Molecular Diagnostics Market worth $30.2 billion by 2027
According to a research report "Molecular Diagnostics Market Size, Growth 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) - Global Forecast to 2027" is projected to reach 2.9 billion by 2027, at a CAGR of 11.7%.
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The infectious disease diagnostics segment accounted for the largest share of the molecular diagnostics market, by applications.
Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. The rising prevalence of infectious diseases across the globe, the increasing adoption of advanced technologies for diagnosing infectious diseases, and the dynamic shift from traditional diagnostic procedures to portable PoC testing are the major factors driving the infectious disease diagnostics market segment’s growth.
Diagnostic laboratories segment to register the highest growth rate during the forecast period
The molecular diagnostics market has been segmented into diagnostic laboratories, hospitals & clinics, and other end users. Due to the high infection rate of COVID-19, diagnostic laboratories witnessed a multifold increase in COVID-19 testing volumes. In line with this, diagnostic laboratories command the major share and the highest growth rate during the forecast period owing to increasing test volumes for infectious diseases & cancer and strengthening healthcare infrastructures for efficient disease diagnosis & treatment.
North America is the largest regional market for molecular diagnostics market
The global molecular diagnostics market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the molecular diagnostics market. Healthcare coverage expansions made by Medicaid, Medicare, and private health insurance companies in the region are also expected to play a significant role in fueling the market growth. Other factors supporting market growth include the growing geriatric population and increasing healthcare expenditures. The high burden of infections and cancers on regional healthcare systems is another major driver for market growth.
The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Abbott Laboratories (US), bioMérieux SA (France), QIAGEN N.V. (Netherlands), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US).
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