Molecular Diagnostics Market Expanding at a CAGR of 11.4% by 2031, Driven by Growing Awareness for Personalized Medicine

Strategic Insights

Jul 17, 2024 — 1 min read

The molecular diagnostics market is experiencing significant growth due to the increasing prevalence of infectious diseases and cancer, as well as a rising awareness and adoption of personalized medicine. The market is expected to grow from USD 15.60 billion in 2023 to USD 37.00 billion by 2031, at a compound annual growth rate (CAGR) of 11.4% during the forecast period (2024-2031). Molecular diagnostics plays a crucial role in identifying genetic mutations, gene expression patterns, and biomarkers, enabling healthcare practitioners to make informed decisions about treatment.

Key Takeaways:

The molecular diagnostics market size was valued at USD 14.00 billion in 2022 and is expected to grow at a CAGR of 11.4% during the forecast period (2024-2031).
The demand for molecular diagnostics is increasing due to the raising incidences of infectious diseases and cancer.
Precision medicine emphasizes customizing medical therapies and interventions for every patient depending on their genetic composition, lifestyle, and environmental aspects.
Companion diagnostics are tests that are used for recognizing patients who will respond positively to the treatment curated for them.
Less-invasive testing processes are gaining popularity due to their ability to detect infections at early stages and monitor chronic diseases without invasive procedures.
Key players in the market include Illumina, Co-Diagnostics Inc., T2 Biosystem, and Thermo Fisher Scientific Inc.

Statistics:

USD 14.00 billion (2022) - molecular diagnostics market size
USD 15.60 billion (2023) - molecular diagnostics market size
USD 37.00 billion (2031) - projected molecular diagnostics market size
11.4% (CAGR, 2024-2031) - compound annual growth rate of the molecular diagnostics market
8.97 Million - grant received by Co-Diagnostics Inc. from the Bill & Melinda Gates Foundation for developing an innovative tuberculosis test

Sources:

www.m2.com
www.skyquestt.com
www.abnewswire.com

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