Molecular Diagnostics Market (Disease Area, Technology) – Reach $36.17 Billion by 2028 at 12.1% CAGR with Oncology Segment Driving Growth During 2022-2028 | The Insight Partners

The global molecular diagnostics market in North America is likely to be USD 7,188.09 million in 2021 and is projected to reach USD 16,261.41 million by 2028; it is expected to grow at a CAGR of 12.4% during 2022-2028

Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Molecular Diagnostics Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Disease Area, Technology, Product and Services, and End User”, the global molecular diagnostics market size is expected to grow from USD 16,258.97 million in 2021 and is expected to reach USD 36,176.65 million in 2028; it is estimated to record a CAGR of 12.1% from 2022-2028.

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Molecular Diagnostics Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUSD 16,258.97 million in 2021
Market Size Value byUSD 36,176.65 million by 2028
Growth rateCAGR of 12.1% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages253
No. of Tables168
No. of Charts & Figures94
Historical data availableYes
Segments coveredDisease Area, Technology, Product and Services, and End User
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies CoveredAbbott, Agilent Technologies, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., TBG Diagnostics Limited, QIAGEN, bioMérieux SA, Siemens Healthineers AG, Illumina, Inc., Danaher, Novartis AG

Browse key market insights spread across 253 pages with 168 list of tables & 94 list of figures from the report, "Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Disease Area (Oncology, Infectious Disease, Genetic Testing, Cardiac Diseases, Immune System Disorders, and Others); Technology [Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing and Next-Generation Sequencing (NGS), In Situ Hybridization, DNA Microarray, and Others]; Product and Services (Assays and Kits, Instruments, Services and Software); End User (Hospitals and Clinics, Diagnostic Laboratories, Research and Academic Institutes, and Others)" in detail along with the table of contents:

Global Molecular Diagnostics Market Analysis: Competitive Landscape and Key Developments
Abbott, Agilent Technologies, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., TBG Diagnostics Limited, QIAGEN, bioMérieux SA, Siemens Healthineers AG, Illumina, Inc., Danaher, Novartis AG among others is a few of the key companies operating in the molecular diagnostics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In November 2021, Thermo Fisher Scientific Inc., the world leader in serving science, has innovative proteomics solutions and a series of co-marketing agreements with industry experts, advancing the throughput, comprehensiveness and quality of proteomics workflows for applications such as single-cell studies and translational research.

In November 2021, as assay developers and clinical testing laboratories consider next steps for molecular diagnostics post-pandemic, a new in vitro diagnostic (IVD) system from Thermo Fisher Scientific will enable them to expand their assay menus and IVD testing capabilities moving forward.

In October 2021, Agilent Technologies Inc. has announced its Ki-67 IHC MIB-1 pharmDx (Dako Omnis) is now FDA approved as an aid in identifying patients with early breast cancer (EBC) at high risk of disease recurrence, for whom adjuvant treatment with Verzenio (abemaciclib) in combination with endocrine therapy.

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Global and Regional Players to Explore Untapped Markets Provides Lucrative Opportunities for Molecular Diagnostics Market:
The developing regions such as Asia Pacific in healthcare-related markets. The region's key economies, such as, Australia, China, Japan, India, South Korea, and others, have a well-established healthcare system. With the availability of raw materials and manpower at reasonable rates, several global and regional players, operating the molecular diagnostics-related markets, are setting up their facilities in this region. They are also focusing actively on introducing their products in APAC. For instance, in March 2020, Biolidics launched its ten-minute rapid test kits for COVID-19 in Singapore. It received provisional authorization from Singapore Health Science Authority (HSA). The active participation of region's regulatory agencies and market players is expected to offer potential opportunities for the growth of the molecular diagnostics market during the forecast period.

Molecular Diagnostics Market: Segmental Overview
Based on disease area, the molecular diagnostics market is segmented into oncology, infectious disease, genetic testing, cardiac diseases, immune system disorders and others. Based on technology, the market is segmented into is segmented into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), DNA sequencing and next-generation sequencing (NGS), in situ hybridization (ISH), DNA microarray, and other technologies. Based on based on product and services, the market has been segmented into assays and kits, instruments, and services and software. Based on end user, the market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others.

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The increase in demand for point-of-care and developments by market players, increasing prevalence of associated diseases. However, limitations associated the molecular testing is expected to restrict the market growth during the forecast period.

In North America, the US is the largest market for molecular diagnostics market. The growth of this market is primarily driven by the increasing prevalence of chronic kidney disorders (CKD) and a growing number of product launches by key players. The rising geriatric population is also one of the major drivers for this market, as aging is the prominent risk factor responsible for growing incidences of renal diseases. For instance, according to a study published by the Population Reference Bureau in 2019, the population age 65 years in the US is expected to double by 2060. As per published estimates, the population of the 65 years of age group is estimated to reach 95 million by 2060. Furthermore, the continuous support from the US government will offer lucrative opportunities in the country. The regulatory agencies are offering favorable policies for the development of POC products associated with various indications. For instance, in March 2021, The US Food Drug Administration (FDA) authorized for first Point-of-Care Chlamydia and Gonorrhea Test of Binx Health IO CT/NG Assay at point-of-care settings, such as in community-based clinics, urgent care settings, outpatient health care facilities, and other patient care settings.

Furthermore, several other factors that are responsible for promoting the growth of the market in the US includes international players take efforts to penetrate into the US market, advancements in the diagnostics through extensive research and innovation undertaken by leading players as well as increasing awareness among the end-users.

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