Molecular Diagnostics Market Revenue Share Detailed Analysis Report 2021-2028

Molecular Diagnostics Market: Introduction

According to the report, the global molecular diagnostics market was valued at US$ 14.99 Bn in 2020 and is projected to expand at a CAGR of 11.1% from 2021 to 2028. Molecular diagnostics primarily refers to the class of diagnostic tests that identifies nucleic acids or proteins at the molecular level. Molecular diagnostics has emerged as one of the fastest growing segments in the in vitro diagnostics industry. The molecular diagnostics market has expanded rapidly since the 1990s with the introduction of PCR test for HIV and chlamydia trachomatis & neisseria gonorrhea (CT/NG). Since then, within a span of 20 years, the market has witnessed significant growth. Currently, molecular diagnostic kits are being widely adopted for testing genetic diseases, cancer, hepatitis viruses, and hospital acquired infections. Moreover, molecular diagnostic kits are used extensively for blood donor screening test for hepatitis and HIV.

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North America was the largest market for molecular diagnostics in 2020. The region dominated the global market due to substantial investments in the field, strong economic growth, and increase in incidence of target chronic diseases, and technological progress. Moreover, technological advancements, increase in access to health care services, and entry of new manufacturers are the other factors likely to fuel the growth of the market in North America during the forecast period.

Asia Pacific is projected to be a highly lucrative market for molecular diagnostics during the forecast period. The market in the region is anticipated to expand at a high CAGR during the forecast period. The high per capita income has increased the consumption of diagnostic and therapy products in the region. Rapid expansion of the market in the region can be attributed to government initiatives undertaken to improve the health care infrastructure. The market in Asia Pacific is likely to expand rapidly compared to other regions due to shift in base of pharmaceutical companies and clinical research industries from developed to developing regions such as China and India.

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Rise in Demand for Innovative Technologies to Drive Market

New innovative technologies such as RT-PCR and sequencing are available in the market and provide a comparatively less-expensive way for diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians to frame appropriate therapeutic regimes for patients suffering from various diseases. Increase in demand for point-of-care services is projected to drive the molecular diagnostics market. Point-of-care provides quick and accurate results compared to traditional methods.

PCR & Real-time PCR Segment to Dominate Global Market

In terms of product type, the global molecular diagnostics market has been classified into PCR & real-time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing, and others. The PCR & real-time PCR segment accounted for leading share of the global market in 2020. The segment is likely to witness strong growth during the forecast period, as PCR technique is a cost-effective way of copying or amplification of small segments of DNA or RNA.

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Infectious Diseases to be Highly Lucrative Segment

Based on application, the global molecular diagnostics market has been categorized into infectious diseases, oncology, blood screening, microbiology, genetic testing, and women's health. The infectious diseases segment accounted for major share of the global market in 2020 due to increase in incidence of chronic infectious diseases. Moreover, rise in infections due to environmental pollution and unhealthy lifestyles among the global population contributed to the growth of the infectious diseases market.

Diagnostic Laboratories Segment to Dominate Market

In terms of end-user, the global molecular diagnostics market has been divided into hospitals, diagnostic laboratories, blood banks, academics & research, and others. The diagnostic laboratories segment dominated the global molecular diagnostics market in 2020, as diagnostic laboratories are specially meant only for detection of diseases. These are well equipped with sophisticated instruments and people in developed countries prefer diagnostic labs for diagnosis. However, the hospitals segment is projected to expand at a high CAGR during the forecast period due to increase in number of molecular diagnostic procedures carried out in these settings

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North America to Dominate Global Market

In terms of region, the global molecular diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global molecular diagnostics market in 2020, followed by Europe. The region's dominance can be attributed to increase in diagnostic facilities and focus of existing & new players on the region.

North America is the leading market for molecular diagnostics due to rise in investments by governments in support of molecular diagnostic tests. The surge in incidence of cancer and unhealthy lifestyle leading to severe infectious diseases fuels the growth of the molecular diagnostics market in the region. Other factors such as large geriatric population and rise in demand for personalized medicines are expected to augment the market in North America.

Emerging markets in Asia Pacific hold immense growth potential due to initiatives taken by the governments to promote health care and robust economic growth. Moreover, improving purchasing power, consumer awareness about health issues, and better disease management are expected to boost the growth of the molecular diagnostics market in Asia Pacific.

Competition Landscape

The global molecular diagnostics market is fragmented in terms of number of players. Key players in the molecular diagnostics global market include Abbot Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., bioMérieux SA, Danaher Corporation, F. Hoffmann-La Roche Ltd., QIAGEN N.V., Siemens AG, and Thermo Fisher Scientific, Inc.

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This release was published on openPR.