According to the report, the molecular diagnostics market was estimated at USD 24.68 billion in 2022 and is likely to grow at a CAGR of 4.59% during 2023-2028 to reach USD 32.33 billion in 2028.

What are molecular diagnostics?

Molecular diagnostics encompasses a wide range of techniques that allows the detection and analysis of biological markers in the genome and proteome. These biomarkers can also include chromosomal abnormalities, protein levels, genetic mutations, gene expressions, etc. Molecular diagnostics can provide vital insights about an individual's health status and aid in disease diagnosis, by identifying these biomarkers.

COVID-19 IMPACT

The global pandemic Covid-19 impacted almost every industry and shook the market. However, the pandemic increased the need of developing diagnostic instruments and diagnostic service centers and hence there was a positive impact on the molecular diagnostics market.

Leading players in the market -

To build a successful business, it is vital to understanding the market - both the customers and the competitors. The report published consists of a list of key players active in the Molecular Diagnostics Market, which is given below -

  • Agilent Technologies, Inc.
  • BioMerieux SA
  • Danaher Corporation
  • F. Hoffmann-La Roche Ltd.
  • Illumina, Inc.
  • Novartis AG
  • QIAGEN N.V.
  • Siemens Healthineers AG
  • TBG Diagnostics Limited
  • Thermo Fisher Scientific Inc.

Market Dynamics

The molecular diagnostics market has experienced significant growth in recent years. Several dynamics have contributed to this growth, a few are mentioned below–

  • Growing incidence of infectious diseases is one of the primary growth factors over the forecast period. With the growing incidence of STIs such as HIV, HPV, etc. the need for accurate and affordable diagnosis also grows substantially. There are over 38 million (33.9–43.8 million) people living with HIV by the end of 2021, according to WHO. The health organization states that the Global Fund and Joint United Nations Programme on HIV/AIDS – UNAIDS targets to end the HIV epidemic by 2030, and to achieve this, 95% of all HIV-affected people should have a diagnosis.
  • Rising government initiatives, funding activities, etc. are supporting and promoting development in this sector, providing growth opportunities. For instance – The National Institutes of Health (NIH) has the Molecular and Cellular Biology (MCB) program, the National Institute of Allergy and Infectious Diseases (NIAID) Intramural Research Program, the Molecular and Cellular Oncology (MCO) program, and more. Apart from NIH, The Food and Drug Administration (FDA), The Centers for Disease Control and Prevention (CDC), The Department of Defense (DoD), etc. also have a number of programs that support the development and use of molecular diagnostics for military, public health, and many other purposes.
  • Rising geriatric population globally is increasing the risk of getting a number of diseases including cardiovascular disease, neurological disorders, diabetes, etc. The global geriatric population (people aged 65 years or older) worldwide is expected to double over the next three decades. According to World Social Report 2023 published by the United Nations (un.org), the count of elderly people will reach 1.6 billion by 2050.
  • Increasing incidence of cancer calls for early diagnosis. According to the American Cancer Society (ACS), in 2023, ~1,958,310 new cancer cases are predicted in the United States. By 2040, the global cancer cases count is expected to rise to 27.5 million new cases. Since molecular diagnostics is vital in early detection, prognostics, and other clinical trials, the global market for molecular diagnostics will grow with the growing incidence of cancer.

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers the following questions:

·       How big is the potential Molecular Diagnostics Market?

·       Will this market grow or shrink in the future?

·       Who are our top competitors or key players?

·       What market share do the competitors own?

·       How Covid19 has affected the market?

·       How long will it take to recover from the Covid-impact?

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