Molecular Diagnostics Market Size, Share, Growth, Trends, and Global Industry Analysis: By Technology (Polymerase Chain Reaction, Microarray, Next-generation Sequencing, Isothermal Nucleic Acid Amplification, Hybridization, Others), By Application (Caner, Blood screening, Infectious Diseases, Microbiology, Genetic Tests, Others), By End User (Hospitals, Diagnostic Centres, Research Institutes, Others), and Region  

Molecular diagnostics market size was valued at US$ 9,682.4 million in 2023 and is poised to grow at a CAGR of 10.1% from 2024 to 2030. The global market provides a detailed overview that can be segmented by technology, by application, and by end user. By technology, the global molecular diagnostics market has been segmented into Polymerase chain reaction, Microarray, Next-generation sequencing, Isothermal nucleic acid amplification, Hybridization, and Others. The Polymerase chain reaction segment is likely to be the largest and fastest-growing segment in terms of type in 2022 and is expected to maintain the trend in the forecasted years. This is attributed to the detection of infectious diseases such as COVID-19 and others.

The growing prevalence of infectious diseases is boosting the global market growth at a significant rate. The high demand for high throughput PCR tests to detect infectious diseases is increasing the popularity of PCR kits and reagents in the global market. Next-generation sequencing is also a very popular technology in the market which will further drive the global market growth at a significant rate. Based on application, the global market of molecular diagnostics is segmented into Cancer, Blood screening, Infectious diseases, Microbiology, Genetic tests, and Others. Among these, the Infectious diseases segment is expected to have the fastest-growing market during the forecast period.

According to Precision Business Insights. This is due to the increasing prevalence of infectious diseases across the world. Based on end users, the global molecular diagnostics industry is segmented into Hospitals, Diagnostic Centres, Research institutes, and Others. The Diagnostic Centres segment accounts for the largest share in 2022 and is anticipated to register a significant CAGR in the upcoming years.  

Molecular Diagnostics Market Key Development:

• In Oct 2022, Roche launched its next-generation portfolio of SARS-CoV-2 rapid antigen tests under the CE Mark for self-test and professional use.
• In Sept 2022, Eurofins Genoma announced their launch of niPGT-A, a non-invasive, embryo biopsy-free, preimplantation genetic aneuploidy screening test.

• On April 12th, 2022, bioMérieux acquired Specific Diagnostics, a USA-based company that developed a rapid antimicrobial susceptibility test (AST) system that detects positive blood cultures. bioMérieux has a strong portfolio of diagnostic products that can detect and identify bacterial infections. bioMérieux product line includes BIOFIRE® FILMARRAY®, BACT/ALERT® VIRTUO®, VITEK® MS, and VITEK® 2, This acquisition definitely helps bioMérieux as they are into this business line for many years and compete more with companies like BD (Becton, Dickinson and Company) and Thermofisher as there is growing importance for the rapid AST testsing. According to Precision Business Insights, nosocomial infections testing market is projected to reach close US$ 3.5 Billion by 2024. Based on the global estimates, every year around 50 million sepsis cases reported across the globe and 5.4 million deaths every year.