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World Molecular Diagnostics Markets, 2022-2027 - Increasing Prevalence of Infectious Diseases and Cancer is Expected to Support Market Growth

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Global Molecular Diagnostics Market

Global Molecular Diagnostics Market
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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