North America is Expected to Have the Largest Market Size in Molecular Diagnostics

Monday 20 July 2020, Amsterdam

Molecular diagnosis is a technique used to analyze nucleic acids at the molecular level, such as the genome and the proteome. These techniques are used to diagnose chronic diseases such as cancer, and can also be used to check the genetic susceptibility of the disease. These tests are used to detect specific sequences in biological markers to help further diagnose the disease. Molecular diagnosis is also used to monitor the onset of the disease and the risks associated with it to determine which therapy is best for a single patient. Therefore, it provides the prospect of personalized medicine. This diagnosis is suitable for infectious diseases, oncology, etc.

Due to the high prevalence of infectious diseases, the market has been promoted. In addition, with the growth of biomarker recognition and the development of molecular diagnostic technology, the awareness and acceptance of personalized medicines continue to increase, which has promoted the growth of the market. Although, the strict regulatory requirements for approving new molecular diagnostic technologies have had a negative impact on the global market. Factors such as increased research and basic applications of molecular diagnostics have further promoted the market growth.

This report takes into account all the end-users in this market segment hereby giving a precise idea about the vertical. To further analyse this sector, the global molecular diagnostics market is segmented by Application, End User, and Region.

Through application, the subdivision is divided into infectious diseases, oncology and genetic testing subdivisions. End users in this market include hospitals and academic laboratories, reference laboratories, and other end users. The regional division of the market includes North America, Europe, Asia Pacific, the Middle East and the rest of the world. The technical field is subdivided into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), DNA sequencing and NGS, DNA microarray, in situ hybridization and other technologies.

By 2028, the global molecular diagnostics market is expected to grow from US$15 billion in 2020 to US$28 billion, with a compound annual growth rate of approximately 9%. The market revenue of molecular diagnostics in 2019 was US$14 billion.

Advances in molecular diagnostic technologies are expected to drive market growth because they have characteristics such as optimal cost, accuracy, and portability. It is expected that reagents and kits will occupy the largest share in the global molecular diagnostics market. Through technology, PCR (polymerase chain reaction) occupies the largest market segment.

It is expected that North America will have the largest market size in the field of molecular diagnostics. The established diagnostic infrastructure, technological advancement and patient awareness have driven the growth of the North American molecular diagnostics market. In economies such as China and India, more and more initiatives taken by the government to improve the diagnostic and scientific research infrastructure in this area have predicted the Asia-Pacific region as the fastest growing market. In addition, due to the modernization of medical care and the increasing use of advanced clinical technology in rural areas, the market growth in this field has been continuously expanding.

Scope:
The report “Global Molecular Diagnosis - Market and Technology Forecast to 2028” is segmented based on Region, Application and End-User. The study period is 2018- 2028 and the forecast period is 2020-2028.
 
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