Molecular Diagnostics Market Size: Market Entry Strategies
Molecular Diagnostics Market Expected to Grow from 2024 to 2031
Molecular Diagnostics Market Outlook, Scope & Overview:
SNS Insider indicates that the global molecular diagnostics market was valued at USD 24.27 billion in 2023 and is expected to reach USD 36.94 billion by 2031, growing at a CAGR of 5.4% over the forecast period 2024-2031.
Technological Advancements to Drive Growth of Global Molecular Diagnostics Market
The adoption of advanced molecular diagnostic techniques will continue to influence global market revenues. Healthcare professionals are preferring molecular diagnostics over traditional methods as they offer higher accuracy and speed in disease detection.
As a product type segment, polymerase chain reaction (PCR) currently accounts for a significant revenue share of the global molecular diagnostics market. This segment is anticipated to increase at a year-over-year growth rate of 5.4% in 2024 over 2023 and reach USD 12 billion in revenues. In terms of market volume, a substantial number of PCR systems are expected to be sold in 2024.
Polymerase Chain Reaction in Molecular Diagnostics – Market Dynamics
Drivers
Polymerase chain reaction is one of the latest advancements in the global molecular diagnostics systems and is considered a prominent product-type segment in the global market for molecular diagnostics. The use of PCR diagnostics equipment has increased in various aspects of medical testing and disease detection. Infectious disease testing and oncology are some of the key clinical verticals that extensively use PCR diagnostics equipment. As a result, polymerase chain reaction is emerging as an important and the most enhanced molecular diagnostic system in private laboratories, hospitals, and research centers. Moreover, the demand for PCR systems has increased in genetic testing, pharmacogenomics, as well as point-of-care testing. Additionally, the rising number of chronic diseases and complex medical conditions will continue to drive the growth in the demand for PCR diagnostics equipment in the global market. The use of PCR as an integrated component in precision medicine is also observed as the key factor fuelling the demand for polymerase chain reaction in the global molecular diagnostics market.
Restraints
The risks of using PCR technology are perceived as the main restraints challenging the growth of the segment in the global molecular diagnostics market. Unlike some traditional diagnostic methods, PCR requires high technical expertise and precision, leading to higher operational costs and complexity. Owing to this, several healthcare providers are reluctant to adopt these systems extensively, thereby lowering the adoption of polymerase chain reaction.
The risk of contamination and the need for specialized infrastructure are higher with PCR systems, which can hinder their widespread adoption. Also, the technical disadvantages of PCR systems such as the requirement for high-quality reagents and the potential for false positives are also expected to limit the growth of polymerase chain reaction technology in the global molecular diagnostics market.
PCR Diagnostics Equipment – Market Outlook
The effective diagnostic outcomes from the use of PCR diagnostics equipment in healthcare have boosted the prominence of the technology in the global market. PCR diagnostics products and devices are observed as the fastest-growing product-type segment in the global market. Polymerase chain reaction has gained prominence in North America, which is one of the leading regions in the global molecular diagnostics market.
Global Molecular Diagnostics Market
The upsurge in the installation of PCR diagnostics systems in the US is expected to register a CAGR of over 6% during the forecast period. As a result, the PCR segment in North America is expected to account for USD 15 billion by the end of 2031. In Europe, the growth in demand for polymerase chain reaction technology is expected to expand at a CAGR of over 5% and reach USD 10 billion over the next eight years. At a similar CAGR, the PCR equipment market in the Asia Pacific region is expected to attain over USD 8 billion by the end of the forecast period.
Key Players in the PCR Diagnostics Equipment Market
Roche Diagnostics, one of the leading companies in the global market for molecular diagnostics equipment, is dominating the global market share, owing to the company’s flagship products that include advanced PCR equipment. The other major players in the PCR diagnostics equipment market include Thermo Fisher Scientific, Abbott Laboratories, and Bio-Rad Laboratories.
In the year 2023, the PCR systems type held the majority market share of the global market, followed by next-generation sequencing (NGS) and in situ hybridization. At an estimated CAGR of 5.4% during 2024-2031, the PCR segment is estimated to continue its upsurge in terms of market share throughout the forecast period and attain the most prominent product-type sub-segment in the global molecular diagnostics market.
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