Market Leader - Molecular Diagnostics Market
The global molecular diagnostics market is valued at an estimated USD 23.2 billion in 2022 and is projected to reach USD 30.2 million by 2027, at a CAGR of 5.4% during the forecast period. The molecular diagnostics market is driven by the increasing prevalence of infectious diseases and cancer and the rising funding for R&D in molecular diagnostics.
The top players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), PerkinElmer, Inc. (US), Thermo Fisher Scientific, Inc. (US), and Abbott Laboratories (US). These players lead the market because of their extensive product portfolios and wide geographic presence. These players have also invested in organic strategies such as product launches and regulatory approvals and inorganic growth strategies such as partnerships, agreements, and acquisitions to maintain their market shares.
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In 2021, F. Hoffmann-La Roche Ltd. (Switzerland) held the leading position in the molecular diagnostics market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. F. Hoffmann-La Roche has a strong direct and indirect distribution network across the globe. This helps in insulating its business from demand fluctuations in various geographies. The company adopts inorganic growth strategies to increase its dominance in this market. Roche focuses on strategies such as partnerships and acquisitions to garner a larger market share. In 2020, the company partnered with Illumina Inc. (US) to broaden the adoption of NGS-based testing in oncology.
In 2021, Hologic, Inc. (US) accounted for the second-largest share of the molecular diagnostics market. Its leading position in this market can be attributed to its strong global sales and distribution network, enabling it to effectively market its products in various countries. Also, Hologic has increased its focus on R&D activities to develop unique and better products than its competitors. Its investments in R&D to optimize its portfolio and capital allocation strategies help fuel its future growth and ability to remain competitive in the diagnostics segment. In addition, Hologic’s strategies, which involve product launches and acquisitions, aim to further strengthen its position in the molecular diagnostics market. In June 2021, the company acquired Mobidiag Oy (Finland), an innovator in acute care molecular diagnostic testing. This has helped the company significantly expand its product line and enhance its visibility in the market.
Related Reports:
Molecular Diagnostics Market by Product & Service (Reagents, Kits, Instruments), Test Type (Lab, PoC), Technology (PCR, INAAT, NGS, ISH), Application (Infectious, Oncology, Genetic Testing), End User (Diagnostic Labs, Hospitals) - Global Forecast to 2027
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