DUBLIN--(BUSINESS WIRE)--The "Molecular Diagnostics Market by Product & Service(Reagents, Kits, PoC & Tabletop Instruments), Application(COVID-19, Hepatitis, HAI, HIV, Oncology, Genetic Tests), Technology (PCR, NGS, ISH), End User (Hospitals, Diagnostic Labs)-Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global molecular diagnostics market size is projected to reach USD 31.8 billion by 2026 from USD 17.8 billion in 2021, at a CAGR of 12.3% during the forecast period.
Market growth is driven by factors such as the increasing prevalence of infectious diseases and cancer, the rising funding for R&D, the increase in PoC testing devices and technological advancements. On the other hand, an unfavorable reimbursement scenario and the high cost of instruments is expected to limit market growth to a certain extent in the coming years.
The reagents & kits accounted for the highest growth rate in the molecular diagnostics market, by product & service, during the forecast period
The molecular diagnostics market is segmented into reagents & kits, instruments and other products. The reagents & kits segment accounted for the highest growth rate in the molecular diagnostics market in 2020. The requirement reagents & kits in large numbers compared to instruments is the main factor contributing to this segment's high growth rate. This segment's market growth can also be attributed to repeat purchases of reagents & kits compared to instruments.
Infectious Disease Diagnostics segment accounted for the highest CAGR
Based on the application, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic tests and other applications. In 2020, the oncology testing segment accounted for the highest growth rate. Increasing incidence of cancer, technological advancements, and development of personalized medicine and companion diagnostic assays are the major factors driving this segment's growth.
Diagnostic Laboratories segment accounted for the highest CAGR
Based on end-users, the molecular diagnostics market is segmented into diagnostic laboratories, hospitals and clinics and other end users. In 2020, the diagnostic laboratories segment accounted for the highest growth rate. This can be attributed to increased test volume of infectious diseases and cancer and strengthening healthcare infrastructure for efficient disease diagnosis and treatment.
Asia Pacific: The fastest-growing region molecular diagnostics market
The global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as the government efforts to increase awareness about the early detection of diseases and regular health check-ups; continuously rising healthcare expenditure; increasing number of hospitals and diagnostic laboratories in India and China; and strengthening research base for diagnostic procedures across India, China, and Japan are driving the growth of the molecular diagnostics market in this region.
Market Dynamics
Drivers
- The Increasing Prevalence of Infectious Diseases and Cancer
- Rising Focus on R&D and Funding in Molecular Diagnostics
- Increasing Awareness for Early Disease Diagnosis in Developing Countries
- Rising Technological Advancements in Molecular Diagnostics
- Increasing Use of Poc Diagnostic Tests
Restraint
- Unfavorable Reimbursement Scenario
- The High Cost of Instruments
Opportunities
- the Growing Significance of Companion Diagnostics
- Growth Opportunities in Emerging Countries
Challenges
- Changing Regulatory Landscape
- Operational Barriers
- The Introduction of Alternative Technologies
Companies Mentioned
- ABACUS Diagnostica Oy (Finland)
- Abbott Laboratories (US)
- Agilent Technologies Inc. (US)
- Amoy Diagnostics Co., Ltd. (China)
- Becton, Dickinson and Company (US)
- Biocartis NV (Belgium)
- bioMerieux SA (France)
- Danaher Corporation (US)
- DiaSorin S.p.A (Italy)
- ELITechGroup (France)
- Exact Sciences Corporation (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- geneOmbio Technologies Pvt. Ltd. (India)
- Genetic Signatures (Australia)
- GenMark Diagnostics Inc. (US)
- Grifols S.A. (Spain)
- Hologic, Inc. (US)
- HTG Molecular Diagnostics Inc. (US)
- Illumina Inc. (US)
- Luminex Corporation (US)
- MDxHealth, Inc. (US)
- Molbio Diagnostics Pvt. Ltd. (India)
- Myriad Genetics Inc. (US)
- QIAGEN (Netherlands)
- Quidel Corporation(US)
- Savyon Diagnostics Ltd. (Israel)
- Siemens Healthineers AG (Germany)
- TBG Diagnostics Ltd. (Australia)
- Thermo Fisher Scientific Inc. (US)
- Vela Diagnostics (Singapore)
For more information about this report visit https://www.researchandmarkets.com/r/oo0373
