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(Medical-NewsWire.com, November 17, 2022 ) Projected Surge in Revenue Generation:
The global molecular diagnostics market is valued at an estimated USD 23.2 billion in 2022 and is projected to reach USD 30.2 billion by 2027, at a CAGR of 5.4%.
Major Growth Driving Factors:
Technological advancements by various key players will increase the adoption of molecular diagnostics, thus driving market growth in the coming years. Countries such as China, India, and other Southeast Asian countries showcase a greater growth potential in the molecular diagnostics market due to the high prevalence of infectious diseases, growing geriatric populations, and unmet research needs for developing personalized medicines.
The infectious disease diagnostics segment accounted for the largest share of the molecular diagnostics market, by applications, in 2021
Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. The rising prevalence of infectious diseases across the globe, the increasing adoption of advanced technologies for diagnosing infectious diseases, and the dynamic shift from traditional diagnostic procedures to portable PoC testing are the major factors driving the segment’s growth.
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Diagnostic laboratories segment to register the highest growth rate during the forecast period
The molecular diagnostics market has been segmented into diagnostic laboratories, hospitals & clinics, and other end users. Due to the high infection rate of COVID-19, diagnostic laboratories witnessed a multifold increase in COVID-19 testing volumes. In line with this, diagnostic laboratories command the major share and the highest growth rate during the forecast period owing to increasing test volumes for infectious diseases & cancer and strengthening healthcare infrastructures for efficient disease diagnosis & treatment.
Geographical Growth Dynamics:
North America is the largest regional market for molecular diagnostics market
The global molecular diagnostics market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the molecular diagnostics market in 2021. Healthcare coverage expansions made by Medicaid, Medicare, and private health insurance companies in the region are also expected to play a significant role in fueling the market growth. Other factors supporting market growth include the growing geriatric population and increasing healthcare expenditures. The high burden of infections and cancers on regional healthcare systems is another major driver for market growth.
The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Hologic, Inc. (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Abbott Laboratories (US), bioMérieux SA (France), QIAGEN N.V. (Netherlands), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US).
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