Molecular diagnostics market forecasted to nearly double in the next five years

BCC Research recently published a report titled “Molecular Diagnostics: Technologies and Global Markets.” Among the findings, the organization predicts that the global MDx market will jump from $23 billion this year to $42.6 billion by the conclusion of 2030, at a compound annual growth rate (CAGR) of 13.1%.

In North America, the MDx market is forecasted to grow from $9.6 billion-$17.3 billion at a CAGR of 12.5% during that time period. Additional key findings:

• CRISPR-based diagnostics, microfluidic point-of-care (POC) systems, microbiome analysis, and liquid biopsy are currently trending in the MDx space
• There has been an increased demand for MDx testing for infectious diseases
• There has been an increased demand for MDx testing to diagnose chronic diseases early
• The report highlights the importance of POC testing and companion diagnostics in the MDx space
• Labs are experiencing difficulty regarding regulatory policies for in vitro diagnostics
• Cost is another obstacle for the MDx market

The report concludes, “The future of the MDx industry is highly promising. The industry is expected to evolve rapidly due to the high potential for technological advances. Future applications of molecular testing may extend to a wide range of disease areas, such as cardiovascular and neurological conditions. Achieving the goal of precision medicine is possible only by including molecular testing in clinical practice.”