The global molecular diagnostics market is projected to reach USD 30.2 billion by 2027 from USD 23.2 billion in 2022, at a CAGR of 5.4% during the forecast period. Market growth is driven by factors such as the increasing use of PoC diagnostic tests, the rising funding for R&D in molecular diagnostics, the increasing prevalence of infectious diseases and cancer. On the other hand, an unfavorable reimbursement scenario and the high cost of instruments may restrain the growth of this market to a certain extent.
“The DNA sequencing & NGS segment accounted for the highest growth rate in the molecular diagnostics market, by technology, during the forecast period”
The molecular diagnostics market is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), in situ hybridization (ISH), DNA sequencing & next-generation sequencing (NGS), DNA microarrays, and other technologies. The DNA sequencing & NGS segment is expected to register the highest growth rate during the forecast period. Factors such as the growing focus of key market players on developing and launching diagnostic NGS kits and panels, increasing applications of sequencing in genomics research, and the increasing focus on molecular-targeted drugs/therapies (personalized medicine) contribute to the growth of this segment.
“Oncology testing segment accounted for the highest CAGR”
Based on applications, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic testing, and other applications. The oncology testing segment is expected to register the highest CAGR during the forecast period. Technological advancements, the increasing prevalence of cancer, and the growing focus on personalized medicine contribute to the growth of this market segment.
“The Asia Pacific market is expected to grow at the highest CAGR during the forecast period”
The global molecular diagnostics market is segmented into five regions - North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to witness the highest growth in the molecular diagnostics market during the forecast period. This can be attributed to factors such as continuously rising healthcare expenditures, government efforts to increase awareness about the early detection of diseases and regular health check-ups, an increasing number of hospitals and clinical diagnostic laboratories in India and China, and strengthening research bases for diagnostic procedures across India, China, and Japan. Furthermore, supportive government regulations will further aid the growth of this market during the forecast period.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
- By Designation: C-level - 27%, D-level - 18%, and Others - 55%
- By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6% , and the Middle East & Africa – 4%
This report provides a detailed picture of the global molecular diagnostics market. It aims at estimating the size and future growth potential of the market across different segments, such as product & service, test type, technology, application, end user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall molecular diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.