Global Molecular Diagnostics Devices And Equipment Market Size 2024, Forecast To 2033

11 Mar, 2024

The molecular diagnostics devices and equipment market has undergone rapid growth, increasing from $31.26 billion in 2023 to $34.73 billion in 2024, displaying a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to a rise in funding, an increase in healthcare expenditure, economic growth in emerging markets, rapid technological advances, the emergence of novel pathogenic infestations, and rapid growth in the geriatric population. Looking ahead, the market is expected to experience strong growth, projecting to reach $48.38 billion in 2028, with a CAGR of 8.6%. The anticipated growth in the forecast period is driven by the rapid rise in various bacterial and viral epidemics, an aging population, an increase in healthcare access, the rising prevalence of chronic diseases, and an increasing demand for molecular diagnostic devices and equipment due to COVID-19. Noteworthy trends in the forecast period include automation in the field of molecular diagnostics, the use of artificial intelligence, an increased demand for molecular diagnostic devices in studying rare diseases, the growing adoption of big data, next-generation sequencing for newborn screening, and point-of-care molecular diagnostics (POC MDx).

Global Molecular Diagnostics Devices And Equipment Market Key Driver

The exponential growth in the molecular diagnostic devices and equipment market is attributed to the surge in bacterial and viral epidemics, prompting an increased demand for early and enhanced diagnostic methods. Government and organizational financial support to key players in the industry facilitates technological advancements. In October 2021, the Centres for Disease Control and Prevention (CDC) in the US declared melioidosis a multistate epidemic, emphasizing the need for improved diagnostic tools. This rise in chronic diseases acts as a driving force for industry players to develop more accurate and sophisticated diagnostic devices and equipment. As a response to the demand for early diagnosis of B. pseudomallei, InBios launched the Active Melioidosis Detect point-of-care diagnostic test. The market size for molecular diagnostic devices is set to reflect this growth in 2023, with continued expansion anticipated in 2024 and 2028.

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Global Molecular Diagnostics Devices And Equipment Market Segments

The molecular diagnostics devices and equipment market covered in this report is segmented –
1) By Product: Instruments, Reagents And Consumables, Software
2) By Technology: DNA(Deoxyribonucleic acid) sequencing, Polymerase chain reaction, Isothermal Nucleic Acid Amplification Technology, Transcription Mediated Amplification (TMA), In situ hybridization, Microarrays, Mass spectrometry, Other Technologies
3) By Application: Cancer, Pharmacogenomics, Genetic testing, Infectious disease, Prenatal, Other Applications
4) By End User: Diagnostic laboratories, Hospitals, Other End Users
By Geography:The regions covered in the molecular diagnostics devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain Asia-Pacific was the largest region in the global molecular diagnostics devices (or) equipment market in 2023. Western Europe was the second largest market in molecular diagnostics devices (or) equipment market. The regions covered in the molecular diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Molecular Diagnostics Devices And Equipment Industry Players

F. Hoffmann-La Roche Ltd, QIAGEN N.V., Hologic, Abbott Laboratories, Danaher Corporation, Biomérieux, Becton Dickinson & Co, Siemens Healthineers AG, Grifols S.A., Sysmex Corporation, Abbott India Limited, Qiagen India Pvt Ltd, Biocartis, Bio-Techne India Private Limited, Cleaver Scientific, Zhejiang Di'an Diagnostics Technology Co. Ltd, ADICON Clinical Laboratories, Guangzhou Kingmed Diagnostics Center Co. Ltd., Kindstar Global, BGI-Shenzhen, OriGene Technologies, Bayer AG, Johnson & Johnson, Nippon Becton Dickinson Company, QuantuMDx, Yourgene Health, Genefirst, Interlabservis, GeneMe, TestLine, Clinical Diagnostics s.r.o, Hologic Inc., Illumina Inc., Novartis AG, Cepheid Inc., Admera Health, Agilent technologies Inc., AutoGenomics, Bio-Red Laboratories Inc, Ortho Clinical Diagnostics Inc, Sysmex Middle East FZ-LLC, QIAGEN SA (Pty) Ltd.

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Molecular Diagnostics Devices And Equipment Market Overview

Molecular diagnostics devices are used to diagnose infectious diseases and perform screening by detecting specific sequences in DNA or RNA. It helps doctors prescribe more accurate therapeutic interventions in the early stages of a disease.

Molecular Diagnostics Devices And Equipment Global Market Report 2023 provides data on the global molecular diagnostics devices and equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The molecular diagnostics devices and equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.