Global Molecular Diagnostics Market Report 2022-2028: Industry to Reach $36.17 Billion by 2028 at a CAGR of 12.1%

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Aug 10, 2022, 16:30 ET

DUBLIN, Aug. 10, 2022 /PRNewswire/ -- The "Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.

The molecular diagnostics 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 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 limit market growth.

Molecular diagnostics has wide applications in various indications such as oncology, infectious diseases, genetic testing, cardiac diseases, and immune system disorders. 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 at an early stage of CVD.

As per the American Cancer Society, it is estimated that about 1.9 million new cancer cases were diagnosed in 2021 in the US. Moreover, as per the data published by the UK.GOV on November 22, November 2021, the infection rate of COVID-19 is about 422.7 per 100,000 population. Thus, the rising prevalence of target diseases in molecular diagnostics is expected to drive the market.

Based on disease area, the molecular diagnostics market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders, and others.

In terms of 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 would hold the largest market share in 2021, and it is further expected to register the highest CAGR in the market during 2021-2028.

Based on product and services, the molecular diagnostics market is segmented into assays and kits, instruments, and services and software. The assays and kits segment would hold the largest market share in 2021, and it is further expected to register the highest CAGR in the market during 2021-2028.

In terms of end user, the molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. The diagnostic laboratories segment would hold the largest market share in 2021, and it is further expected to register the highest CAGR in the market during 2021-2028.

The Food Safety and Inspection Service, Food and Drug Administration, and European Medical Association are a few of the major secondary sources referred to while preparing the report on the global molecular diagnostics market.

Market Dynamics

Market Drivers

Increase in Demand for Point-of-Care and Developments by Market Players
Increasing Prevalence of Associated Diseases

Market Restraints

Limitations Associated the Molecular Testing

Market Opportunities

Global and Regional Players to Explore Untapped Markets for Potential Opportunities

Future Trends

Increasing Popularity of At-home Healthcare Services

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Molecular Diagnostics Market - Market Landscape

5. Molecular Diagnostics Market - Key Market Dynamics

6. Molecular Diagnostics Market- Global Analysis

7. Molecular Diagnostics Market Analysis - By Disease Area

8. Molecular Diagnostics Market- By Technology

9. Molecular Diagnostics Market- by Product and Services

10. Molecular Diagnostics Market Revenue and Forecasts To 2028 - End User

11. Molecular Diagnostics Market Revenue and Forecasts to 2028 - Geographical Analysis

12. Impact Of COVID-19 Pandemic on Molecular Diagnostics Market

13. Molecular Diagnostics Market-Industry Landscape

14. Company Profiles

Companies Mentioned