Rising extensive research for better healthcare is driving the growth of global molecular diagnostics market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Molecular Diagnostics Market By Products and Services (Reagents and Kits, Instruments, Services and Software), By Technology (Polymerase Chain Reaction (PCR), Sequencing, In-situ hybridization, Chips and microarrays, Mass spectrometry, Others), By Application (Infectious disease, Oncology testing, Genetic testing, Blood screening, Others), By End User (Hospitals, Academic & Reference Laboratories, Others), By Region, Competition Forecast & Opportunities, 2026”, the global molecular diagnostics market is projected to reach USD80.45 billion by 2026, owing to increasing geriatric population and rising cases of infectious diseases including COVID-19.
Furthermore, geriatric population is more prone to get infected with chronic and target diseases like cancer, lung diseases, Parkinson’s disease, heart diseases, diabetes, and require molecular diagnostics that would drive the market growth in the upcoming five years. Diseases like cancer, viral infections, neurological diseases including Alzheimer’s and Dementia are very risk prone for the old age patients. All these factors together with rising COVID-19 cases are anticipated to support the growth of the global molecular diagnostic market in the next five years. Moreover, rising cases of COVID-19 during 2020 and 2021 have raised the demand for RT-PCR testing which is likely to have a positive influence towards the growth of the market.
A collection of techniques that are used to analyze the biological markers in genome and proteome, and to understand the cells expressions as proteins while applying molecular biology to medical testing. Molecular diagnostics have widespread applications in neurological disorders, neuro degenerative diseases like Alzheimer’s, Parkinson’s, dementia, brain tumors, chronic depression, and more due to early and effective diagnosis.
Browse over 138 market data Figures spread through 110 Pages and an in-depth TOC on “Global Molecular Diagnostics Market”
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The global molecular diagnostics market is segmented into products and services, technology, application, end user, regional distribution, and competitional landscape. Based on products and services, the market is further bifurcated into reagents and kits, instruments, services and software. Reagents and kits are anticipated to hold the largest share of the market in the next five years on account of their requirement for the purpose of research and development. Procedures like extraction of the genetic material, amplification of the genetic material, and separation of the proteins and other biomolecules require reagents and kits that can aid the research of the respective procedures. Moreover, in recent cases of COVID-19, the procedure of RT-PCR is prevailing for the diagnostic purposes of the viral infection in the patients. Reagents and kits were in demand for the large-scale diagnosis that is still prevailing in various countries like India, China, etc.
Based on application, the market is further fragmented into Infectious disease, Oncology testing, Genetic testing, Blood screening and Others. Infectious diseases are anticipated to hold the largest revenue shares in the upcoming five years on the grounds of increased prevalence of the COVID-19 across the globe. The pandemic has taken a toll on the world economy although, healthcare industry has experienced a surge in the demand for all sorts of healthcare products, services, testing kits, diagnostic instruments and equipment as well as the demand for effective treatment plans for the infected patients.
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., bioMérieux SA, among others.
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“North America is anticipated to hold the largest share of the global market in the next five years on the account of government and private funding for R&D in molecular diagnostics, the increasing number of healthcare providers, geriatric population and rising incidence of chronic diseases. Also, the increased number of diseases is expected to drive the market players to operate in the region. New market players can strategize for significant market players by investing in the research and development of the technologically advanced products,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Molecular Diagnostics Market By Products and Services (Reagents and Kits, Instruments, Services and Software), By Technology (Polymerase Chain Reaction (PCR), Sequencing, In-situ hybridization, Chips and microarrays, Mass spectrometry, Others), By Application (Infectious disease, Oncology testing, Genetic testing, Blood screening, Others), By End User (Hospitals, Academic & Reference Laboratories, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of the global molecular diagnostics and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global molecular diagnostics market.
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