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World Molecular Diagnostics Markets, 2022-2027 - Increasing Prevalence of Infectious Diseases and Cancer is Expected to Support Market Growth
Global Molecular Diagnostics Market
Dublin, June 14, 2022 (GLOBE NEWSWIRE) -- The "Global 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) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global molecular diagnostics market is projected to reach USD 30.2 billion by 2027 from USD 23.2 billion in 2022, at a CAGR of 5.4% during the forecast period.
Market growth is driven by factors such as the increasing use of PoC diagnostic tests, the rising funding for R&D in molecular diagnostics, the increasing prevalence of infectious diseases and cancer. On the other hand, an unfavorable reimbursement scenario and the high cost of instruments may restrain the growth of this market to a certain extent.
The DNA sequencing & NGS segment accounted for the highest growth rate in the molecular diagnostics market, by technology, during the forecast period
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. The DNA sequencing & NGS segment is expected to register the highest growth rate during the forecast period.
Factors such as the growing focus of key market players on developing and launching diagnostic NGS kits and panels, increasing applications of sequencing in genomics research, and the increasing focus on molecular-targeted drugs/therapies (personalized medicine) contribute to the growth of this segment.
Oncology testing segment accounted for the highest CAGR
Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications.
The oncology testing segment is expected to register the highest CAGR during the forecast period. Technological advancements, the increasing prevalence of cancer, and the growing focus on personalized medicine contribute to the growth of this market segment.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific region is expected to witness the highest growth in the molecular diagnostics market during the forecast period.
This can be attributed to factors such as continuously rising healthcare expenditures, government efforts to increase awareness about the early detection of diseases and regular health check-ups, an increasing number of hospitals and clinical diagnostic laboratories in India and China, and strengthening research bases for diagnostic procedures across India, China, and Japan. Furthermore, supportive government regulations will further aid the growth of this market during the forecast period.
Premium Insights
Increasing Prevalence of Infectious Diseases and Cancer is Expected to Support Market Growth During the Forecast Period
Reagents & Kits Will Continue to Dominate the Market in 2026
The Lab Tests Segment Will Continue to Dominate the Market in 2026
The PCR Segment is Expected to Dominate the Market During the Forecast Period
The Infectious Disease Diagnostics Segment to Continue to Dominate the Market in 2026
The Diagnostic Laboratories Segment to Continue to Dominate the Market in 2026
Asia-Pacific to Register the Highest Growth Rate in the Molecular Diagnostics Market During the Forecast Period
Market Dynamics
Drivers
Increasing Prevalence of Infectious Diseases and Cancer
Rising Focus on R&D and Growing Funding in Molecular Diagnostics
Growing Awareness of Early Disease Diagnosis in Developing Countries
Rising Technological Advancements in Molecular Diagnostics
Increasing Use of PoC Diagnostic Tests
Restraints
Unfavorable Reimbursement Scenario
High Cost of Instruments
Opportunities
Growing Significance of Companion Diagnostics
Growth Opportunities in Emerging Countries
Challenges
Changing Regulatory Landscape
Operational Barriers
Introduction of Alternative Technologies
Impact of COVID-19 on the Molecular Diagnostics Market
Pricing Analysis
Patent Analysis
List of Major Patents for Isothermal Nucleic Acid Amplification Technologies
List of Major Patents
Company Profiles
Key Players
F. Hoffmann-La Roche Ltd
Hologic, Inc.
Perkinelmer, Inc.
Abbott Laboratories
Thermo Fisher Scientific, Inc.
Qiagen N.V.
Siemens Healthineers Ag
Biomerieux Sa
Myriad Genetics, Inc.
Danaher Corporation
Other Players
Illumina, Inc.
Becton, Dickinson and Company
Grifols, S.A.
Quidel Corporation
Agilent Technologies, Inc.
Diasorin S.P.A.
Exact Sciences Corporation
Genetic Signatures
Mdxhealth
Htg Molecular Diagnostics, Inc.
Biocartis Nv
Tbg Diagnostics Limited
Vela Diagnostics
Amoy Diagnostics Co., Ltd.
Elitechgroup
Molbio Diagnostics Pvt. Ltd.
Savyon Diagnostics
Abacus Diagnostica Oy
Geneombio Technologies Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/8qut2l
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