Global Molecular Diagnostic Market Report to 2030: Technological Advancements in Molecular Diagnostics and Rising Healthcare Expenditure Drives Growth - ResearchAndMarkets.com

The "Molecular Diagnostic Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The molecular diagnostics market is expected to reach $46.69 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.

After extensive primary and secondary research, the report provides an in-depth analysis of the molecular diagnostics market. The report also provides insights into the key drivers, restraints, challenges, and opportunities in the molecular diagnostics market. The growth of this market is driven by the rising global geriatric population, the increasing prevalence of communicable & non-communicable diseases, technological advancements in molecular diagnostics, and rising healthcare expenditures.

However, unfavorable regulatory frameworks and the high costs of molecular diagnostic tests restrain the growth of this market. Growth opportunities in emerging countries, increasing focus on companion diagnostics, and the rising popularity of direct-to-consumer (DTC) genetic testing are expected to offer growth opportunities for the players operating in this market.

Based on product & service, in 2023, the kits & reagents segment is estimated to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to technological advancements and increased usage of diagnostic kits in healthcare settings.

Based on test type, in 2023, the laboratory test segment is estimated to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to its benefits, such as various activities that can be carried out in one room, such as sample processing, diagnosis, and further analysis of the results.

Based on technology, in 2023, the polymerase chain reaction (PCR) segment is estimated to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to the advantages of the technology over others, such as the specific detection of rare DNA sequences with accuracy and the launch of advanced high throughput PCR devices.

Based on application, in 2023, the infectious diseases segment is estimated to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to the rising prevalence of infectious diseases globally, which includes hepatitis, HIV, healthcare-associated infections (HAIs), and influenza, among others. As these are not age-specific, molecular diagnosis is required for every person affected by these infectious diseases.

Based on end user, in 2023, the hospitals & clinics segment is estimated to account for the largest share of the molecular diagnostics market. The large market share of this segment is attributed to the increase in the number of diagnostic tests done, especially during the COVID-19 pandemic, the rise in technological advancement for diagnostic platforms in hospitals, and the availability of skilled professionals.

An in-depth analysis of the geographical scenario of the molecular diagnostics market provides detailed qualitative and quantitative insights into the five major geographies (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) along with the coverage of major countries in each region. In 2023, North America is estimated to account for the largest share of the molecular diagnostics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The rise in prevalence of chronic diseases, increase in venture capital funding, increase in healthcare expenditure, and presence of key companies.

Market Dynamics

Drivers

• Rising Global Geriatric Population
• Rising Prevalence of Communicable and Non-communicable Diseases
• Technological Advancements in Molecular Diagnostics
• Rising Healthcare Expenditure

Restraints

• Unfavorable Regulatory Framework
• High Costs of Molecular Diagnostic Tests

Opportunities

• Growing Scope in Emerging Economies
• Increasing Focus on Companion Diagnostics
• Rising Popularity of Direct-to-Consumer (DTC) Genetic Testing

Challenges

• Shortage of Skilled Professionals
• Trends
• Integration of Artificial Intelligence and Machine Learning

Companies Mentioned

• F. Hoffmann-La Roche Ltd
• Hologic Inc.
• QIAGEN N.V.
• Danaher Corporation
• bioMerieux S.A.
• Becton, Dickinson and Company
• Siemens Healthineers AG
• DiaSorin S.p.A.
• Abbott Laboratories
• Thermo Fisher Scientific Inc.
• Agilent Technologies Inc.
• Illumina Inc.
• Seegene Inc. .

For more information about this report visit https://www.researchandmarkets.com/r/nf7l48

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005437/en/