According to the current analysis of Reports and Data, the Global Molecular Diagnostics Market was valued at USD 8.28 Billion in 2019 and is expected to reach USD 14.94 Billion by the year 2027, at a CAGR of 8.2%. The increasing efficiency of clinical trials, growing incidence of infectious and neurological diseases, and technological advancements in molecular pathology are major driving factors being the growth of the market. The increasing government aid for research and the establishment of advanced testing facilities is also supporting the growth of the market.
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The developing economies of India and China face some challenges in the form of the lack of a well-built procedural system for approvals, which hinders the growth of the molecular diagnostics market. Moreover, a shortage of skilled medical professionals is also limiting the growth of the market in many countries.
Further key findings from the report suggest-
- The Veterinary Molecular Diagnostics market is witnessing a booming growth as fungicidal therapies are being increasingly developed. Moreover, the development of specific assays and reagents has also contributed to the growth of the market.
- Based on product and service type, the reagents and kits segment held the largest share in the market in the base year 2019. The increasing ease of usage and widening applicability of reagents and kits is boosting market growth.
- Based on technology, the Polymerase Chain Reaction (PCR) segment held the largest share in the global Molecular Diagnostics market. The penetration of technological advancements in medical science, along with the growing automation of PCR instruments, contributes to this share.
- In Situ Hybridization is also a high growth registering technology because of the rising number of cancer cases and the resultant need for early diagnosis. Ongoing research and greater targeted funding are pushing the growth of this technology forward.
- By application, infectious diseases form the largest segment as they make the maximum usage of Molecular Diagnostics for diagnosis and therapeutic purposes. The incidence of infectious diseases has been increasing, and government support is strong to eradicate their spread.
- The oncology segment, by application, is expected to register the highest CAGR during the period of forecast. The colorectal cancer molecular diagnostics, in particular, has been registering an impressive rate of growth during the forecast period.
- The instruments segment is expected to register a high CAGR during the forecast period. The demand for instruments is mainly driven by testing laboratories and clinics.
- Based on end-user, hospitals and academic laboratories hold the largest share in the Molecular Diagnostics market. Strong research-driven growth and increasing prevalence of diseases, especially in the geriatric population, contribute to this share.
- By region, North America is the most developed region due to the impressive growth in medical science and the presence of highly skilled medical personnel. The high research funding also goes a long way in maintaining the fast pace of advancement in the field.
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For the purpose of this report, Reports and Data has segmented the Molecular Diagnostics market on the basis of product and service, technology, application, end-use, and region:
Product and Service (Revenue, USD Million; 2017–2027)
- Reagents and Kits
- Services and Software
Technology (Revenue, USD Million; 2017–2027)
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing & Next-Generation Sequencing (NGS)
- in Situ Hybridization
- DNA Microarray
- Other Technologies
Application (Revenue, USD Million; 2017–2027)
- Infectious Diseases
- Other Infectious Diseases
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Other Cancers
- Genetic Tests
End-Use (Revenue, USD Million; 2017–2027)
- Hospital and Academic Laboratories
- Reference Laboratories
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Latin America
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