Amsterdam, NL - July 20, 2020 -
Molecular diagnostics are techniques used for analysing nucleic acids such as genome and proteome at the molecular level. These techniques are employed for the diagnosis of chronic diseases such as cancer and it can also be used to check the genetic predisposition to a disease. These tests are used to detect specific sequences in biological markers that help with the further diagnosis of a disease. Molecular diagnostics is also used to monitor the onsets of a disease and the risk associated with it to decide which therapy will work best for the individual patient. It hereby offers prospects of personalised medicine. This diagnosis applies to infectious diseases, oncology, etc.
The market is driven forward due to the high prevalence of infectious diseases. Moreover, increasing awareness and acceptance of personalized medicines along with growth in the biomarker identification, and advancement in molecular diagnostics drive the market growth. Although, stringent regulatory requirements for the approval of new molecular diagnostics techniques impact the global market negatively. Factors like increased research and basic applications of molecular diagnostics have been further propelling 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.
By application, the segment is sub-segmented Infectious Disease, Oncology and Genetic Testing. The End Users of this market comprises of Hospital and Academic Laboratories, Reference Laboratories, and Other End-Users. The regional segmentation of the market includes North America, Europe, APAC, Middle East and Rest of the World. The technology segment is sub-segmented into Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing and NGS, DNA Microarrays, In Situ Hybridization and Other Technologies.
The global molecular diagnostics market size is expected to reach USD 28 Billion by 2028 from USD 15 Billion in 2020, at a CAGR of approximately 9%. The market revenue for molecular diagnostics in the year 2019 was accounted to be USD 14 Billion.
Technological advancements in molecular diagnostics are expected to drive the market growth as they own characteristics like optimal cost, accuracy, and portability. The reagents and kits segment is expected to account for the largest share in the global molecular diagnostics market. By technology, the PCR (Polymerase Chain Reaction) accounts for the largest segment in the market.
North America is expected to have the largest market size in the field of Molecular diagnostics. Established diagnostic infrastructure, technological advancements, and patient awareness account for the growth of the North American Molecular Diagnostics market. Increasing government initiatives in economies such as China and India to improve the infrastructure provided for diagnostics and scientific research in this field have projected APAC as the fastest-growing market. Moreover, owing to the modernization of health care and the increasing use of advanced clinical technologies in rural areas- the market growth of this sector has been expanding continuously.
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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