Molecular Diagnostics Reagent Market Projected to Surpass $20.01 Billion by 2034 with a 6.6% CAGR

The global molecular diagnostics reagent market size is anticipated to accelerate at a 6.6% CAGR from 2024 to 2034. The global demand for molecular diagnostic reagents is expected to attain US$ 20,009.6 million by 2034, from an estimated US$ 10,584.3 million market size in 2024. As more diseases like cancer, HIV, and others are becoming prevalent, there is a growing demand for molecular diagnostics reagents, as they are used to track the efficacy of medications. Significant market expansion is anticipated due to the rising prevalence of infectious diseases.

A rise in research and development expenditure for biomarkers is expected to stimulate the global molecular diagnostics reagent market. The demand for molecular diagnostic reagents has surged due to the increasing adoption of biomarkers for disease forecasting and evaluation, as well as for prognosis and illness diagnosis. The market is expected to grow as big businesses focus on enhancing their grit by creating biomarker solutions.

Regional Outlook

With a noticeable emphasis on integrating molecular diagnostics in ordinary clinical practice, technological improvements and a strong healthcare infrastructure are compelling North America's molecular diagnostics reagent market.

Rising geriatric populations and growing awareness of the advantages of early disease identification are the primary trends boosting the Europe market for molecular diagnostics reagents.

The Asia Pacific molecular diagnostics reagent industry is expanding at a substantial rate, largely due to rising healthcare costs and rapid improvements in healthcare infrastructure.

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“The growing need for sophisticated diagnostic solutions is expected to propel the demand for molecular diagnostics reagents. As infectious diseases become widespread and individualized care becomes vital, the molecular diagnostics reagent market has enormous potential and presents lucrative opportunities in the evolving landscape,” comments an analyst at Fact.MR.

Key Takeaways:

• The PCR assay kits segment in the product type category is set to grab a share of 26.7%.
• In the application category, the therapeutic monitoring segment is expected to acquire a market share of 32.9%.
• The sequencing kit segment in the product type category is estimated to exhibit a CAGR of 7.4% from 2024 to 2034.
• In the application category, the pathogen detection segment is expected to accelerate at a CAGR of 6.7% through 2034.
• The United States molecular diagnostics reagent market is anticipated to surge at a CAGR of 6.3% from 2024 to 2034.
• Canada’s molecular diagnostic reagent industry is set to develop at a CAGR of 7% through 2034.
• Mexico’s molecular diagnostics reagent sales are anticipated to surge at a CAGR of 6.1% from 2024 to 2034.
• China’s molecular diagnostics reagent market is expected to surge at a CAGR of 6.3% through 2034.
• South Korea’s molecular diagnostics reagent industry is anticipated to boost at a CAGR of 7.2% through 2034.
• Japan’s molecular diagnostics reagent market is set to exhibit a CAGR of 7.3% through 2034.

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Competitive Landscape

Several molecular diagnostic reagent manufacturers are competing fiercely in the evolving landscape. Mid-size/small companies are expanding their market share by releasing new molecular diagnostics systems at lower costs. They are emphasizing product improvements and technological advancements to remain competitive in the market.

Key Companies Profiled:

Becton, Dickinson and Company; Bio-Rad Laboratories Inc; Thermo Fisher Scientific Inc.; Merck KGaA; Agilent Technologies, Inc.; Qiagen N.V.; Illumina, Inc.; DiaSorin S.p.A; Hologic Inc.; Others

Industry News:

In September 2021, F. HOFFMAN LA-ROCHE LTD. announced the acquisition of TIB Molbiol (Germany) to add a wide variety of assays for infectious diseases to its line of PCR tests.

For in-vitro diagnosis, Bio-Rad Laboratories, Inc. introduced the Reliance SARS-CoV-2/FluA/FluB RT-PCR Kit in July 2021. Assay reagents and standard and negative molecular controls are included in the kit.

To access state-of-the-art molecular diagnostics technology, Roche announced in March 2021 that it would merge and purchase GenMark Diagnostics. This collaboration makes it possible to screen for a wide variety of infections using a single patient sample. Through this partnership, the company was able to increase both its geographic reach and business growth at a faster rate.

Biotheranostics Inc. (United States) was acquired by Hologic, Inc. (United States) in January 2021 to expand its offerings in molecular diagnostics.

In December 2020, GeneIQ in Dallas changed its focus to address the COVID-19 pandemic, and this move has contributed to the company's notable expansion.

In March 2020, Abbott introduced a molecular point-of-care test that can diagnose the new coronavirus in five minutes. This was the second test created by the company and was approved by the FDA for use in an emergency to identify COVID-19.

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