Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Disease Area (Oncology, Infectious diseases, Genetic testing, Cardiac diseases, Immune system disorders, and Others); Technology (Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing and Next-Generation Sequencing (NGS), In Situ Hybridization, DNA Microarray, and Others); Product and Services (Assays and Kits, Instruments, Services and Software); End User (Hospitals and Clinics, Diagnostic Laboratories, Research and Academic Institutes, and Others) and Geography
Publication Month: Nov 2021 | Report Code: TIPRE00003124 | No. of Pages: 253 | Category: Medical Device | Status: Published
The molecular diagnostics market is projected to grow from US$ 16,258.97 million in 2021 to US$ 36,176.65 million by 2028; it is expected to grow at a CAGR of 12.1% during 2021-2028.
Point-of-care (POC) is one emerging healthcare service, which is being aggressively adopted by patients and healthcare service providers alike. It is extensively used in various healthcare processes, such as treatment, diagnostics, and patient monitoring. Leading medical device manufacturers and players in associated markets are actively involved in product innovation and development processes.
A few examples are mentioned below:
- In July 2021, Abbott launched its Panbio COVID-19 rapid antigen tests in India.
- In July 2021, Siemens Healthineers began manufacturing its molecular diagnostic kits, including the COVID-19 testing - IMDX SARS-CoV2 in its Vadodara, India facility.
- In September 2021, Chembio Diagnostics, Inc. initiated the Emergency Use Authorization (EUA) application to the Food and Drug Administration (FDA) for the company's DPP Respiratory Antigen Panel Test System. It is designed to allow simultaneous, discrete, and differential detection of viral infections such as influenza A, influenza B, and SARS-CoV-2 antigens from a single patient's nasal swab sample.
Moreover, patients prefer at-home medical care through POC products and services due to increasing awareness about POC products and services. It reduces patient movement, risk of infection, and facility cost for healthcare service providers. These factors are boosting the growth of the global molecular diagnostics market
Strategic Insights
Lucrative Regions in Molecular Diagnostics Market
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Market Insights
Increasing Prevalence of Associated Diseases Drives Molecular Diagnostics Market
Molecular diagnostics has wide application in various indications such as Oncology, Infectious disease, Genetic testing, Cardiac diseases, Immune system disorders, Others. The increasing prevalence of the associated indications is expected to drive the market. For instance, cancer is one of the leading causes of death worldwide. The early detection of cancer can prevent death among the patients. POC diagnostics play an essential role in the early role and monitoring of cancer. The World Health Organization (WHO) stated that about 70% of deaths in low- and middle-income countries were caused by cancer in September 2021. In addition, as per the Global Burden of Disease Study in the Global Health Data Exchange and the World Health Statistics 2020 Cardiovascular Disease (CVD) mortality in China 322 per 100,000 population, India has reported 185 per 100,000 population of an early stage of CVD.
Moreover, as per the American Cancer Society in the US it is estimated that about 1.9 million new cancer cases diagnosed in the year 2021. Moreover, as per the data published by the UK.GOV in 22nd of November 2021 infection rate of COVID19 is about 422.7 per 100,000 population. Thus, the rising prevalence of target diseases in molecular diagnostics is expected to drive the market. During the forecast period.
Technology-Based Insights
The Molecular Diagnostics market, by technology, is bifurcated into [Polymerase Chain Reaction (PCR), isothermal nucleic acid amplification technology, DNA Sequencing and Next-Generation Sequencing (NGS), In Situ Hybridization, DNA Microarray, and Others. The in-vitro segment led the market in 2021, contributing to a market share of 64.45%, and is expected to retain its dominance during the forecast period to account for a market share of 65.73% of the overall revenue generated in 2028.
Molecular Diagnostics Market, by technology – 2021 and 2028
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Disease Area-Based Insights
By disease area, the molecular diagnostics market is bifurcated into oncology, infectious diseases, genetic testing, cardiac diseases, immune system disorders, and others. In 2021, the infectious disease segment held a larger share of the market. Moreover, the market for the oncology segment is expected to grow at a faster CAGR of 12.5% during 2021–2028.
Product and Services -Based Insights
The molecular diagnostics market, by assays and kits, instruments, services and software. In 2021, the assays and kits segment held the largest share of the market. Moreover, the market for the same segment is expected to grow at the fastest CAGR of 3.5% during 2021–2028.
End-User-Based Insights
The molecular diagnostics market, based on end user, is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. In 2021, the diagnostic laboratories segment held the largest share of the market. Moreover, the market for the same segment is expected to grow at the fastest CAGR of 12.5% during 2021–2028.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the molecular diagnostics market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world.
The report segments Global Molecular Diagnostics market as follows
By Disease Area
- Infectious Disease
- Oncology
- Genetic Testing
- Cardiac Diseases
- Immune System Disorders
- Others
By Technology
- Polymerase Chain Reaction (PCR)
- RT-PCR
- qPCR
- Multiplex PCR
- Others
- In Situ Hybridization
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing and Next-Generation Sequencing (NGS)
- DNA Microarrays
- Others
By Product and Services
- Assays and Kits
- Instruments
- Services and Software
By End User
- Diagnostic Laboratories
- Hospitals and Clinics
- Research and Academic Institutes
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Malaysia
- Thailand
- Singapore
- Philippines
- Vietnam
- Indonesia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South and Central America
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- Abbott
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- TBG Diagnostics Limited
- QIAGEN
- bioMérieux SA
- Siemens Healthineers AG
- Illumina, Inc.
- Danaher
- Novartis AG
Frequently Asked Questions
The List of Companies - Molecular Diagnostics Market
- Abbott
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- TBG Diagnostics Limited
- QIAGEN
- bioMérieux SA
- Siemens Healthineers AG
- Illumina, Inc.
- Danaher
- Novartis AG
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the molecular diagnostics market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global molecular diagnostics market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
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