Molecular Diagnostics Market to Hit US$ 36,176.65 million by 2028

The market growth is mainly attributed to an increase in demand for point-of-care devices, developments by market players, and a rise in the prevalence of associated diseases. However, the increasing prevalence of associated diseases is expected to limits market growth.

Molecular Diagnostics market is projected to grow from US$ 16,258.97 million in 2021 to US$ 36,176.65 million by 2028; it is expected to grow at a CAGR of 12.1% during 2021-2028.

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Abbott; Agilent Technologies, Inc.; Thermo Fisher Scientific Inc.; F. Hoffmann-La Roche Ltd.; TBG Diagnostics Limited; QIAGEN; bioMérieux SA; Siemens Healthineers AG; Illumina, Inc.; Danaher; and Novartis AG are among the prominent players operating in the molecular diagnostics market. These companies are focusing on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in September 2021, Siemens Healthineers collaborated with A1 Life Sciences to support global efforts to track variants of SARS-CoV-2, enabling Siemens Healthineers to offer an evolving portfolio of PCR-based assays to identify SARS-CoV-2 mutations and variants. As SARS-CoV-2 variants of concern (VOC) are rapidly spreading globally, identifying and understanding variant strains is increasingly essential.

Molecular diagnostics has wide application in various indications such as oncology, infectious diseases, genetic testing, cardiac diseases, and immune system disorders. The increasing prevalence of the associated indications is expected to drive the market. For instance, cancer is one of the leading causes of death worldwide. The early detection of cancer can prevent death among the patients. POC diagnostics play an essential role in the early role and monitoring of cancer. The World Health Organization (WHO) stated that about 70% of deaths in low- and middle-income countries were caused by cancer in September 2021. In addition, as per the Global Burden of Disease Study in the Global Health Data Exchange and the World Health Statistics 2020 Cardiovascular Disease (CVD) mortality in China 322 per 100,000 population, India has reported 185 per 100,000 population at an early stage of CVD.

As per the American Cancer Society, it is estimated that about 1.9 million new cancer cases were diagnosed in 2021 in the US. Moreover, as per the data published by the UK.GOV on November 22, November 2021, the infection rate of COVID-19 is about 422.7 per 100,000 population. Thus, the rising prevalence of target diseases in molecular diagnostics is expected to drive the market.

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