CHICAGO, April 7, 2021 /PRNewswire/ -- According to the new market research report "Molecular Diagnostics Market by Product & Service(Reagents, Kits, PoC & Tabletop Instruments), Application(COVID-19, Hepatitis, HAI, HIV, Oncology, Genetic Tests), Technology (PCR, NGS, ISH), End User (Hospitals, Diagnostic Labs) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 31.8 billion by 2026 from USD 17.8 billion in 2021, at a 12.3% CAGR.
Browse in-depth TOC on "Molecular Diagnostics Market"
The increasing prevalence of infectious diseases and cancer, the rising funding for R&D, the increase in PoC testing devices and technological advancements drives growth in the molecular diagnostics market. Emerging economies such as China and Japan are providing lucrative opportunities for the players operating in the market.
The reagents & kits segment accounted for the largest share of the market, by product & service segment, in 2020
Based on product & service, the market is segmented into reagents & kits, instruments, and services & software. In 2020, the reagents & kits segment accounted for the largest share of this market. The frequent purchase of these products due to their recurrent usage drives the market growth of this segment.
Polymerase chain reaction (PCR) segment to register the highest growth rate during the forecast period
Based on technology, the molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), in situ hybridization (ISH), DNA sequencing and next-generation sequencing (NGS), DNA microarray, and other technologies. In 2020, the polymerase chain reaction (PCR) segment accounted for the highest growth rate. This can be attributed to the growing use of PCR in proteomics and genomics, use of RT-PCR in COVID-19 test, automation of PCR instruments, and the emergence of advanced technologies like qRT-PCR.
The infectious disease diagnostics segment accounted for the largest share of the molecular diagnostics market, by application segment, in 2020
Based on application, the market is into infectious disease diagnostics, oncology testing, genetic tests and other applications. In 2020, the infectious disease diagnostics segment accounted for the largest share of this market. Factors such as the increasing prevalence of infectious diseases and outbreak of COVID-19 pandemic drive this segments growth.
The diagnostic laboratories segment accounted for the largest share of the market, by end user segment, in 2020
Based on end-users, the molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, and other end users. In 2020, diagnostic laboratories accounted for the largest share of the market. Diagnostic laboratories command the major share of the market owing to increased test volume of infectious diseases and cancer and strengthening healthcare infrastructure for efficient disease diagnosis and treatment.
North America is the largest regional market for molecular diagnostic market
The market is segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. The large share of this region can be attributed to highly developed healthcare system in the US and Canada, the presence of many leading national clinical laboratories, and the easy accessibility to technologically advanced instruments.
The major players operating in this molecular diagnostics market are F. Hoffmann-La Roche Ltd(Switzerland), Hologic, Inc. (US), bioMérieux SA (France), Abbott Laboratories (US), QIAGEN (Netherlands), Thermo Fisher Scientific Inc. (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Myriad Genetics Inc. (US), Illumina Inc. (US), Agilent Technologies Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A (Italy), Grifols S.A. (Spain), Quidel Corporation(US), Genetic Signatures (Australia), MDxHealth, Inc. (US), Exact Sciences Corporation (US), Biocartis NV (Belgium), TBG Diagnostics Ltd. (Australia), GenMark Diagnostics Inc. (US), Luminex Corporation (US), HTG Molecular Diagnostics Inc. (US), Vela Diagnostics (Singapore), Amoy Diagnostics Co., Ltd. (China), Molbio Diagnostics Pvt. Ltd. (India), ELITechGroup (France), Savyon Diagnostics Ltd. (Israel), ABACUS Diagnostica Oy (Finland), and geneOmbio Technologies Pvt. Ltd. (India).
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