Molecular Diagnostics Market to Reach USD 80.45 Billion by 2026
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.
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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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