics market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America regional market is expected to grow at a CAGR of 12.5% and is expected to reach US$ 20,740.38 Mn by 2030 from US$ 8,056.48 Mn in 2022.

The increasing adoption of technologically advanced products, rise in research & development activities, presence of large healthcare businesses, and growing use of molecular diagnostics are among the key factors propelling the growth of the molecular diagnostics market in this region. The US held the largest share of the North America molecular diagnostics market in 2022.

The US holds the largest share of the molecular diagnostics market. Market growth in this country is primarily driven by the increasing prevalence of chronic kidney disorders (CKD), rising geriatric population, and a growing number of product launches by key players. Aging is a prominent risk factor responsible for renal diseases. According to a study published by the Population Reference Bureau in 2020, the population of individuals of age 65 years was 55 million in the US in 2020, which is expected to reach 95 million by 2060. Regulatory agencies in the US are devising favourable policies for the development of point-of-care (POC) products for the diagnosis and treatment of various indications. For instance, in March 2021, the US Food Drug Administration (FDA) authorized the first point of care testing of Chlamydia and Gonorrhea Test by the usage of Binx Health IO CT/NG Assay for point-of-care settings such as community-based clinics, urgent care settings, and outpatient healthcare facilities. In May 2022, BD (Becton and Dickinson), one of the leading global medical technology companies, announced the launch of its new, fully automated, high-throughput infectious disease molecular diagnostics platform in the US. The new BD COR MX instrument, with the 510(k) clearance from the FDA, is a new analytical instrument option for the BD COR platform. The BD CTGCTV2 molecular assay, the first test available on the new system, a single test that detects the three most prevalent non-viral sexually transmitted infections (STIs)—Chlamydia trachomatis (CT), Neisseria gonorrhoeae (GC), and Trichomonas vaginalis (TV).

Impact of COVID-19 Pandemic on Molecular Diagnostics Market

Before the COVID-19 pandemic, molecular diagnostics market was experiencing a steady increase in demand before the COVID-19 pandemic. Technological advancements, like a polymerase chain reaction (PCR), and others, the rising application of molecular diagnostics were growing before pandemic.

During pandemic, the spread of the pandemic coupled with uncertainty around economic recovery has affected the pharmaceutical industry in the region. This economic impact is expected to have negative effect on the investments in research and development. Some key players in the molecular diagnostics provided best postop operative care to their cancer patient while protecting health care professionals and other patients. Abbott has received Emergency Use Authorization (EUA) for a point-of-care test that can provide results in minutes. Thus, increased production by the companies has resulted in profits, and the outbreak of COVID-19 has shown a positive impact on market growth.

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 leading companies operating in the molecular diagnostics market.

The report segments the 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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