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Report Overview
The global molecular diagnostics market was valued at USD 20.57 Billion in 2024, driven by rising innovation in molecular diagnostic technologies and their widespread application across the globe. The market is expected to grow at a CAGR of 8.20% during the forecast period of 2025-2034, with the values likely to reach USD 45.24 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Infectious diseases are ranked as one of the leading causes of mortality and morbidity globally, accounting for around 33% of deaths every year. As a result, infectious diseases dominate the market share based on therapeutic areas.
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One of the major market trends is the continuous advancement and innovation in molecular diagnostic technologies supported by intensive research efforts and substantial investment activities.
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The market share is influenced by the increasing adoption of digital PCR assays with automated and multiplexed capabilities and its rising integration in point-of-care settings.
Global Molecular Diagnostics Market Growth Drivers
Continuous Advancements in Molecular Diagnostic Technologies Support Market Growth
The market is further expected to experience continuous advancements and innovation to enhance the existing molecular diagnostic technologies such as nucleic acid detection in various diagnostic settings in the early detection of diseases. For instance, Changchun Liu, professor of Biomedical Engineering at UConn Health, has developed a new method that improves existing diagnostic technology for a more rapid, sensitive, and deployable approach to molecular diagnostics. The research discovered new potential for simple and sensitive nucleic acid detection in various diagnostic settings, including early cancer diagnostics and infectious disease detection using new and improved clustered regularly interspaced short palindromic repeats (CRISPR) technology. Such research efforts aimed at improving the capabilities of molecular diagnostic tests are expected to elevate the market value in the forecast period.
Strategic Collaborations to Meet Rising Molecular Diagnostics Market Demand
The market for molecular diagnostics is one of the fastest-growing markets in the healthcare sector. The increasing awareness about the potential of early diagnosis and personalized medicine/treatments is collectively contributing to the market growth. For instance, in January 2023, Alveo signed a Memorandum of Understanding (MOU) with the Barbados Investment and Development Corporation (Export Barbados (BIDC)) to co-develop its novel molecular sensing platform, while contributing to the growth of the life sciences industry in the Caribbean nation. Such collaborations are anticipated to expand the market reach while sharing assets to co-develop novel solutions in the molecular diagnostics market.
Molecular Diagnostics Market Report Snapshots
Molecular Diagnostics Market Size
Molecular Diagnostics Market Growth
Molecular Diagnostics Market Trends
Molecular Diagnostics Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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