Molecular Diagnostics Devices and Equipment Market Opportunities and Strategies to 2033

This report describes and explains the molecular diagnostics devices and equipment market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global molecular diagnostics devices and equipment market reached a value of nearly $17.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 20.48% since 2018. The market is expected to grow from $17.3 billion in 2023 to $29.3 billion in 2028 at a rate of 11.04%. The market is then expected to grow at a CAGR of 9.63% from 2028 and reach $46.4 billion in 2033.

Growth in the historic period resulted from the high prevalence of infectious diseases, expanding point-of-care diagnostic testing, increase in demand for personalized medicine and growth in medical tourism. Factors that negatively affected growth in the historic period include low healthcare reimbursements and regulatory barriers.

Going forward, the growing aging population, rising healthcare expenditure globally, growing prevalence of chronic diseases and rising government investments will drive the market. Factors that could hinder the growth of the molecular diagnostics devices and equipment market in the future include the limited availability of skilled professionals and high cost.

The molecular diagnostics devices and equipment market is segmented by product into instruments, reagents and consumables, and software. The reagents and consumables market was the largest segment of the molecular diagnostics devices and equipment market segmented by product, accounting for 64.03% or $11.6 billion of the total in 2023. Going forward, the reagents and consumables segment is expected to be the fastest-growing segment in the molecular diagnostics devices and equipment market segmented by product, at a CAGR of 11.60% during 2023-2028.

The molecular diagnostics devices and equipment market is segmented by application into cancer, pharmacogenomics, genetic testing, infectious disease, prenatal, and other applications. The infectious disease market was the largest segment of the molecular diagnostics devices and equipment market segmented by application, accounting for 47.85% or $8.3 billion of the total in 2023. Going forward, the cancer segment is expected to be the fastest-growing segment in the molecular diagnostics devices and equipment market segmented by application, at a CAGR of 13.26% during 2023-2028.

The molecular diagnostics devices and equipment market is segmented by technology into DNA (deoxyribonucleic acid) sequencing, polymerase chain reaction, isothermal nucleic acid amplification technology, transcription-mediated amplification (TMA), in situ hybridization, microarrays, and other technologies. The polymerase chain reaction market was the largest segment of the molecular diagnostics devices and equipment market segmented by technology, accounting for 33.64% or $5.8 billion of the total in 2023. Going forward, the isothermal nucleic acid amplification technology segment is expected to be the fastest-growing segment in the molecular diagnostics devices and equipment market segmented by technology, at a CAGR of 13.52% during 2023-2028.

The molecular diagnostics devices and equipment market is segmented by end-user into diagnostic laboratories, hospitals, and other end-users. The hospitals market was the largest segment of the molecular diagnostics devices and equipment market segmented by end-user, accounting for 45.78% or $7.9 billion of the total in 2023. Going forward, the hospitals segment is expected to be the fastest-growing segment in the molecular diagnostics devices and equipment market segmented by end-user, at a CAGR of 11.99% during 2023-2028.

North America was the largest region in the molecular diagnostics devices and equipment market, accounting for 33.75% or $5.9 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the molecular diagnostics devices and equipment market will be South America and Africa, where growth will be at CAGRs of 14.25% and 14.15% respectively. These will be followed by Eastern Europe and the Middle East, where the markets are expected to grow at CAGRs of 13.88% and 12.92% respectively.

The global molecular diagnostics devices and equipment market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 73.25% of the total market in 2023. F. Hoffmann-La Roche AG was the largest competitor with a 23.99% share of the market, followed by Danaher Corporation with 13.81%, Thermo Fisher Scientific Inc. with 9.52%, Hologic Inc. with 7.85%, QIAGEN N.V. with 5.97%, Abbott Laboratories with 3.31%, Illumina Inc. with 2.84%, bioMérieux SA with 2.31%, Siemens Healthineers with 1.99% and Becton, Dickinson and Company (BD) with 1.67%.

The top opportunities in the molecular diagnostics devices and equipment market segmented by product will arise in the reagents and consumables segment, which will gain $8.5 billion of global annual sales by 2028. The top opportunities in the molecular diagnostics devices and equipment market segmented by application will arise in the infectious disease segment, which will gain $5.5 billion of global annual sales by 2028. The top opportunities in the molecular diagnostics devices and equipment market segmented by end-user will arise in the hospitals segment, which will gain $6 billion of global annual sales by 2028. The top opportunities in the molecular diagnostics devices and equipment market segmented by technology will arise in the polymerase chain reaction segment, which will gain $4.2 billion of global annual sales by 2028. The molecular diagnostics devices and equipment market size will gain the most in the USA at $3 billion.

Market-trend-based strategies for the molecular diagnostics devices and equipment market include focus on next-generation qPCR systems to enhance usability and custom test development, innovative high-throughput solutions redefining molecular diagnostics, strategic partnerships and collaborations among market players and AI-driven solutions for on-site diagnostic testing.

Player-adopted strategies in the molecular diagnostics devices and equipment market include focus on strengthening operational capabilities by launching innovative diagnostic solutions that enhance precision, flexibility and support personalized healthcare, accelerating diagnostic development for enhancing efficiency by leveraging existing instruments, continuous innovation through launch of scalable software for molecular diagnostics, leveraging advanced AI-driven technology to enhance diagnostic accuracy and improve healthcare outcomes and expanding molecular diagnostic capabilities by launching FDA-cleared panels for rapid syndromic testing applications.

To take advantage of the opportunities, the analyst recommends the molecular diagnostics devices and equipment companies to focus on next-generation qPCR systems, focus on high-throughput molecular diagnostics devices, focus on AI-driven on-site diagnostic testing, focus on reagents and consumables segment, focus on polymerase chain reaction segment, expand in emerging markets, focus on strategic partnerships for business expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on fast-growing cancer market segment and focus on hospitals segment.