Molecular Diagnostics Market to Reach US$ 36,176.65 Million in 2028

According to our latest study on "Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Disease Area, Technology, Product and Services, End User, and Geography," the market is valued at US$ 16,258.97 million in 2021 and is expected to reach US$ 36,176.65 million in 2028; it is estimated to record a CAGR of 12.1% from 2022-2028.

The report highlights the trends and drivers prevailing in the molecular diagnostics market.
Molecular diagnostics is considered among the most reliable method to identify and analyze a microorganism. Molecular diagnostics helps in better testing, quick identification of the organism's strain and drug susceptibility. Technological advancements, like a polymerase chain reaction (PCR), and others, the rising application of molecular diagnostics is expected to drive the market during the forecast period.

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Key Players: 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, Novartis AG are among the several players engaged in addressing the growing demands for molecular diagnostics market.

Based on disease area, the molecular diagnostics market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders and others. Based on technology, the market is segmented into is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), DNA sequencing and next-generation sequencing (NGS), in situ hybridization (ISH), DNA microarray, and other technologies. Based on based on product and services, the market has been segmented into assays and kits, instruments, and services and software. Based on end user, the market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. Based on geography, the molecular diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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Impact of COVID-19 Pandemic on Molecular Diagnostics Market
The FDA has increased its efforts to support the health of people and has imposed several guidelines and for hospitals and medical device companies. Various companies also enhanced their research and development activities for diagnostics tests and therapeutic devices. For instance, companies such as Thermo Fisher Scientific, F. Hoffmann-La Roche AG, EverlyWell, and Abbott produce COVID-19 tests. In comparison, Thermo Fisher Scientific has increased its production and has produced 5 million tests per week in April. Likewise, Abbott has received Emergency Use Authorization (EUA) for a point-of-care test that can provide results in minutes. Thus, increased production by the companies has resulted in profits, and the outbreak of COVID-19 has shown a positive impact on market growth.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

This release was published on openPR.