The 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%.
Increasing prevalence of infectious diseases and cancer;
Global outbreaks of deadly infectious diseases caused by pathogenic microorganisms have threatened public health worldwide and significantly motivated researchers to develop rapid and accurate detection methods for pathogens. Traditionally, culture-based techniques are considered gold standards for pathogen detection; however, the long turnaround time associated with these techniques due to overnight culturing and pathogen isolation limit their demand to a certain extent. In the past several years, the development and application of molecular diagnostic techniques have initiated a revolution in diagnosing and monitoring infectious diseases.
Opportunity: Growth opportunities in emerging countries;
Developing economies such as India, China, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for major players operating in the molecular diagnostics market. This can be attributed to the high disease prevalence, large patient population, improving healthcare infrastructure, increasing disposable income, and growing medical tourism in these countries. In addition to the factors mentioned above, the Asia Pacific region has emerged as an adaptive and business-friendly hub due to relatively less stringent regulations and data requirements.
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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, Japan, and 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, Europe, the Asia Pacific, Latin America, and 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 Canada, and 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 N.V. (Netherlands), Myriad Genetics, Inc. (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US).
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