Molecular Diagnostics Market Size to Reach USD 16.49 Billion in 2027 | Industry Trend – High Demand for PCR and Rapid Test Products During the Coronavirus Pandemic
Rapid advancements in molecular diagnostics and testing, rising elderly population and improving healthcare infrastructure across the globe are key factors expected to drive Molecular Diagnostics market growth.
Emergen Research has published its latest report titled, “Molecular Diagnostics Market By Product (Reagents, Instruments, Others), By Technology (DNA Sequencing and NGS, PCR, In Situ Hybridization, DNA Microarrays, INAAT, Others), By Application (Oncology, Infectious Diseases, Genetic Testing, Others), By End Use (Central Laboratories, Hospitals, Others), and Region Forecasts to 2027”
According to Emergen Research, the global molecular diagnostics market size was USD 8.48 billion in 2019 and is expected to reach USD 16.49 billion in 2027 and register a revenue CAGR of 4.6% during the forecast period, 2020-2027.
Market Dynamics:
Molecular diagnostics is rapidly developing field and plays a vital role in areas of anatomical and clinical pathology. It is a collection of tools and techniques used for analyzing biological markers in the genome and proteome and studying various infectious diseases and other inherited conditions. Molecular diagnostics is widely used in applications including antigen typing, oncology, pharmacogenomics, and coagulation. One of the key factors leading to a rapid surge in demand for molecular diagnostics is rising prevalence of various infectious diseases such as influenza, hepatitis, HIV, and COVID-19 across the globe. Over the recent years, there have been rapid advancements such as high precision and accurate results, cost-effectiveness, and portability. Many market players are upgrading their products with new features and applications.
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Factors such as high prevalence of cancer, increasing demand for Point-of-Care (PoC) testing, rising awareness about importance of early diagnosis, and increasing healthcare spending are expected to fuel market growth. In addition, increasing R&D investments, and high focus on developing advanced and more effective kits and reagents are expected to fuel market growth going ahead. However, factors such as high initial investments and maintenance costs, stringent regulations for product approval, and unfavorable reimbursement scenarios are expected to hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
DNA Sequencing and NGS Segment to Register Steady Revenue Growth:
The DNA sequencing and NGS segment is expected to register steady revenue growth over the forecast period owing to increasing prevalence of cancer, increasing demand for personalized medicines, rising number of gene mapping programs, and ongoing research-based activities.
Hospital Segment to Account for Largest Revenue Share:
The hospital segment is expected to account for largest revenue share between 2017 and 2027. Factors such as rising prevalence of chronic disorders and infectious diseases, increasing hospital visits for diagnosis and treatment, increasing healthcare expenditure and availability of advanced products and devices in many hospitals are expected to drive revenue growth of the segment.
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North America to Lead In Terms of Revenue:
North America is expected to dominate other regional markets in terms of revenue over the forecast period owing to factors such as rising prevalence of chronic diseases and infections, rapid advancements in molecular diagnostic techniques, and presence of well-developed healthcare infrastructure and research facilities. Other factors such as increasing collaborations among research hospitals, government, and academic institutes, availability of advanced diagnostics and treatment, increasing investments in research and development activities are expected to fuel market growth in North America.
Major Companies in the Market Include:
- Becton, Dickinson and Company
- Abbott Laboratories
- Agilent Technologies
- Danaher Corporation
- bioMérieux SA
- Hologic, Inc.
- Illumina, Inc.
- Roche Diagnostics
- Siemens Healthcare Private Limited
- DiaSorin
For the purpose of this report, Emergen Research has segmented the global molecular diagnostics market on the basis of product, technology, application, end use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Reagents
- Instruments
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- DNA Sequencing and NGS
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization
- DNA Microarrays
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Other technologies
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Infectious Diseases
- Genetic Testing
- Others
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Central Laboratories
- Hospitals
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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