Global Molecular Diagnostics Markets Report 2022: A $30+ Billion Market by 2027 - Rising Focus on R&D and Growing Funding and Growth Opportunities in Emerging Countries

2022-06-15

DUBLIN, June 15, 2022 /PRNewswire/ -- The "Global 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) - Forecast to 2027" report has been added to

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The global molecular diagnostics market is projected to reach USD 30.2 billion by 2027 from USD 23.2 billion in 2022, at a CAGR of 5.4% during the forecast period.

Market growth is driven by factors such as the increasing use of PoC diagnostic tests, the rising funding for R&D in molecular diagnostics, the increasing prevalence of infectious diseases and cancer. On the other hand, an unfavorable reimbursement scenario and the high cost of instruments may restrain the growth of this market to a certain extent.

The DNA sequencing & NGS segment accounted for the highest growth rate in the molecular diagnostics market, by technology, during the forecast period

The molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), in situ hybridization (ISH), DNA sequencing & next-generation sequencing (NGS), DNA microarrays, and other technologies. The DNA sequencing & NGS segment is expected to register the highest growth rate during the forecast period.

Factors such as the growing focus of key market players on developing and launching diagnostic NGS kits and panels, increasing applications of sequencing in genomics research, and the increasing focus on molecular-targeted drugs/therapies (personalized medicine) contribute to the growth of this segment.

Oncology testing segment accounted for the highest CAGR

Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications.

The oncology testing segment is expected to register the highest CAGR during the forecast period. Technological advancements, the increasing prevalence of cancer, and the growing focus on personalized medicine contribute to the growth of this market segment.

The Asia Pacific market is expected to grow at the highest CAGR during the forecast period

The Asia Pacific region is expected to witness the highest growth in the molecular diagnostics market during the forecast period.

This can be attributed to factors such as continuously rising healthcare expenditures, government efforts to increase awareness about the early detection of diseases and regular health check-ups, an increasing number of hospitals and clinical diagnostic laboratories in India and China, and strengthening research bases for diagnostic procedures across India, China, and Japan. Furthermore, supportive government regulations will further aid the growth of this market during the forecast period.

Premium Insights

Increasing Prevalence of Infectious Diseases and Cancer is Expected to Support Market Growth During the Forecast Period

Reagents & Kits Will Continue to Dominate the Market in 2026

The Lab Tests Segment Will Continue to Dominate the Market in 2026

The PCR Segment is Expected to Dominate the Market During the Forecast Period

The Infectious Disease Diagnostics Segment to Continue to Dominate the Market in 2026

The Diagnostic Laboratories Segment to Continue to Dominate the Market in 2026

Asia-Pacific to Register the Highest Growth Rate in the Molecular Diagnostics Market During the Forecast Period

Market Dynamics

Drivers

Increasing Prevalence of Infectious Diseases and Cancer

Rising Focus on R&D and Growing Funding in Molecular Diagnostics