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The global molecular diagnostics market size is projected to reach USD 31.9 billion by 2030, registering a CAGR of -1.6% from 2022 to 2030. Molecular diagnostics has a critical role to play in the testing of infectious diseases that offer speedy and accurate results. The growing pervasiveness of infectious diseases and hospital-acquired infections (HAI) is significantly driving the growth of the market. Furthermore, the increasing awareness and incidences of genetic health conditions further boost the growth of the market.
The emergence of miniaturizing three elementary molecular assays including biochips, nanobiotechnology, and microfluidics is projected to enhance the specificity and accuracy of diagnostic results, thereby fueling the molecular diagnostics solutions market demand. Such advancements are opportunistic to expand the accessibility of Point-of-Care (PoC) diagnostic testing.
The reagents product type segment led the molecular diagnostics market in 2021. It is anticipated to maintain its lead in the coming years owing to its broadening deployment in the research sector and clinical settings. Standardized reagents aid in achieving optimum results. Enhanced efficiency and cost-effectiveness are expected to supplement the market growth.
The central laboratories test location segment accrued the largest market share in 2021. This is attributable to the high procedure volumes for testing COVID-19 infections in these laboratories. A surge in the number of government initiatives for providing services, including reimbursement for diagnostics, is another key factor driving the market growth.
The infectious disease application accounted for the largest revenue share of the molecular diagnostics market in 2021. The mounting adoption of molecular, specifically PCR tests, for the COVID-19 diagnosis is a significant reason for the segmental growth. The limitations associated with conventional testing, including improper in vitro kinetic development, long turnaround time, challenges linked to growing organisms in physically created culture media, and lack of sensitivity have been addressed effectively with technological developments, including PCR and ISH.
Europe held a notable market share in the global molecular diagnostics market in 2021. This is attributable to the increasing epidemiology of infectious and chronic ailments, thus, supporting the R&D activities. Additionally, the rising customer awareness about early diagnosis and high standard of living paired with the robust & well-established healthcare sector predominantly propel the regional market growth.
Major players in the market including Roche undertake growth strategies including mergers and acquisitions for promoting their product offerings and enhancing product capabilities. For instance, in September 2022, Roche announced plans to acquire Good Therapeutics, a biopharmaceutical company, for $250 Million. This acquisition will support Roche to expand its portfolio of molecular diagnostics.
Research Support Specialist, USA