The global molecular diagnostics market size is expected to reach USD 50.94 Billion in 2030 and register a revenue CAGR of 12.4% over the forecast period, according to the latest report. The rising prevalence of infectious diseases and cancer is anticipated to fuel demand for molecular diagnostic tests.
That’s according to the latest report from ResearchAndMarkets.com, "Molecular Diagnostics Market Size, Share, Trends, By Product & Services, By Technology, By Application, By End-use and By Region Forecast to 2030."
Molecular diagnostics is a rapidly evolving field in healthcare that uses nucleic acid-based tests to detect and characterise the genetic content of diseases. It helps in the early diagnosis of disease and can guide personalized treatment decisions. Molecular diagnostic tests are used for various applications, including infectious disease testing, oncology testing, genetic testing, and pharmacogenomics.
Key factors boosting global market revenue growth are the rising prevalence of infectious diseases and cancer, the ever-growing geriatric population, and the increasing demand for personalised medicine. The rapidly evolving field of molecular diagnostics is being used in the early detection, diagnosis, and treatment of various chronic and infectious diseases such as cancer, human immunodeficiency virus (HIV), and hepatitis.
The increasing adoption of point-of-care (POC) testing and the development of novel assays are expected to create significant growth opportunities for the molecular diagnostics market. POC testing is convenient and can provide rapid results, which is expected to increase its adoption in the coming years. In addition, the launch of new products and the expansion of existing product portfolios are expected to drive market growth. For instance, in November 2019, Roche launched two new next-generation sequencing (NGS) panels for cancer diagnosis.
The increasing number of regulatory approvals is another major factor driving the growth of the molecular diagnostics market. For instance, in March 2019, the US Food and Drug Administration (FDA) approved Foundation Medicine's FoundationOne CDx as a complementary diagnostic for all solid tumors. The approval was based on data from a pivotal clinical trial, which showed that the test accurately identified patients who were likely to respond to certain FDA-approved treatments.
The high cost of molecular diagnostics tests is a major factor restraining the growth of the market. Molecular diagnostics tests are expensive, and not all insurance companies cover them. This is expected to hamper the growth of the molecular diagnostics market in the coming years.
Market drivers
• Growing research in molecular pathology
• Rising use of high-throughput sequencing technologies.
Market restraints
• Time-consuming approval mechanism
• Shortage of trained medical personnel
• Insufficient research funding in developing economies.
For more information about this report visit https://www.researchandmarkets.com/r/fwalnd