Polymerase Chain Reaction Segment to Contribute Largest Share to Molecular Diagnostics Market Revenue during 2021-2028
NEW YORK, Dec. 2, 2021 /PRNewswire/ -- According to The Insight Partners 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 trends, drivers, and deterrents pertaining to market growth. The market growth is mainly attributed to an increase in demand for point-of-care devices, developments by market players, and a rise in the prevalence of associated diseases. However, the increasing prevalence of associated diseases is expected to limits market growth.
Report Coverage | Details |
Market Size Value in | US$ 16,258.97 million in 2021 |
Market Size Value by | US$ 36,176.65 million by 2028 |
Growth rate | CAGR of 12.1% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 253 |
No. Tables | 168 |
No. of Charts & Figures | 94 |
Historical data available | Yes |
Segments covered | Disease Area, Technology, Product and Services, End User and Geography |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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In 2021, Asia Pacific registered as the fastest-growing region in the global molecular diagnostics market. The market is this region is expected to grow significantly in countries such as China, Japan, Australia and India. The market is driven by growing investments from international players in China and India, improving government support in countries such as China, increasing prevalence of targeted diseases, and advancing healthcare infrastructure. Therefore, the region holds huge potential for the molecular diagnostics market players to grow during the forecast period.
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 is projected to hold a larger share of the market in 2021, and it is further expected to register a higher CAGR in the market during 2021-2028. Based on disease area, the molecular diagnostics market is segmented into oncology, infectious diseases, genetic testing, cardiac diseases, immune system disorders, and others. The infectious diseases segment is estimated to hold the largest share of the market in 2021, and oncology is expected to register the highest CAGR during the forecast period. Based on product and services, the molecular diagnostics market is segmented into assays and kits, instruments, services and software. The assays and kits segment is estimated to hold a larger market share in 2021, and it is expected to register a higher CAGR in the market during the forecast period.
Increasing Prevalence of Associated Diseases to Boost Market Growth
Molecular diagnostics has wide application in various indications such as Oncology, Infectious disease, Genetic testing, Cardiac diseases, Immune system disorders, Others. The increasing prevalence of the associated indications is expected to drive the market. For instance, cancer is one of the leading causes of death worldwide. The early detection of cancer can prevent death among the patients. POC diagnostics play an essential role in the early role and monitoring of cancer. The World Health Organization (WHO) stated that about 70% of deaths in low- and middle-income countries were caused by cancer in September 2021. In addition, as per the Global Burden of Disease Study in the Global Health Data Exchange and the World Health Statistics 2020 cardiovascular disease (CVD) mortality in China 322 per 100,000 population, India has reported 185 per 100,000 population of an early stage of CVD.
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Moreover, as per the American Cancer Society in the US it is estimated that about 1.9 million new cancer cases diagnosed in the year 2021. Moreover, as per the data published by the UK.GOV in 22nd of November 2021 infection rate of COVID19 is about 422.7 per 100,000 population. Thus, the rising prevalence of target diseases in molecular diagnostics is expected to drive the market. During the forecast period.
Molecular Diagnostics Market: Segmental Overview
Based on end user, the molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. The diagnostic laboratories segment is estimated to hold the largest share of the market in 2021, and it is expected to register the highest CAGR during 2021-2028.
Molecular Diagnostics Market: Competitive Landscape and Key Developments
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, Novartis AG are among the key companies operating in the molecular diagnostics market. Leading players are focusing on the launch of products, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In July 2021, Bio-Rad Laboratories, Inc. launched Reliance SARS-CoV-2/FluA/FluB RT-PCR Kit (IVD). The kit contains standard and negative molecular controls as well as assay reagents. In addition, it is validated to run on Bio-Rad's CFX96 Dx Real-Time PCR System and real-time PCR system from other manufacturers.
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