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.
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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.
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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.
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