Global Molecular Diagnostics Market to Reach US$ 33.7 Billion by 2032, Stimulated by Increasing Prevalence of Chronic Diseases

September 15, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Molecular Diagnostics Market Report by Product (Reagents and Kits, Instruments, Software and Services), Technology (Polymerase Chain Reactions (PCR), Hybridization, DNA Sequencing, Microarray, Isothermal Nucleic Acid Amplification Technology (INAAT), and Others), Application (Infectious Diseases Diagnostics, Oncology, Genetic Testing, Blood Screening, and Others), End Users (Hospitals, Laboratories, and Others), and Region 2024-2032,” the global molecular diagnostics market size reached US$ 19.7 Billion in 2023. Molecular diagnostics is a specialized field within medical testing that involves the analysis of biological markers in an individual's genetic code. It employs various techniques to detect specific sequences in deoxyribonucleic acid (DNA) and ribonucleic acid (RNA) that may be related to diseases, conditions, or genetic predispositions. Molecular diagnostics identifies these markers and enables precise diagnosis, early detection, and personalized treatment plans tailored to a patient's genetic makeup. It is primarily used in the medical field to diagnose and monitor diseases like cancer, infectious diseases, and genetic disorders. It plays a crucial role in personalized medicine, where treatments can be adjusted and targeted based on the unique genetic profile of a patient.

Global Molecular Diagnostics Market Trends:

The growing prevalence of infectious diseases and chronic conditions, such as cancer, driving the need for more accurate and timely diagnoses is one of the major factors contributing to the market growth. In line with this, rapid technological advancements in genomics and proteomics paving the way for more sophisticated and precise diagnostic methods, enhancing the effectiveness of personalized medicine is also providing a thrust to the market growth. Additionally, the growing emphasis on early detection and prevention of diseases is favoring the market growth. In addition to this, the rise of patient-centered healthcare and the increasing recognition of the importance of targeted therapy are strengthening the market growth. In confluence with this, the sudden shift towards embracing bioinformatics and data analytics in diagnostics and the development of portable, user-friendly devices making molecular diagnostics more accessible are creating a positive outlook for the market growth. Furthermore, the advent of regulatory support and favorable reimbursement policies focused on promoting molecular diagnostics is positively impacting the market growth. Looking forward, the market value is projected to reach US$ 33.7 Billion by 2032, expanding at a CAGR of 6.1% during 2024-2032.

Market Summary:

Based on the product, the market has been segmented into reagents and kits, instruments and software and services.
On the basis of the technology, the market has been divided into polymerase chain reactions (PCR), hybridization, DNA sequencing, microarray, isothermal nucleic acid amplification technology (INAAT) and others.
On the basis of the application, the market has been classified into infectious diseases diagnostics, oncology, genetic testing. blood screening and others.
Based on the end-user, the market has been categorized into hospitals, laboratories and others.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa
The competitive landscape of the market has also been examined, with some of the key players being Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Diasorin Molecular LLC (DiaSorin), F. Hoffmann-La Roche AG (Roche Holding AG), Hologic Inc., Illumina Inc., Myriad Genetics Inc., Qiagen, Quidel Corporation and Thermo Fisher Scientific.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product, Technology, Application, End Users, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Diasorin Molecular LLC (DiaSorin), F. Hoffmann-La Roche AG (Roche Holding AG), Hologic Inc., Illumina Inc., Myriad Genetics Inc., Qiagen, Quidel Corporation and Thermo Fisher Scientific.
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Global Molecular Diagnostics Market to Reach US$ 33.7 Billion by 2032, Stimulated by Increasing Prevalence of Chronic Diseases

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