The Global Molecular Diagnostics Market is expected to register a CAGR of 8.57% during the forecast period, with a market value of USD 16,319.09 Million by 2025.
Molecular diagnostics is a collection of techniques used to analyze biological markers in genome and proteome. It helps to diagnose and monitor the diseases and decide which therapy should be administered to the patient based on the diagnosis. However, the rising prevalence of the infectious disease, increasing awareness regarding molecular diagnostic technique, and advancement in molecular diagnostics are the factors responsible for market growth during the forecast period.
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Rising prevalence of infectious diseases, advancements in molecular diagnostic techniques, and increasing prevalence of different types of cancer are likely to contribute to the growth of the market during the assessment period. For instance, as per a survey carried out by the World Health Organisation (WHO), around 9.6 million deaths caused by cancer were recorded in 2018 globally. However, stringent regulatory policies are likely to restrain the market growth during the forecast period.
The global molecular diagnostics market has been segmented into product, technique, application, and end user. By product, the market has been segregated into reagents & kits, instruments, and services & software. On the basis of technique, the market has been divided into polymerase chain reaction (PCR), isothermal amplification, hybridization, sequencing, microarray, and others. Based on application, the market has been bifurcated into infectious diseases, oncology, genetic tests, and others. By end user, the market has been categorized as hospitals & clinics, diagnostic laboratories, and others. The hospitals & clinics segment accounted for a market value of USD 4.078.09 million in 2018.
Market Research Future (MRFR) recognizes the following companies as key players in the global Molecular Diagnostics market that include F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (US), QIAGEN (Europe), Becton, Dickinson and Company (US), Abbott Laboratories (US), Cepheid (US), Siemens (Germany), CLONIT SRL (Italy), Thermo Fisher Scientific(US), Agilent Technologies(California), EKF Diagnostics (UK), Novartis (Switzerland), and Illumina (US).
The global molecular diagnostics market, based on region, has been classified as the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is estimated to dominate the global molecular diagnostics market during the forecast period. This is attributed to the increasing geriatric population, and the availability of advanced healthcare facilities in the region play a vital role in the growth of the regional market. The Europe market for molecular diagnostics is expected to be the second-largest during the forecast period. The availability of funds for research & development and rising support from the government toward the life science sector is expected to boost the growth of the market in this region.
Additionally, the companies operating in the market are mainly focusing on mergers & acquisition, which is expected to support market growth. Asia-Pacific is estimated to be the fastest-growing market due to developing economies such as China, India, and South Korea emerging as major destinations for the outsourcing of clinical trials, drug manufacturing, and pathology testing. In addition to this, improving healthcare infrastructure has increased the number of research activities in the region. Moreover, in Asia-Pacific, China accounted for a market share of 21.4% in 2018. Furthermore, the market in the Middle East & Africa is expected to witness steady growth during the review period due to the lack of awareness regarding healthcare facilities.