Molecular Diagnostics Market by Technology (In Situ Hybridization, Mass Spectrometry (MS), Chips and Microarrays, PCR, Sequencing, and Other Technologies), Applications (Microbiology, Genetic Disease Screening, Blood Screening, Infectious Diseases, Pharmacogenomics, Human Leukocyte Antigen Typing, and Oncology), Products, (Instruments, Reagents, and Other Products), Applications (Hospitals, Laboratories, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028.

The global molecular diagnostics market size was valued at USD 9.3 billion in 2020 and is projected to expand at a CAGR of 9.1% during the forecast period, 2021-2028. The growth of the market is attributed to rising clinical tests in emerging economies.

Co-development of companion diagnostics with therapeutic products has the potential to significantly alter the drug development process and accelerate the commercialization of drug candidates by producing safer drugs with improved therapeutic efficacy quickly and cost-effectively. The companion diagnostics market is estimated to have high growth potential due to an increase in demand for high-priced specialist therapies and safer drugs. Increasing importance of companion diagnostics is also providing opportunities for growth in the molecular diagnostics market. To make safer and more effective drugs, pharmaceutical companies are increasingly collaborating with diagnostic companies. The increased availability of such advanced and efficient companion diagnostic tests is expected to drive the market growth in the coming years.

Hospitals and laboratories with large capital budgets can afford various molecular diagnostic instruments. Most small laboratories, physician offices, and sole practitioners do not have the capital to afford a large-sized analyzer.

Market Trends, Drivers, Restraints, and Opportunities

• Rising prevalence of infectious diseases and cancer in both developed and developing countries is anticipated to boost the growth of the molecular diagnostics market.
• Increasing number of prescriptions for molecular diagnostic tests due to the diagnosis and management of such diseases can foster the market growth.
• Growing trend toward preventive medicines are expected to drive the demand for molecular diagnostics during the forecast period.
• Increasing clinical diagnostics is projected to drive the market growth.
• High cost of molecular diagnostic instruments can restrain the growth of the market.
• Variable costs of the reagents and high cost of maintenance including overhead costs such as utilities, space, and administration can create challenges for the market.
• Development of innovative diagnostic instrument is anticipated to create immense opportunities for the market players.

Scope of the Report

The report on the global molecular diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Molecular Diagnostics Market Segment Insights:

PCR segment to hold a significant market share

In terms of technology, the market is segmented into in situ hybridization, mass spectrometry (MS), chips and microarrays, PCR, sequencing, and other technologies. The PCR segment account for a significant market share in 2020 owing to the COVID-19 outbreak. This segment is expected to grow at a steady rate during the forecast period.

Blood screening segment to grow at a healthy rate

On the basis of applications, the molecular diagnostics market is classified as microbiology, genetic disease screening, blood screening, infectious diseases, pharmacogenomics, human leukocyte antigen typing, and oncology. The blood screening segment to grow at a healthy rate owing to rising prevalence of chronic diseases across the globe.

Reagents segment to hold a significant market share

Based on products, the market is segregated into instruments, reagents, and other products. The reagents and kits segment held the largest share of this market in 2020. This segment's market growth is driven by the frequent purchase of these products due to their frequent usage.

Laboratories segment is anticipated to expand at a high CAGR

On the basis of end-users, the molecular diagnostics market is divided into hospitals, laboratories, and others. In 2020, the laboratories segment dominated the molecular diagnostics market, accounting for above 85% of the total revenue. The market expansion of this segment is attributed to high market penetration and procedure volumes. Moreover, increasing number of initiatives undertaken by the government to provide various services, such as reimbursement for diagnostic tests is anticipated to foster the market growth. Many healthcare facilities are collaborating with laboratories to integrate various tests, such as microbiology testing. Growing number of developing molecular diagnostic platforms that can also be used in point-of-care settings is estimated to positively influence the market segment growth.

North America is projected to hold a major market share

In terms of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the molecular diagnostics market, accounting for around 35% of the total market share in 2020. Rising consumer awareness, technological advancements, disease prevalence, and improved healthcare infrastructure is driving the growth of the market in the region.

Europe accounted for more than 25% of the total revenue in 2020 and is expected to grow at a substantial rate during the forecast period. This is due to the rising epidemiology of infectious as well as chronic diseases, which encourages R&D activities and thus boosts the market growth in Europe. High standard of living, consumer awareness about early diagnosis, and a well-established healthcare system are key drivers of the regional market growth. The market in Asia Pacific is expected to expand at a CAGR of 5.5% during the forecast period owing to increasing market penetration and high unmet market requirements.