Molecular Diagnostics Market size was valued at USD 14.00 billion in 2022 and is poised to grow from USD 15.60 billion in 2023 to USD 37.00 billion by 2031, growing at a CAGR of 11.4% during the forecast period (2024-2031).
The demand for molecular diagnostics is increasing due to the raising incidences of infectious diseases along with different types of cancer. A rise in the awareness and adoption of personalized medicines, and significant growth in biomarker identification is fueling the growth of the market. With this therapy it is possible to identify the genomic variants that help in detection, diagnosis, sub classification, prognosis, and monitoring the therapy.Molecular diagnostics can be a sensitive but extremely powerful technique. It is extensively used for classifying biologic markers in a genome and proteome by recognizing bacterial genes and analyzing the specific bacterial infection. In the last few years, developments in molecular diagnosis resulted in the development of new technologies like PCR, NGS, microarray. The global molecular diagnostic market is significantly rising with the prevalence of infectious diseases like HIV, hepatitis, cancer, and respiratory infection.
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Development of Precision Medicine is Driving the Molecular Diagnostics
Precision medicine emphasizes customizing medical therapies and interventions for every patient depending on their genetic composition, lifestyle, and environmental aspects. Molecular diagnostics plays an important role here by helping in identifying particular biomarkers, genetic mutations, and gene expression patterns. With this information the healthcare practitioners can make informed decisions about each patient. Today, molecular diagnostics has become a crucial component of the drug development procedure. Companion diagnostics are tests that are used for recognizing patients who will respond positively to the treatment curated for them. This therapy helps the pharmaceutical companies to increase the success rate of the clinical trials and streamline the drug development procedure by identifying the ideal candidates.
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Increasing Focus on Less-Invasive Testing Process
With less invasive testing process healthcare providers can detect the infection at its early stages and constantly monitor it, leading to a better treatment result and patient management. Patients also prefer non-invasive or minimal invasive procedures because they are less painful and have short recovery times, resulting in less risks. The aging population is also more susceptible to chronic diseases that need constant monitoring, making less invasive testing beneficial. Molecular diagnostics also allows blood tests that can identify the specific genetic or protein markers related with different diseases. These tests offer useful information without any invasive process, making them more appealing to patients. The increasing demand for less invasive testing processes is creating immense opportunities for the molecular diagnostics market.
- In January 2024, Illumina partnered with Janssen to manufacture a molecular residual disease liquid biopsy test. The company also has plans of developing a cost-efficient whole-genome sequencing multi-cancer test for identifying DNA.
- In November 2023, Co-Diagnostics Inc., got a grant of 8.97 Million from the Bill & Melinda Gates Foundation for developing an innovative tuberculosis test for Co-Dx PCR platform.
- In July 2023, T2 Biosystem was granted the Breakthrough Device designation from the U.S. FDA for C. Auris direct-from-blood molecular test.
- In February 2023, Thermo Fisher Scientific Inc. collaborated with MyLab to acquire RT-PCR kits for multiple infectious diseases.
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The global molecular diagnostics market is growing rapidly because of multiple factors like rising cases of chronic diseases, technological developments, and the customer preference for personalized treatments. Advancements in the DNA sequencing technology, growing applications in oncology, genetic testing, and adoption of companion diagnostics are also influencing the growth of the market. Moreover, collaborations and alliances among key market players along with emphasis on R&D backed by government institutions are fostering the progression in the molecular diagnostics market.
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