The report "Molecular Diagnostics Market by Product & Service (Reagents, Kits), Test Type (Lab, PoC), Sample Type (Blood, Urine), Technology (PCR, INAAT), Application (Infectious, Oncology), End User (Diagnostic Labs, Hospitals), Region - Global Forecast to 2028", is valued at an estimated USD 15.6 billion in 2023 and is projected to reach USD 26.8 billion by 2028, at a CAGR of 11.4% during the forecast period.
Browse 241 market data Tables and 48 Figures spread through 325 Pages and in-depth TOC on "Molecular Diagnostics Market by Product & Service (Reagents, Kits), Test Type (Lab, PoC), Sample Type (Blood, Urine), Technology (PCR, INAAT), Application (Infectious, Oncology), End User (Diagnostic Labs, Hospitals), Region - Global Forecast to 2028"
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Due to the high prevalence of such infectious diseases, the demand for molecular diagnostic products and services is expected to increase in the coming years, which, in turn, will drive market growth. Also, globally, the prevalence of cancer has increased significantly over the last few years. The growing prevalence of cancer globally will increase the number of specimens tested, thus creating a demand for new diagnostic procedures, including molecular diagnostics.
In 2022, the infectious disease diagnostics segment held the largest share of the molecular diagnostics market, by application segment
The molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications based on applications. The infectious disease diagnostics segment accounted for the largest share the global molecular diagnostics market in 2022. The large share of this segment can be attributed to the development of advanced assays for the diagnosis of different diseases & conditions, the increasing prevalence of infectious diseases, and rising awareness of the effective use of molecular diagnostic technologies/products to control the spread of infectious diseases. Infectious diseases pose a significant public health challenge, with outbreaks and epidemics occurring worldwide. The need for timely and accurate identification of infectious agents is paramount for implementing appropriate treatment strategies, infection control measures, and preventive interventions.
Diagnostic laboratories segment held the largest share of the molecular diagnostics market, by end user segment in 2022
The molecular diagnostics market is differentiated into diagnostic laboratories, hospitals & clinics, and other end users. In 2022, diagnostic laboratories dominated the molecular diagnostics market. Diagnostics laboratories play a crucial role in performing molecular diagnostic tests. These laboratories are equipped with specialized infrastructure, including advanced molecular testing platforms, equipment, and trained personnel. They are designed to handle complex molecular diagnostic procedures efficiently. The continuous advancements in molecular diagnostic technologies have expanded the capabilities of diagnostics laboratories. New platforms, such as next-generation sequencing (NGS), digital PCR, and microarrays, offer enhanced sensitivity, accuracy, and efficiency, enabling diagnostics laboratories to provide more comprehensive and precise testing services.
North America is the largest regional market for molecular diagnostics market
The molecular diagnostics market has been segmented into five major regions namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the molecular diagnostics market. The large share of North America in this market can be attributed to the increasing prevalence of infectious diseases and cancer, rising healthcare spending, and the growing healthcare system that is highly developed in the US and Canada.
The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), bioMérieux (France), QIAGEN (Netherlands), Revvity (US), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), Danaher (US), Illumina, Inc. (US), Becton, Dickinson and Company (US), Grifols, S.A. (Spain), QuidelOrtho Corporation (US), Agilent Technologies, Inc. (US), DiaSorin S.p.A. (Italy), Exact Sciences Corporation (US), Genetic Signatures (Australia), MDx Health (Belgium), Biocartis (Belgium), TBG Diagnostics Limited (Australia), HTG Molecular Diagnostics, Inc. (US), Vela Diagnostics (Singapore), Amoy Diagnostics Co., Ltd. (China), ELITechGroup (France), Molbio Diagnostics Pvt. Ltd. (India), Savyon Diagnostics (Israel), Abacus Diagnostica Oy (Finland), and geneOmbio Technologies Pvt. Ltd. (India).
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