Market Size of Molecular Diagnostics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.01 Billion |
| Market Size (2029) | USD 20.22 Billion |
| CAGR (2024 - 2029) | 9.22 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Molecular Diagnostics Market Analysis
The Molecular Diagnostics Market size is estimated at USD 13.01 billion in 2024, and is expected to reach USD 20.22 billion by 2029, growing at a CAGR of 9.22% during the forecast period (2024-2029).
Globally, the integrated supply chains that ensure better quality, safety, and innovative approaches for distribution across the healthcare sector are tremendously impacted due to the disruption in the distribution channels across the world. COVID-19 has turned a spotlight on the molecular diagnostics industry across the world, with the rapid development of diagnostics, fast-tracked regulatory clearances, and ramped-up distribution in various regions to help curb the spread of the virus.
The demand for diagnostic products due to COVID-19 is expected to increase mainly due to rising demand for polymerase chain reaction tests, next-generation sequencing (NGS), serology-based rapid-test products, and a sharp rise in the target patient population. For instance, in February 2022, Roche continued to provide more people with access to accurate, rapid, and reliable diagnostics in the fight against COVID-19 by expanding the COVID-19 PCR portfolio on the Cobas 5800 System. Such instances may therefore lead to increased adoption of COVID-19 molecular diagnostic testing, driving the market growth post-pandemic.
Some of the factors responsible for the growth of the market include large outbreaks of bacterial and viral epidemics in the world, increasing demand for point-of-care diagnostics, recent advancements in pharmacogenomics, and rapidly evolving technology. According to the India TB report 2022, the total number of incident TB patients (new and relapse) notified in India during 2021 was 19,33,381, as opposed to that of 16,28,161 in 2020. Thus, increasing the prevalence and rising patient pool is expected to increase the demand for molecular diagnostics driving the market.
Furthermore, globally, there is an increasing incidence of infectious diseases such as HIV. For instance, according to the UNAIDS update in August 2022, there were approximately 38.4 million people in the world with HIV in 2021. Of these, 36.7 million were adults, and 1.7 million were children. Therefore, the high incidence of infectious diseases such as HIV is anticipated to boost market growth due to the rise in the adoption of molecular diagnostics for HIV.
Molecular diagnostics is considered to be the best method to identify and characterize a microorganism. An effective test must be precise, rapid, and also be able to measure the infectious burden. Better testing quickly identifies the organism's strain and drug susceptibility, thus, reducing the delay in finding the right antibiotic. Technological advancements, like a polymerase chain reaction (PCR), have also made it possible to identify antimicrobial resistance genes and provide public health information, such as strain characterization by genotyping. Hence, from the abovementioned factors, the market is estimated to witness significant growth over the forecast period.
However, the limited budgets for R&D and economic slowdown, and the need for high-complexity testing centers are expected to hinder market growth.
