Molecular Diagnostics Market Synopsis
As per the analysis by Market Research Future (MRFR), the global molecular diagnostics market is anticipated to hold the value of USD 16,319 million while expanding at a CAGR of 8.57% by 2025.
The prevalence of infectious diseases such as; HPV, HIV, TB, and hepatitis are likely to increase the demand for new diagnostic procedures, which can boost the molecular diagnostics market 2020. The growing need for point-of-care diagnostics is anticipated to increase the demand for advanced medical facilities that can augment the market. The on-going developments in pharmacogenomics are anticipated to surge the need for molecular diagnostics and strengthen the market during the forecast period. Furthermore, the outbreak of COVID-19 is projected to increase the demand for point-of-care diagnostics, which can escalate the requirement for advanced medical facilities and is predicted to actuate the market.
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Conversely, delayed approval of new molecular diagnostic tests is projected to obstruct the market during the review period. On the other hand, continuous technical development in the healthcare sector is anticipated to counter the impeding factors and aid the market to grow.
Molecular Diagnostics Market Segmentation
The segmental analysis of the global molecular diagnostics market is done by product, application, technique, and end-user.
The product-based segments of the global molecular diagnostics market are instruments, reagents & kits, and services & software.
The application-based segments of the global molecular diagnostics market are oncology, infectious diseases, genetic tests, and others.
The technique-based segments of the global molecular diagnostics market are isothermal amplification, polymerase chain reaction (PCR), hybridization, microarray, sequencing, and others.
The end-user-based segments of the global molecular diagnostics market are diagnostic laboratories, hospitals & clinics, and others.
Molecular Diagnostics Market Regional Analysis
Based on the region, the global market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research, North America is expected to lead the global market during the forecast period owing to the increasing geriatric population. The region is likely to incorporate the latest technologies in the healthcare sector. Furthermore, the increasing incidence of infectious diseases is expected to boost the regional market during the forecast period. The US and Canada are expected to make a significant contribution during the evaluation period.
Europe market is expected to be the second-largest market during the review period owing to the growing R&D initiatives. Further, the availability of sufficient funds for R&D and the increasing support from the government are likely to augment the regional market. The UK and Germany are predicted to make a notable contribution in the review period.
The APAC market is anticipated to be the fastest-growing market during the review period owing to the growing geriatric population in the region. The presence of developing countries like India and China is projected to be a significant factor for these evolving countries are likely to incorporate the latest technologies in the healthcare sector, which can augment the market.
The MEA region is predicted to acquire a small amount of market share during the forecast period owing to the slow development of healthcare infrastructure. The presence of African countries is likely to be the major cause of slow growth. However, the participation of Middle East countries like Qatar, Saudi Arabia, and others can lead to the expansion of the regional market.
Molecular Diagnostics Market Key Players
Some of the eminent players of the global molecular diagnostics market are Hologic, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), QIAGEN (Europe), Abbott Laboratories (US), Becton, Dickinson, and Company (US), Cepheid (US), Siemens (Germany), Thermo Fisher Scientific(US) CLONIT SRL (Italy), Agilent Technologies(California), Novartis (Switzerland), EKF Diagnostics (UK), and Illumina (US).
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