The global molecular diagnostic market is on an impressive growth trajectory, projected to expand at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2034. With an estimated market value of approximately USD 39,611.00 million in 2024, this sector is set to achieve a substantial USD 60,347.40 million by the end of the forecast period.
This robust expansion highlights the growing demand for molecular diagnostics, which are increasingly integral to various sectors, including the development of advanced polymers, specialty paints, pigments, coatings, and other high-value products. As industries seek enhanced quality and performance, molecular diagnostics have become essential in ensuring the reliability and excellence of these specialty products.
The surge in demand for molecular diagnostics is largely driven by their pivotal role in combating infectious and chronic diseases. The rising prevalence of these conditions has amplified the need for precise and reliable diagnostic tools. Additionally, advancements in biomarker identification and the rising acceptance of customized medicinal doses further fuel the growth of the biomolecular diagnostic sector.
Despite its promising outlook, the market faces challenges such as stringent regulatory standards for licensing molecular diagnostics procedures and the higher cost of these techniques compared to conventional methods. These factors could impact market demand and growth. However, continuous advancements in technology and expanding applications across diverse sectors are expected to counterbalance these obstacles and propel the market forward.
Overall, the molecular diagnostic market’s future looks bright, with ongoing innovation and increasing adoption poised to drive its continued expansion. As the market evolves, molecular diagnostics will play an increasingly vital role in advancing healthcare and specialty product manufacturing.
“The growth of molecular diagnostic market is owing to elements, such as technological innovations, which boost in private and government organizations’ funding for the betterment of diagnostic service centres, and booming awareness about early diagnosis. Augmentation in the adoption of personalized medicines and growth in biomarker identification, raise the global molecular diagnostic market growth,” remarks an FMI analyst.
Key Takeaways from the Market Study Report:
- The reagents and kits segment in the product category is set to possess a share of 64.40% in 2024.
- In the technology category, the polymerase chain reaction (PCR) segment is expected to acquire a market share of 38.70% in 2024.
- India molecular diagnostic industry imply augmentation at a CAGR of 5.90% from 2024 to 2034.
- Thailand’s DNA diagnostics market indicates a moderate CAGR of 4.70% through 2034.
- Malaysia’s genetic testing market stipulates a CAGR of 4.30% through 2034.
- Indonesia’s molecular diagnostic market signify a slow CAGR of 3.90% through 2034.
- Germany’s molecular pathology market reflects expansion between 2024 and 2034 at a CAGR of 2.90%.
- Through 2034, the United Kingdom nucleic acid testing market is set to show escalation at a CAGR of 2.70%.
- France’s molecular diagnostic market is expected to exhibit an upsurge at CAGR of 4.30% from 2024 to 2034.
- The Italy biomolecular diagnostics market imply growth at a CAGR of 3.80% over the forecast period.
- From 2024 to 2034, Spain’s point-of-care molecular diagnostic market is set to rise at a CAGR of 3.40%.
- Through 2034, Canada’s molecular assay market show amplification at a CAGR of 3.80%.
- The United States molecular diagnostic market implies expansion at a CAGR of 2.20% through 2034.
Increased Interest in Molecular Diagnostic: Explore Our Detailed Report for Key Trends and Insights!
Competitive Environment:
Prominent molecular diagnostic vendors are committed to regulatory compliance, technologically advanced products, launches, and mergers and collaboration agreements with other providers. These strategies propel the growth of the global molecular diagnostic market.
The molecular diagnostic manufacturers need to constantly evaluate the competitive scenario to find emerging trends and challenges, assuring they stay ahead in market transitions.
Latest Breakthroughs:
- The United States-based DNA sequencing and array-based technologies firm Illumina Inc., partnered with GenoScreen, launched a package in March 2023 containing Illumina products and the GenoScreen Deeplex Myc-TB assay, a targeted next-generation sequencing (NGS)-based test for thorough identification of anti-TB drug resistance.
- Eight CytoCellfluorescence in situ hybridization tests from Oxford Gene Technology were available in March 2023 and approved for clinical adoption in Europe by the In Vitro Diagnostics Regulation (IVDR).
Key Players:
- Abbott Laboratories
- Agilent Technologies Inc.
- Becton Dickinson And Company
- Biomerieux SA
- Danaher Corporation
- F. Hoffman La-Roche Ltd.
- Grifols S.A.
- Hologic Inc.
- Qiagen Inc.
- Siemens Ag (Siemens Healthineers)
Key Segments:
By Product:
- Reagents and Kits
- Instruments
- Service and Software
By Technology:
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INNAT)
- DNA Sequencing and Next-Generation Sequencing (NGS)
- In Situ Hybridization (ISH)
- DNA Microarrays
- Others
By Application:
- Infectious Disease Diagnostics
- Oncology Testing
- Genetic Testing
- Others
By End User:
- Diagnostic Laboratories
- Hospitals and Clinics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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