Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Molecular Diagnostics Market by Product & Service (Reagents, Kits, Instruments), Test Type (Lab, PoC), Technology (PCR, INAAT, NGS, ISH), Application (Infectious, Oncology, Genetic Testing), End User (Diagnostic Labs, Hospitals) - Global Forecast to 2027", is valued at an estimated USD 23.2 billion in 2022. Molecular Diagnostics Industry is projected to reach USD 30.2 billion by 2027 growing at a CAGR of 5.4%.
Browse in-depth TOC on "Molecular Diagnostics Market"
242 - Tables
48 - Figures
302 - Pages
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The rising funding for R&D in molecular diagnostics, the increasing prevalence of infectious diseases and cancer, and the growing awareness of early disease diagnosis in developing countries are the major factors driving the molecular diagnostics market’s growth.
In recent years, several new technologies have been introduced in the market. Shotgun metagenomic next-generation sequencing is a comprehensive genomics-based test that identifies every known microorganism present in a patient’s sample. Technological advancements by various key players will increase the adoption of molecular diagnostics, thus driving market growth in the coming years.
Based on products & services, the global molecular diagnostics market is segmented into reagents & kits, instruments, and services & software. The reagents & kits segment is expected to register the highest growth rate in the market during the forecast period. The requirement of reagents & kits in large numbers compared to instruments is the main factor contributing to the high growth rate of this segment. Unlike instruments, reagents & kits require repeat purchases, which results in their stable demand among end users.
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The molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), in situ hybridization (ISH), DNA sequencing & next-generation sequencing (NGS), DNA microarrays, and other technologies based on technology. The DNA sequencing & NGS segment is estimated to grow at the highest CAGR during the forecast period. Factors such as advancements in sequencing technologies and the increasing incidence of cancer are expected to support market growth in the coming years.
Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. The infectious disease diagnostics segment accounted for the largest share of the global market in 2021. Factors such as the increasing prevalence of infectious diseases and the outbreak of COVID-19 are boosting the market growth of this segment.
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Geographical Growth Scenario:
The molecular diagnostics market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Growth in this market can be attributed to the increasing prevalence of cancer, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region. The low labor costs and the favorable regulatory environment in this region are also expected to propel market growth.
Key Players operating in Molecular Diagnostics Market:
- F. Hoffmann-La Roche Ltd. (Switzerland),
- Hologic, Inc. (US),
- Thermo Fisher Scientific, Inc. (US),
- PerkinElmer, Inc. (US),
- Abbott Laboratories (US),
- bioMérieux SA (France),
- QIAGEN N.V. (Netherlands),
- Myriad Genetics, Inc. (US),
- Siemens Healthineers AG (Germany), and
- Danaher Corporation (US).
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