Global Molecular Diagnostics Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Molecular diagnostics is a branch of clinical pathology or laboratory medicine that uses molecular biology to diagnose disease, monitor the effectiveness of therapies, predict diseases course, and select therapy.
The factors that are playing a major role in the growth of molecular diagnostics market are a technological enhancement in molecular diagnostic kits, the rising expenditure on enhanced diagnostics, and the growth in R&D activities by manufacturers. However, the high of diagnostics may restrain overall market growth in the years to come. Molecular diagnostics market is segmented based on product type, rest location, technology, application, and region.
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Reagents, instruments, and other product types could be explored in molecular diagnostics in the forecast period. Reagents sector accounted for the significant market share of molecular diagnostics and is estimated to continue its dominance in the years to come. The reason could be the increasing use of these tests in a nonmedical sector like home and molecular diagnostic sector.
Central laboratories, point-of-care, self-test, and other test location could be explored in molecular diagnostics in the forecast period. Central laboratories sector accounted for the significant market share of molecular diagnostics. The reason behind the overall market growth could be the presence of ancillary support. In addition, the point-of-care sector is estimated to grow at the highest CAGR in the years to come.
Based on technology, transcription mediated amplification, polymerase chain reaction (PCR), sequencing, in situ hybridization, mass spectrometry, isothermal nucleic acid amplification technology (INAAT), chips and microarrays, and others could classify molecular diagnostics in the forecast period. The polymerase chain reaction (PCR) sector accounted for the significant market share of molecular diagnostics and is estimated to lead the overall market in the years to come. The reason could be high demand in molecular diagnostics.
The market may be categorized based on applications like microbiology, oncology, cardiovascular disease, pharmacogenomics, neurological disease, infectious disease, genetic testing, and others could be explored in the forecast period. Oncology sector accounted for the substantial market share of molecular diagnostics and is estimated to continue its dominance in the years to come. The reason could be the rising occurrence of cancer and increasing enhanced diagnostic tests. The sector is also estimated to grow at the highest CAGR in the years to come.
North America accounted for the substantial market share of molecular diagnostics and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of a developed healthcare infrastructure and leading national clinical laboratories, the growing population suffering from cancer and infectious diseases, and the availability of technologically enhanced instruments. Also, government initiative and funds boost the market in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of molecular diagnostics in this region.
The key players of molecular diagnostics market are QIAGEN, Abbott Laboratories, Dako, Roche Diagnostics, Danaher Corporation, Hologic, Inc., Dickinson and Company (BD), Novartis AG, BioMérieux SA, Bio-Rad Laboratories, Inc., Siemens Healthineers GmbH, Alere, Sysmex Corporation, and Johnson & Johnson Services, Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Market Segment:
Global Molecular Diagnostics Product Outlook (Revenue, USD Million, 2013 - 2024)
- Instruments
- Reagents
- Others
Global Molecular Diagnostics Test Location Outlook (Revenue, USD Million, 2013 - 2024)
- Point-of-Care
- Self-test or Over the Counter
- Central Laboratories
Global Molecular Diagnostics Technology Outlook (Revenue, USD Million, 2013 - 2024)
- Polymerase chain reaction (PCR)
- Multiplex PCR
- Other PCR
- In Situ Hybridization
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Chips and Microarrays
- Mass Spectrometry
- Sequencing
- Transcription Mediated Amplification
- Others
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