PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565708
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565708
Molecular Targeted Diagnostics Market size was valued at USD 15,408.33 Million in 2023, expanding at a CAGR of 7.02% from 2024 to 2032.
Molecular targeted diagnostics focuses on identifying specific molecular markers in a patient's body usually in cells, tissues, or bodily fluids. These molecular markers often include DNA, RNA, proteins, and other biomolecules. The primary purpose is to detect abnormalities at the molecular level that may be indicative of diseases such as cancer, cardiovascular disorders, or genetic conditions.
Molecular Targeted Diagnostics Market- Market Dynamics
Increasing prevalence of cancer and the need for early & accurate detection, screening is expected to propel market demand
The rising global incidence of cancer has led to an increased need for diagnostic methods that can detect cancers early and accurately. Molecular diagnostics provide valuable insights into the genetic alterations that drive tumor growth, leading to better outcomes with targeted therapies. The growing awareness of genetic disorders and rare diseases, as well as the need for early and accurate detection, is increasing the demand for molecular targeted diagnostics, thereby boosting market growth. These tests help in identifying hereditary conditions and assist in prenatal screening and newborn testing.
Growing awareness of early diagnosis and screening in preventing disease progression is driving the demand for molecular targeted diagnostics. Public health initiatives are promoting the adoption of screening programs for cancer, genetic disorders, and infectious diseases. The molecular targeted diagnostics market is experiencing significant growth due to advancements in personalized medicine, the increasing prevalence of cancer and genetic diseases, technological innovations, and the expanding use of non-invasive diagnostic techniques like liquid biopsy.
Molecular Targeted Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.02% over the forecast period (2024-2032)
Based on Product segmentation, the reagents segment was predicted to show maximum market share in the year 2023, owing to high adoption in clinics & research industry.
Based on Application segmentation, infectious diseases segment was the leading Application segment in 2023, due to the growing prevalence of infectious & viral disorders.
Based on Technology segmentation, polymerase chain reaction (PCR) segment was the leading Technology segment in 2023, due to high demand for treating infectious diseases.
On the basis of region, North America was the leading revenue generator in 2023, due to the supportive government initiatives in new drugs development.
The Global Molecular Targeted Diagnostics Market is segmented on the basis of Product, Application, Technology, and Region.
The market is divided into three categories based on Product: instruments, reagents, and others. The reagents segment dominates the market. The increasing adoption of novel tests and growing research activities is fostering market growth.
The market is divided into six categories based on Application: infectious diseases, pharmacogenomics, oncology, genetic testing, microbiology, and others. The infectious diseases segment dominates the market. The molecular diagnosis is effective & vital in infectious disorders cure which is the main factor increasing market growth.
The market is divided into five categories based on Technology: PCR, chips & microarrays, mass spectrometry, sequencing, and others. The PCR segment dominates the market and is expected to maintain its high dominance during the forecast period. The growing emergence during COVID-19 and other infectious diseases have fueled the demand for molecular diagnostics demand.
Molecular Targeted Diagnostics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is witnessing significant growth, driven by increasing healthcare investments, rising cancer incidences, and greater adoption of advanced diagnostics. China is a major driver in the region, with a rapidly growing precision medicine market, government support for genetic research, and an increasing prevalence of cancer. Europe is another significant player in the molecular targeted diagnostics market, led by countries like Germany, the U.K., and France. The U.S. leads in innovation, with numerous clinical trials and approvals of companion diagnostics.
The Molecular Targeted Diagnostics market is highly competitive and features numerous established players and innovative startups. The competition is driven by advancements in technology, partnerships, and the rising demand for precision medicines. Companies are focused on obtaining regulatory approvals for companion diagnostics, particularly in the U.S. and Europe. Expanding into emerging markets, such as Asia-Pacific and Latin America, is also a key growth strategy for many firms. Several companies are forming partnerships with pharmaceutical firms to co-develop companion diagnostics. This trend is particularly strong in oncology, where companies like Roche, Qiagen, and Thermo Fisher are leading the development of diagnostics for targeted cancer therapies.
In July 2024, Thermo Fisher Scientific completed the acquisition of Olink Holdings AB to expand their reach across Europe.
In 2022, Illumina Inc., has developed several cancer-focused panels, including the TruSight Oncology 500, which is used for comprehensive genomic profiling.
In 2021, Roche acquired GenMark Diagnostics, expanding its portfolio in multiplex molecular diagnostics.