(EMAILWIRE.COM, November 20, 2024 ) The global Molecular Diagnostics Market growth forecasted to transform from $17.3 billion in 2024 to $32.7 billion by 2029, driven by a CAGR of 13.5%. There is an increased focus on funding in the areas of precision medicine and genomics by the government which has amplified the usage of molecular diagnostics-based kits and instruments. Also, the high influx of patients has led to an increasing number of hospitals being established in both developed and emerging economies that is further fuelling the demand for precise molecular based testing. Recent technological developments with respect to portability and quick turnaround times have made it easier for smaller facilities to include molecular based testing into their workflow.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=833

Browse in-depth TOC on “Molecular Diagnostics Market”
546 – Tables
55 – Figures
453 – Pages

DANAHER (US): Leader in Molecular Diagnostics

In 2023, Danaher emerged as the top player in the molecular diagnostics market. The company’s established presence within the US provides a strong foundation for expansion into emerging economies, fostering a broader global footprint. Danaher also demonstrates a commitment to continuous product development, catering to the diverse needs of its international customer base, which further strengthens the company’s market leadership. Moreover, the company maintains its competitive edge through robust research and development initiatives, coupled with efficient supply chain management. Organic growth strategies, such as product launches and regulatory approvals, also play a significant role. For example, in March 2024, the company received clearance from the US FDA for the Xpert Xpress GBS test. Similarly, in November 2022, the company launched the Xpert Xpress MVP, a multiplexed PCR test. These strategic actions contribute to Danaher’s sustained dominance within the molecular diagnostics market.

F. HOFFMANN-LA ROCHE LTD (Switzerland): Market Leader in Molecular Diagnostics

In 2023, F. Hoffmann-La Roche Ltd. commanded a substantial market share within the molecular diagnostics market. This leadership position stems from their extensive distribution network spanning North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This comprehensive reach mitigates regional demand fluctuations and ensures consistent product availability globally. Furthermore, Roche employs strategic acquisitions to solidify its market dominance. For instance, in March 2021, the company entered into a merger with GenMark Diagnostics (US) to access novel technologies for testing a broad range of pathogens in one patient sample. These strategic moves strengthen Roche’s product offerings and technological capabilities, securing their position as a key player in the molecular diagnostics market.

ILLUMINA, INC. (US): Key Player in Molecular Diagnostics

In 2023, Illumina, Inc. held a prominent position in the molecular diagnostics market. Building on a strong foundation in the US, the company actively pursues geographic expansion through strategic investments in emerging markets. This commitment to international growth strengthens Illumina’s market position. Furthermore, a robust product portfolio, encompassing FDA and CE-approved solutions, has significantly contributed to the company’s substantial market share.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=833

Product Segmentation: Reagents & Kits Lead the Molecular Diagnostics Market

The global molecular diagnostics market is segmented by product & service into reagents & kits, instruments, and services & software. In 2023, the reagents & kits segment accounted for the largest share of the molecular diagnostics market. The large share and high growth rate of this segment can be attributed primarily to the need for large quantities of these consumables compared to instruments. As molecular diagnostics become increasingly integrated into routine testing protocols for a wider range of diseases, diagnostic laboratories and healthcare facilities experience a constant rise in daily test volume, necessitating a consistent supply of reagents and kits. This translates into frequent repeat purchases by end-users, thus solidifying the reagents & kits segment as a reliable and predictable revenue stream within the molecular diagnostics market.

Technology Segmentation: PCR Dominates

The molecular diagnostics market is categorized by technology into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology, in situ hybridization, DNA sequencing & next-generation sequencing, DNA microarrays, and other technologies. In 2023, the largest share of the molecular diagnostics market was held by the polymerase chain reaction (PCR) segment. The market dominance of PCR is driven by several key factors such as PCR’s established role in proteomics and genomics research, and the automation of PCR instruments to streamline workflows and significantly increase testing throughput. Moreover, optimized protocols, readily available commercial kits, and reliable reagents streamline the implementation of PCR for laboratories. Furthermore, the growing focus on personalized medicine fuels demand for PCR assays tailored to individual patients, propelling continued growth within the PCR segment.

Regional Insights: Asia Pacific Offers Significant Growth Opportunities

The global molecular diagnostics market has been segmented into six major regions: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. The Asia Pacific region is expected to offer significant growth opportunities for players operating in the molecular diagnostics market during the forecast period. Increased government initiatives to support early disease detection, rising per capita incomes, and the existence of dynamic, high-growth markets within the region are some of the factors driving growth in this market. Additionally, more favorable regulatory frameworks and reduced labor expenses are expected to support market expansion in the Asia Pacific region.

Recent Developments of Molecular Diagnostics Industry:
-In March 2024, Danaher (US) received clearance from the US Food and Drug Administration (FDA) for Xpert Xpress GBS, a dual-target molecular diagnostic test for the qualitative intrapartum detection of Group B Streptococcus (GBS).
-In March 2024, bioMérieux (France) received US FDA 510(k) clearance and Clinical Laboratory Improvement Amendments (CLIA) waiver approval for the BIOFIRE SPOTFIRE Respiratory/Sore Throat (R/ST) Panel.
-In November 2023, F. Hoffmann-La Roche Ltd. (Switzerland) launched the LightCycler PRO System to advance clinical needs in molecular diagnostics and address public health challenges.
-In April 2023, Illumina, Inc. (US) and Pillar Biosciences Inc. (US) partnered to make Pillar’s suite of oncology assays commercially available globally as part of the Illumina portfolio of oncology products.
-In May 2023, Hologic announced that the US Food and Drug Administration (FDA) has granted 510(k) clearance for the Panther Fusion SARS-CoV-2/Flu A/B/RSV assay.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *