Molecular Diagnostics Market Trends, Opportunities, Key Players, Growth Factors, Revenue Analysis, 2024-2035
Driven by the increasing prevalence of chronic disorders across the globe, we anticipate the global molecular diagnostics market to reach nearly USD 30.9 billion by 2035.
As per our research, the market for molecular diagnostic solutions is likely to be worth USD 15.9 billion in 2024. Further, this market is likely to grow at an annualized rate of 6.2%, till 2035. In future, the market for molecular diagnostic solutions is expected to reach USD 30.9 billion by 2035.
Based on geographical regions, the molecular diagnostics market can be segmented into following regions, such as North America, Europe, Asia, Middle East and North Africa and Rest of the World. Led by the US, North America is anticipated to capture the majority share of the molecular diagnostics market in 2024 and this trend is likely to remain unchanged during the forecast period. Further, the demand for molecular diagnostic solutions is growing at a faster rate in Asia, owing to the increasing government initiatives in developing countries. The government is encouraging solution providers to develop such solutions in order to cater to the growing burden of patients suffering from illnesses.
In terms of type of offerings, the global molecular diagnostics market is segmented into reagents, instruments and services. Among these types of offerings, the reagents segment occupies the highest market share (70%) in 2024 and is expected to witness substantial growth during the forecast period. This can be attributed to the fact that the reagents are required to be replenished frequently, thus generating a recurring stream of revenue for the companies. On the other hand, the PCR segment led the molecular diagnostics market, capturing the largest revenue share of 41% in 2024. On the other hand, the next generation sequencing segment is anticipated to show an annual growth rate of 7.3% during the forecast period.
Using our proprietary approach, we identified the parameters pertaining to porter’s five forces; these were further evaluated to determine their impact on the molecular diagnostics market
Porter’s Five Forces Analysis is a qualitative framework that determines the strengths and weaknesses of industries by analyzing five competitive forces that contour every industry. It can be applied to any segment of the industry to comprehend the competitive landscape in a sector and deploy relevant strategies in order to increase the overall profitability of the stakeholders.
The key parameters that are likely to impact the molecular diagnostics market, to help determine industrial strengths and weaknesses have been mentioned below:
Threat of New Entrants - It refers to the threats posed by new competitors to existing players in the market.
Bargaining Power of Buyers - This force analyzes how much pressure a consumer / customer can exert on providers so as to get better services and high-quality products at a lower cost.
Bargaining Power of Suppliers - The force analyzes the extent to which the molecular diagnostics solution providers can put pressure on the buyers by raising the prices, lowering the quality, and reducing the availability of the supplies.
Threat of Substitute Products - This force analyzes the extent to which a product / service can be replaced by similar class of alternative products / services.
Rivalry among Existing Competitors - This force examines the current competition in the market and is determined by the number of existing competitors in the domain.
In order to advance their proprietary offerings, developers are keen to integrate innovative technologies that can attract a wider audience.
This chapter provides a detailed competitiveness analysis of the players offering molecular diagnostic solutions, based on several relevant parameters, such as year of experience, portfolio strength (in terms of company revenue, type of technology, and diagnostic applications) and company size. The insights obtained from the company competitiveness analysis have been presented in the form of a dot plot, with the year of experience (abscissa) on the x-axis and company competitiveness (ordinate) on the y-axis.
As per our proprietary scoring criteria, Roche emerged as the most prominent player based on its competitiveness score. The aforementioned company claims to offer innovative solutions for accurate disease detection and management, including PCR, in-situ hybridization, next generation sequencing, microarrays, mass spectrometry and isothermal nucleic acid amplification technology across various medical disciplines. The company offers a variety of diagnostic applications for various disease category, such as infectious diseases, oncological diseases and gynecological applications.
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