Molecular Diagnostics Market worth $30.2 billion by 2027

CHICAGO, May 3, 2022 /PRNewswire/ — According to the new market research report Molecular Diagnostics Market by Product & Service (Reagents, Kits, Instruments), Test Type (Lab, PoC), Technology (PCR, INAAT, NGS, ISH), Application (Infectious, Oncology, Genetic Testing), End User (Diagnostic Labs, Hospitals) – Global Forecast to 2027″, published by MarketsandMarkets™, the global market is valued at an estimated $23.2 billion in 2022 and is projected to reach US$30.2 billion by 2027, at a CAGR of 5.4%.

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The molecular diagnostics market is driven by the growing awareness of early disease diagnosis in developing countries and the rising technological advancements in molecular diagnostics. Emerging economies such as China, Japaneseand India are providing lucrative opportunities for the players operating in the market.

The infectious disease diagnostics segment accounted for the largest share of the molecular diagnostics market, by application segment, in 2021

Based on applications, the market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. The infectious disease diagnostics segment accounted for the largest share of the global molecular diagnostic market in 2021. Factors such as the increasing prevalence of infectious diseases and the outbreak of COVID-19 are boosting the market growth of this segment.

Diagnostic laboratories segment to register the highest growth rate during the forecast period

The market has been segmented into diagnostic laboratories, hospitals & clinics, and other end users. In 2021, diagnostic laboratories accounted for the highest growth rate. The development of complex and highly specialized tests in molecular diagnostics and oncology is expected to drive the growth of the molecular diagnostics market for diagnostic laboratories.

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North America is the largest regional market for molecular diagnostics market

The global market has been segmented into five major regions—North America, Europethe Asian-Pacific, Latin Americaand the Middle East & Africa. In 2021, North America accounted for the largest share of the molecular diagnostics market. The large share of this region can be attributed to the growing geriatric population, the implementation of favorable government initiatives, increasing healthcare expenditures, improved healthcare infrastructures, the availability of technologically advanced molecular diagnostic instruments, the highly developed healthcare system in the US and Canadaand the high burden of infections and cancers.

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 NV (netherlands), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US).

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