DUBLIN–(BUSINESS WIRE)–The report “Global Molecular Diagnostics Market Report by Technology Application Product End Users Countries and Company Analysis 2024-2032” has been added to The Offer.

The global molecular diagnostics market is valued at USD 11.88 billion in 2023 to USD 26.27 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.21% during 2024-2032.

Molecular diagnostics involves the identification of genomic variants to aid in detection, diagnosis, subclassification, prognosis, and monitoring of therapy response. It uses techniques to analyze biological markers in the genome and proteome to study how cells express genes as proteins. This field applies molecular biology to medical testing. It is widely used to identify biological markers in the genome and proteome, for example, to detect bacterial genes using PCR-based techniques and to measure expressed bacterial infection-specific proteins using enzyme immunoassays (ELISA) and proteomics.

The growing geriatric population worldwide and the prevalence of diseases such as cancer, cardiovascular diseases, neurological disorders, diabetes, obesity, and infectious diseases are driving the market growth. The World Bank Group data shows that there were approximately 779 million people aged 65 years and above worldwide in 2022. Furthermore, the number of persons aged 80 years and above is expected to double by 2050, exceeding more than 1.5 billion. This trend is expected to have a significant impact on the market. In addition, the market is expected to grow due to the rising number of infectious diseases.

The potential market expansion is attributed to the rise in diseases such as HIV, HPV and STI, as well as initiatives by major market players to improve access to cost-effective resources. It also mentions that infections are expected to drive growth in the molecular diagnostics market and highlights the importance of molecular testing in disease diagnostics despite its high cost.

The increasing incidence of infectious diseases such as HIV worldwide, referring to a UNAIDS update in August 2022, states that there are approximately 38.4 million people living with HIV worldwide in 2021. This includes 36.7 million adults and 1.7 million children. The high incidence of infectious diseases is expected to drive the growth of the molecular test chip market due to the increasing adoption of molecular diagnostics for HIV.

Factors such as technological advancements, a growing elderly population, and increased demand for genetic testing are creating significant opportunities for market growth. Increasing self-testing diagnostics and patient awareness of faster diagnostics are also contributing to this growth. For example, in February 2023, Huwel Lifesciences developed a portable RT-PCR device for testing various viruses.

North American molecular diagnostics market

North America dominates the molecular diagnostics market due to the high prevalence of chronic diseases. Molecular diagnostics plays an important role in the early detection, diagnosis, and monitoring of conditions such as cancer and infectious diseases, leading to a shift away from traditional diagnostic methods. The estimated number of new cancer cases and cancer deaths in the United States in 2023, as reported in the ACS’s 2022 Cancer Facts & Figures.

It also suggests that the high cancer rate in the region will drive the growth of the oncology molecular diagnostics market due to the increasing use of molecular diagnostics for cancer diagnosis. The United States is a hub for technological innovation and research in molecular diagnostics, with many leading biotechnology and diagnostics companies driving the development and commercialization of cutting-edge molecular diagnostics technologies. The United States has one of the highest healthcare expenditures in the world, which facilitates the adoption of advanced diagnostic technologies, including molecular diagnostics.

Main features:

Molecular Diagnostics Company News

• In January 2024, Illumina collaborated with Janssen to develop a liquid biopsy test for residual molecular disease. The company plans to develop a low-cost multi-cancer whole genome sequencing test to detect ctDNA
• In March 2023, Illumina Inc. and GenoScreen collaborated to offer a bundle that includes Illumina products and the GenoScreen Deeplex Myc-TB test, a targeted next-generation sequencing (NGS)-based test for the rapid and comprehensive detection of tuberculosis drug resistance.
• In March 2023, Oxford Gene Technology launched eight of its CytoCellfluorescence in situ hybridization probes, certified for clinical use under the In Vitro Diagnostics Regulation (IVDR) in Europe.
• In August 2023, QIAGEN received US FDA approval for the Therascreen PDGFRA RGQ PCR kit, which helps physicians identify patients with gastrointestinal stromal tumors (GIST).
• In January 2023, the U.S. FDA approved the EUA for the VIASURE Monkeypox Virus Real-Time PCR Reagents developed by BD and CerTest Biotec for the detection of the Mpox virus.
• In March 2023, Lucira Health launched the first and only at-home COVID-19 and flu tests in the United States. The U.S. FDA granted the COVID-19 and flu home test the first and only Emergency Use Authorization (EUA) for over-the-counter use at home and other locations outside of laboratories.
• In August 2023, Indian companies CrisprBits and MolBio Diagnostics entered into a strategic collaboration to revolutionize POC diagnostics by integrating CRISPR technology into POC tests to detect pathogens and genetic markers.

Company analysis: Overviews, current developments and strategies, product portfolio and product launches in the last year, sales

• F Hoffmann-la Roche Ltd
• Illumina Ltd
• Hologic Corporation
• Agilent Technologies Inc.
• QIAGEN NV
• Myriad genetics
• Abbott Laboratories
• Biomerieux SA
• Bio-Rad Laboratories Inc.
• Sysmex Corporation.

technology

• Chips and microarrays
• In situ hybridization
• Sequencing
• Mass spectrometry (MS)
• PCR
• Other technologies

Application

• Pharmacogenomics
• Infectious diseases
• Screening for genetic diseases
• oncology
• Blood test
• microbiology
• Typing of human leukocyte antigen

product

• Instruments
• Reagents
• Other products

End user

• Hospitals
• Laboratories
• Other end users

geography

• North America
• United States
• Canada
• Europe
• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• turkey
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• South Africa
• Saudi Arabia
• United Arab Emirates

For more information about this report visit https://www.researchandmarkets.com/r/n350w0

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