According to the latest study on "Molecular Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis - by Disease Area, Technology, Product and Services, and End User,” the 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. The report highlights the trends prevailing in the global molecular diagnostics market and drivers and deterrents pertaining to the market growth.
Based on technology, the molecular diagnostics market is segmented into polymerase chain reaction, isothermal nucleic acid amplification technology, DNA sequencing and next-generation sequencing, in situ hybridization, DNA microarray, and others. The polymerase chain reaction segment would account for the largest share of the market in 2021.
An increase in demand for point-of-care devices, developments by market players, and a rise in the prevalence of associated diseases are driving the molecular diagnostics market. However, the increasing prevalence of associated diseases are expected to limit market growth.
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; and Novartis AG are among the prominent players operating in the molecular diagnostics market. These companies are focusing on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in October 2021, Siemens Healthineers launched the CLINITEST Rapid COVID-19 Antigen Test Rapid Antigen Test for the Detection of SARS-CoV-2. The CLINITEST Rapid COVID-19 Antigen Test produces results in 15 minutes.
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The report segments the molecular diagnostics market as follows:
The molecular diagnostics market is segmented based on disease area, technology, product and services, and end user. Based on disease area, the market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders, and others. In terms of technology, the molecular diagnostics market is further segmented into polymerase chain reaction, isothermal nucleic acid amplification technology, DNA sequencing and next-generation sequencing, in situ hybridization, DNA microarray, and others. Based on product and services, the market is segmented into assays and kits, instruments, services and software. In terms of end user, the molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. Based on geography, the molecular diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (India, Singapore, Malaysia, Philippines, Thailand, Indonesia, Vietnam, China, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).
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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
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