CHICAGO, July 23, 2024 /PRNewswire/ -- The global
Molecular Diagnostics Market is expected to grow from USD 17.3 billion in 2024 to USD 32.7 billion by 2029, at a CAGR of 13.5%.
This growth is driven by increased government funding for precision
medicine and genomics, amplifying the usage of molecular
diagnostics kits and instruments. Additionally, the rising number
of hospitals in developed and emerging economies, driven by high
patient influx, is boosting the demand for precise molecular-based
testing. Technological advancements in portability and quick
turnaround times have made it easier for smaller facilities to
integrate molecular testing into their workflows. Increased
investment and emphasis on R&D, supported by government
initiatives and funding, further enable growth prospects in the
molecular diagnostics market. However, the high cost of molecular
diagnostic products may limit growth, as only large hospitals and
reference laboratories with substantial capital budgets can afford
them. Opportunities for growth are present in developing economies
such as South Africa, Brazil, Turkey, Russia, and India, where high disease prevalence, a
sizable patient base, better healthcare facilities, rising
disposable incomes, and increased medical tourism contribute to
market expansion. The evolving regulatory environment for IVD and
molecular diagnostics in the US and European nations poses
challenges to market growth. In 2023, the reagents & kits
segment held the largest share of the market by product &
service, while the lab tests segment led by test type. The PCR
segment dominated the market by technology. North America accounted for the largest share
of the molecular diagnostics market in 2023, driven by advanced
healthcare systems and increased adoption of cutting-edge
technologies. Key players in the market include Danaher (US), F.
Hoffmann-La Roche Ltd (Switzerland), Illumina, Inc. (US), bioMérieux
(France), and Hologic, Inc. (US),
known for their extensive product portfolios and wide geographic
presence.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=833
Browse in-depth TOC on "Molecular Diagnostics
Market"
546 - Tables
55 -
Figures
453 - Pages
DANAHER (US): Leader in
Molecular Diagnostics
In 2023, Danaher emerged as the top player in the molecular
diagnostics market. The company's established presence within the
US provides a strong foundation for expansion into emerging
economies, fostering a broader global footprint. Danaher also
demonstrates a commitment to continuous product development,
catering to the diverse needs of its international customer base,
which further strengthens the company's market leadership.
Moreover, the company maintains its competitive edge through robust
research and development initiatives, coupled with efficient supply
chain management. Organic growth strategies, such as product
launches and regulatory approvals, also play a significant role.
For example, in March 2024, the
company received clearance from the US FDA for the Xpert Xpress GBS
test. Similarly, in November 2022,
the company launched the Xpert Xpress MVP, a multiplexed PCR test.
These strategic actions contribute to Danaher's sustained dominance
within the molecular diagnostics market.
F. HOFFMANN-LA ROCHE LTD (Switzerland): Market Leader in Molecular
Diagnostics
In 2023, F. Hoffmann-La Roche Ltd. commanded a substantial
market share within the molecular diagnostics market. This
leadership position stems from their extensive distribution network
spanning North America,
Europe, Asia Pacific, Latin
America, and the Middle
East & Africa. This
comprehensive reach mitigates regional demand fluctuations and
ensures consistent product availability globally. Furthermore,
Roche employs strategic acquisitions to solidify its market
dominance. For instance, in March
2021, the company entered into a merger with GenMark
Diagnostics (US) to access novel technologies for testing a broad
range of pathogens in one patient sample. These strategic moves
strengthen Roche's product offerings and technological
capabilities, securing their position as a key player in the
molecular diagnostics market.
ILLUMINA, INC. (US): Key Player in Molecular
Diagnostics
In 2023, Illumina, Inc. held a prominent position in the
molecular diagnostics market. Building on a strong foundation in
the US, the company actively pursues geographic expansion through
strategic investments in emerging markets. This commitment to
international growth strengthens Illumina's market position.
Furthermore, a robust product portfolio, encompassing FDA and
CE-approved solutions, has significantly contributed to the
company's substantial market share.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=833
Product Segmentation: Reagents & Kits Lead the Molecular
Diagnostics Market
The global molecular diagnostics market is segmented by product
& service into reagents & kits, instruments, and services
& software. In 2023, the reagents & kits segment accounted
for the largest share of the molecular diagnostics market. The
large share and high growth rate of this segment can be attributed
primarily to the need for large quantities of these consumables
compared to instruments. As molecular diagnostics become
increasingly integrated into routine testing protocols for a wider
range of diseases, diagnostic laboratories and healthcare
facilities experience a constant rise in daily test volume,
necessitating a consistent supply of reagents and kits. This
translates into frequent repeat purchases by end-users, thus
solidifying the reagents & kits segment as a reliable and
predictable revenue stream within the molecular diagnostics
market.
Technology Segmentation: PCR Dominates
The molecular diagnostics market is categorized by technology
into polymerase chain reaction (PCR), isothermal nucleic acid
amplification technology, in situ hybridization, DNA sequencing
& next-generation sequencing, DNA microarrays, and other
technologies. In 2023, the largest share of the molecular
diagnostics market was held by the polymerase chain reaction (PCR)
segment. The market dominance of PCR is driven by several key
factors such as PCR's established role in proteomics and genomics
research, and the automation of PCR instruments to streamline
workflows and significantly increase testing throughput. Moreover,
optimized protocols, readily available commercial kits, and
reliable reagents streamline the implementation of PCR for
laboratories. Furthermore, the growing focus on personalized
medicine fuels demand for PCR assays tailored to individual
patients, propelling continued growth within the PCR segment.
Regional Insights: Asia Pacific Offers Significant Growth
Opportunities
The global molecular diagnostics market has been segmented into
six major regions: North America,
Europe, Asia Pacific, Latin
America, the Middle East
& Africa, and GCC countries.
The Asia Pacific region is
expected to offer significant growth opportunities for players
operating in the molecular diagnostics market during the forecast
period. Increased government initiatives to support early disease
detection, rising per capita incomes, and the existence of dynamic,
high-growth markets within the region are some of the factors
driving growth in this market. Additionally, more favorable
regulatory frameworks and reduced labor expenses are expected to
support market expansion in the Asia
Pacific region.
For more information, inquire now! Inquire Now
Related Reports:
In Vitro Diagnostics Market
Point of Care Molecular Diagnostics Market
Companion Diagnostics Market
Infectious Disease Diagnostics Market
Cancer Diagnostics Market
Get access to the latest updates on Molecular Diagnostics
Companies and Molecular Diagnostics Market
Share
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of
America's best management consulting firms by Forbes, as per
their recent report.
MarketsandMarkets™ is a blue ocean alternative in
growth consulting and program management, leveraging a man-machine
offering to drive supernormal growth for progressive organizations
in the B2B space. We have the widest lens on emerging technologies,
making us proficient in co-creating supernormal growth for
clients.
Earlier this year, we made a formal transformation into one of
America's best management consulting firms as per a survey
conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work
with clients on growth programs, helping them monetize this
$25 trillion opportunity through our
service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought
Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several
Forbes Global 2000 B2B companies - helping them stay relevant in a
disruptive ecosystem. Our insights and strategies are molded by our
industry experts, cutting-edge AI-powered Market Intelligence
Cloud, and years of research. The KnowledgeStore™ (our Market
Intelligence Cloud) integrates our research, facilitates an
analysis of interconnections through a set of applications, helping
clients look at the entire ecosystem and understand the revenue
shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us
on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan
Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo:
https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/molecular-diagnostics-market-worth-32-7-billion-by-2029-driven-by-increasing-technological-advancements--marketsandmarkets-302203749.html