The Molecular Diagnostics Market Will Reach $12 Billion By 2023
The global molecular diagnostics market was worth $8.62 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.82% and reach $12.09 billion by 2023. The global prevalence of infectious diseases and cancers of different forms drives the molecular diagnostics market. The increasing prevalence of infectious diseases and various types of cancer creates a demand for new diagnostic procedures including fast and specific molecular diagnostic tests. According to the International Agency for Research on Cancer (IARC), in 2018, there were 17.0 million new cancer cases and 9.5 million cancer deaths worldwide, and by 2040, the number is expected to increase to 27.5 million new cancer cases and 16.3 million cancer deaths. The increasing prevalence of cancer globally will increase the demand for molecular diagnostic tests for effective diagnosis of cancer over the coming years, thereby contributing to the growth of the market.
The advances in genomics and proteomics is a key trend which is also driving the growth of the global molecular diagnostics market. Polymerase chain reaction (PCR) is a recent development in genomics and helps in discovering new approaches to molecular diagnosis for disease diagnosis and pathogenesis of diseases. This enables better monitoring and a fast diagnosis, and major organizations are investing to have a competitive edge. Following the trend, Genome Canada, a source of funding for genomics and proteomics, announced plans to invest $16 million between the period April 2015 and March 2017. The growing research in proteomics and genomics will help develop more advanced molecular diagnostic techniques in the forecast period.
Molecular diagnostics is a term used to describe a class of techniques that are used to examine biological markers in the genetic code (genome) of an organism and to determine how their cells express their genes as proteins. The molecular diagnostics market is segmented by technology into polymerase chain reaction (PCR), DNA sequencing, and next-generation sequencing. It is also segmented by product into instruments, reagents and consumables, and software & services. By application it is segmented into oncology, pharmacogenomics, infectious diseases, genetic testing, neurological disease, cardiovascular disease, microbiology, and others, and by end-user the market is segmented into hospitals, laboratories, and others (blood banks, home health agencies, and nursing homes).
Major players in the global molecular diagnostics market include Becton, BioMérieux SA., Danaher Corporation, Grifols, Hologic Inc., Novartis AG, QIAGEN, Siemens Healthcare GmbH, Abbott, Dickinson and Company, Hoffmann-La Roche Ltd., BD, Bio-Rad Laboratories, Johnson & Johnson, Cepheid, Roche Diagnostics, Alere, Bayer AG, Dako, Sysmex Corporation, Agilent Technologies, Diasorin, Illumina, Thermo Fisher Scientific, and Biocartis Group NV.