Global molecular diagnostics market is projected to reach USD80.45 billion by 2026, growing at CAGR of 2.98% through 2026, owing to increasing geriatric population and rising cases of infectious diseases including COVID-19. The market growth can be attributed to large outbreaks of bacterial and viral epidemics in the world, increasing demand for Point-of-Care (PoC) diagnostics, recent advancements in pharmacogenomics and rapidly evolving technologies in the field of genetic research and engineering are expected to drive the growth of the market in the coming five years. Moreover, rising instances of infectious diseases in the world are also driving the molecular diagnostic department to find the efficient and effective treatment and therapeutics for the diseases thereby sustaining the growth of the market in the next five years. Furthermore, the governments are actively aiding the research and development sector in the molecular diagnostics financially which can be attributed as the major factor for the market growth.
Rising instances of unpredictable pathogens and changing lifestyles has given birth to diseases that were unknown. Recent example of COVID-19 virus has driven the governments, as well as the consumers and market players towards the need of research and development for the treatment and therapeutic plans for the infectious, and chronic diseases. Genetic mutations due to environmental factors, radiation and various other factors are increasing, causing deformed birth of human population, thereby driving the growth of the market.
The global molecular diagnostics market is segmented into products & services, technology, application, end user, regional distribution, and competitional landscape. Based on technology the market is further bifurcated into Polymerase Chain Reaction (PCR), sequencing, in-situ hybridization, chips and microarrays, mass spectrometry and others. Polymerase chain reaction (PCR) is anticipated to hold the largest market share in the next five years on the account of its use in the detection of infectious microorganisms such as viruses and bacteria. Polymerase chain reaction is a method of multiplication of the genetic material to reach billions of the copies. The method allows the scientists to study the DNA, RNA, or other genetic material sample after the specific gene or segment of the genetic material is amplified. The method uses the ability of the genetic material to multiply and rapidly increase the process in order to obtain a large amount in much smaller span of time.
Major companies operating in the global molecular diagnostics market are F. Hoffmann-La Roche Ltd., Abbott Laboratories Ltd., Danaher Corporation, Siemens Healthineers AG, Hologic Inc. (Gen Probe), Illumina Inc., Grifols S.A., Bio-Rad Laboratories Inc., Agilent Technologies Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Becton, Dickinson and Company Ltd., Myriad Genetics Inc., Johnson & Johnson Services, Inc., bioMerieux SA, among others.
Years considered for this report:
Historical Years: 2016 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2026
Objective of the Study:
- To analyze the historical growth in the market size of the global molecular diagnostics market from 2016 to 2020.
- To estimate and forecast the market size of the global molecular diagnostics market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the global molecular diagnostics market based on products & services, technology, application, end user, regional distribution, and competitional landscape.
- To identify dominant region or segment in the global molecular diagnostics market.
- To identify drivers and challenges for the global molecular diagnostics market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global molecular diagnostics market.
- To identify and analyze the profile of leading players operating in the global molecular diagnostics market.
- To identify key sustainable strategies adopted by market players in the global molecular diagnostics market.
Our research team performed both primary as well as exhaustive secondary research for this study. Initially, our team sourced a list of service providers globally. Subsequently, our team conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, our research team could include the manufactures which could not be identified due to the limitations of secondary research. Our team analyzed the manufactures, distribution channels and presence of all major players across the globe.
Key Target Audience:
- Manufacturers, end users and other stakeholders
- Distributors and suppliers of kits, reagents and assays and other stakeholders
- Organizations, forums and alliances related to molecular diagnostics
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as vendors, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global molecular diagnostics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Reagents and Kits
- Services and Software
- Polymerase Chain Reaction (PCR)
- In-situ hybridization
- Chips and microarrays
- Mass spectrometry
- Infectious disease
- Oncology Testing
- Genetic Testing
- Blood Screening
- Academic & Reference Laboratories
- North America
- United States
- United Kingdom
- South Korea
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in the global molecular diagnostics market.
With the given market data, our research team offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).