Molecular Diagnostics Market to Reach USD 16.16 Billion by 2028, Noted Reports and Data
Technological advancements in molecular testing techniques and increasing prevalence of different types of cancer and neurological disorders are key factors fueling global market growth
The global molecular diagnostics market size is expected to reach USD 16.16 Billion in 2028 and register a CAGR of 8.2%, according to the latest report by Reports and Data. Government initiatives to promote molecular testing, increasing geriatric population, and rising cases of various infectious diseases across the world are key factors boosting global market revenue growth.
Molecular diagnostic techniques have gained rapid traction over the last few years and are widely used in laboratories, research institutes, and hospitals for various purposes. Increasing investments in research and development activities, growing awareness about faster diagnostic techniques, and increasing adoption of self-testing kits are fueling the revenue growth of the global market. In addition, government funding for developing advanced testing kits and instruments and rapid infrastructural developments in healthcare systems are further supporting global market revenue growth.
However, many hospitals and reference laboratories in developing countries find it difficult to afford the costly instruments and kits. This is expected to hamper global market growth in the coming years. In addition, lack of skilled professionals to operate these instruments is expected to further restrain market growth during the forecast period.
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Some key highlights in the report:
- Among the product and service segments, the reagents & kits accounted for largest share of 65% in 2020 and is expected to retain its dominant position over the forecast period. High demand for reagents and kits in research and clinical laboratories, hospitals, and increasing investments by market players to develop enhanced kits to cater to rising diseases are fueling segment revenue growth.
- The polymerase chain reaction (PCR) segment is expected to account for significant revenue growth over the forecast period. High revenue growth is attributed to increasing usage of PCR to detect various infectious organisms, rapid demand for RT-PCR in COVID-19 tests, and technological advancements in PCR techniques.
- The infectious diseases segment accounted for largest revenue share in the global molecular diagnostics market in 2020. Increasing prevalence of infectious diseases worldwide and rising need for early detection and treatment of these diseases is boosting demand for enhanced molecular diagnostic kits.
- The diagnostic laboratories segment revenue is projected to expand at highest CAGR throughout the forecast period owing to constant demand for molecular diagnostic tests to detect infectious diseases and cancer.
- The market in Asia Pacific is expected to register fastest revenue CAGR throughout the forecast period. Rapid revenue growth is attributed to growing awareness about early detection of disease, high patient pool and rapid developments in healthcare infrastructure and facilities, and ongoing research on diagnostic procedures are some key factors fueling market growth in this region.
- North America is expected to dominate other regional markets in the global molecular diagnostics market and register a CAGR of 7.8% between 2021 and 2028. High revenue growth is attributed to advancements in diagnostic sector, availability of latest diagnostic kits, presence of skilled healthcare professionals, high prevalence of chronic disorders, and increasing investments in R&D.
- F. Hoffmann-La Roche, Ltd, BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Siemens Healthineers AG, Abbott, Agilent Technologies, Inc., Danaher, Hologic Inc. (Gen-Probe), Illumina, Inc., Johnson & Johnson Services, Inc.., Grifols, S.A., and QIAGEN are key players operating in the global molecular diagnostics market.
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For this study, Reports and Data has segmented the global molecular diagnostics market based on product and services, technology, application, end-use, and region:
Product and Service Outlook (Revenue, USD Billion, 2018 - 2028)
- Reagents and Kits
- Tabletop Instruments
- Portable & PoC Instruments
- Services and Software
Technology Outlook (Revenue, USD Billion, 2018 - 2028)
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing & Next-Generation Sequencing (NGS)
- In Situ Hybridization
- DNA Microarray
- Other Technologies
Application Outlook (Revenue, USD Billion, 2018 - 2028)
- Infectious Diseases
- Other Infectious Diseases
- Oncology Testing
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Tests
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End-Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Hospital and Clinics
- Diagnostic Laboratories
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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