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The global molecular diagnostics market size is projected to reach USD 31.8 billion by 2026 from USD 17.8 billion in 2021, at a CAGR of 12.3%

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during the forecast period. Market growth is driven by factors such as the increasing prevalence of infectious diseases and cancer, the rising funding for R&D, the increase in PoC testing devices and technological advancements.

New York, April 13, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Molecular Diagnostics Market by Product & Service, Application, Technology, End User -Global Forecast to 2026" -
On the other hand, an unfavorable reimbursement scenario and the high cost of instruments is expected to limit market growth to a certain extent in the coming years.

The reagents & kits accounted for the highest growth rate in the molecular diagnostics market, by product & service, during the forecast period
The molecular diagnostics market is segmented into reagents & kits, instruments and other products.The reagents & kits segment accounted for the highest growth rate in the molecular diagnostics market in 2020.

The requirement reagents & kits in large numbers compared to instruments is the main factor contributing to this segment’s high growth rate. This segment’s market growth can also be attributed to repeat purchases of reagents & kits compared to instruments.

Infectious Disease Diagnostics segment accounted for the highest CAGR
Based on the application, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic tests and other applications.In 2020, the oncology testing segment accounted for the highest growth rate.

Increasing incidence of cancer, technological advancements, and development of personalized medicine and companion diagnostic assays are the major factors driving this segment’s growth.

Diagnostic Laboratories segment accounted for the highest CAGR
Based on end-users, the molecular diagnostics market is segmented into diagnostic laboratories, hospitals and clinics and other end users.In 2020, the diagnostic laboratories segment accounted for the highest growth rate.

This can be attributed to increased test volume of infectious diseases and cancer and strengthening healthcare infrastructure for efficient disease diagnosis and treatment.

Asia Pacific: The fastest-growing region molecular diagnostics market
The global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.The Asia Pacific region is projected to register the highest CAGR during the forecast period.

Factors such as the government efforts to increase awareness about the early detection of diseases and regular health check-ups; continuously rising healthcare expenditure; increasing number of hospitals and diagnostic laboratories in India and China; and strengthening research base for diagnostic procedures across India, China, and Japan are driving the growth of the molecular diagnostics market in this region.

The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 - 20%, Tier 2 - 45%, and Tier 3 - 35%
• By Designation: C-level - 30%, D-level - 20%, and Others - 50%
• By Region: North America - 36%, Europe - 25%, Asia Pacific - 27%, Latin America – 9% , and the Middle East & Africa – 3%

Lits of Companies Profiled in the Report:
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Hologic, Inc. (US)
• bioMérieux SA (France)
• Abbott Laboratories (US)
• QIAGEN (Netherlands)
• Thermo Fisher Scientific Inc. (US)
• Illumina Inc. (US)
• Siemens Healthineers AG (Germany)
• Danaher Corporation (US)
• Myriad Genetics Inc. (US)
• Agilent Technologies Inc. (US)
• Becton, Dickinson and Company (US)
• DiaSorin S.p.A (Italy)
• Grifols S.A. (Spain)
• Quidel Corporation(US)
• Genetic Signatures (Australia)
• MDxHealth, Inc. (US)
• Exact Sciences Corporation (US)
• Biocartis NV (Belgium)
• TBG Diagnostics Ltd. (Australia)
• GenMark Diagnostics Inc. (US)
• Luminex Corporation (US)
• HTG Molecular Diagnostics Inc. (US)
• Vela Diagnostics (Singapore)
• Amoy Diagnostics Co., Ltd. (China)
• Molbio Diagnostics Pvt. Ltd. (India)
• ELITechGroup (France)
• Savyon Diagnostics Ltd. (Israel)
• ABACUS Diagnostica Oy (Finland)
• geneOmbio Technologies Pvt. Ltd. (India)

Research Coverage:
This report provides a detailed picture of the global molecular diagnostics market.It aims at estimating the size and future growth potential of the market across different segments, such as product & service, technology, application, end user, and region.

The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall molecular diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities
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