Molecular Diagnostics Market Revenue Share, Key Growth Trends, Major Players, and Forecast Till 2027

The Molecular Diagnostics Market is predicted to develop at a CAGR of 9.95 % and reach USD 23.98 billion by 2030.

The development of molecular diagnostics has made it easier to detect many diseases, and it is especially useful when dealing with challenging differential diagnoses. Technological developments in molecular diagnostics are anticipated to considerably contribute to the growth of the molecular diagnostics market by enabling cost-effectiveness, accuracy, and mobility.

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The expansion of the molecular diagnostics market is primarily driven by the rising frequency of infectious diseases, the rising incidence of various cancers, and technological advancements in molecular testing methods.

The number of confirmed cases and the geographic areas where laboratory research must be conducted and strengthened have greatly increased as a result of COVID-19's widespread distribution over the world. The molecular testing of COVID-19 led to a global shortage of COVID-19 molecular research reagents.

Monitoring the virus's fast spread seems to depend heavily on testing. Regulators from all across the world are looking into the potential for private labs to expand research due to an increasing number of incidents.

Market Segmentation

By Product

The molecular diagnostics market has been divided into three product categories: reagents and kits, devices, and services and software. The reagents market segment dominates this particular molecular diagnostics market niche. High reagent usage in molecular diagnostic testing, rising demand for over-the-counter diagnostic tests, and increased use of these tests in non-medical settings, such as at home, are some of the key growth drivers for the market.

By Technique

The market has been segmented into isothermal amplification, polymerase chain reaction (PCR), hybridization, sequencing, microarray, and others based on the technique. Because of its widespread use and technological advancements, PCR dominates the market for molecular diagnostics. These factors have a significant impact on the segment's main drivers.

By Application

Based on application, the molecular diagnostics market has been divided into segments for genetic tests, infectious disorders, cancer, and others. Due to the resurgence of infectious diseases, such as new multidrug-resistant TB, H1N1, and HIV strains, infectious disease testing dominated the molecular diagnostics market in 2019.

By End User

Hospitals & clinics, diagnostic laboratories, and others make up the molecular diagnostics market by end-user. The category is projected to experience significant expansion due to the rising need for the early diagnosis of several diseases and the growing financing for modern diagnostic facilities.

Regional Classification

According to projections, the Americas will lead the global market for molecular diagnostics.

The second-largest molecular diagnostics market is anticipated to be in Europe.

Due to expanding nations like China, India, and South Korea being important hubs for the outsourcing of clinical trials, pharmaceutical production, and pathology testing, Asia-Pacific is thought to have the fastest-growing market.

The Middle East & Africa molecular diagnostics market is anticipated to expand steadily during the period under study.

Industry News

December 2020: GeneIQ, a molecular diagnostics lab based in Dallas, changed its focus to handling the ongoing COVID-19 epidemic, following the lead of many other businesses around the country. This action confirmed a significant expansion.

December 2020 marks the sale of more than 10 million of Co-Diagnostics, Inc.'s Logix SmartTM COVID-19 Test Kits to its domestic and global laboratory, hospital, and supplier network. Co-Diagnostics, Inc. is a molecular diagnostics corporation with a unique patented molecular diagnostic test development platform.

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Key Players

Hoffmann-La Roche Ltd
Hologic, Inc.
QIAGEN
Becton, Dickinson and Company
Abbott Laboratories
Cepheid
Siemens
Thermo Fisher Scientific
Agilent Technologies

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This release was published on openPR.