The Molecular Diagnostics Market is expected to grow from USD 9,371 million in 2020 to USD 15,196 million by 2026 at a CAGR of 9.2% from 2020 to 2026.
Molecular diagnostics is a set of procedures used to analyze biological markers at the molecular level such as genome and proteome in the individual's genetic code. The method is adopted by the flourishing healthcare sector to diagnose and monitor intricate ailments, detect risk, and most prominently decide perfect personalized medicines and therapies for individual patients. Molecular diagnostics are advantageous in a wide range of medical fortes consists of, infectious disease, oncology, coagulation, human leucocyte antigen typing and pharmacogenomics. The growth of the market can be ascribed to the technological advancements, growing elderly population, and external funding for R&D. Escalating demand for Point-of-Care (PoC) testing is ascribed to government support, demand for self-testing diagnostics, and increasing consumer awareness about rapid diagnostics. A rise in the prevalence of infectious diseases is also fueling the demand for molecular diagnostics. Moreover, aging increases the risk of getting various diseases such as cancer, cardiovascular diseases, obesity, neurological disorders and diabetes. Thus, the fact that the global geriatric population is projected to grow over the forecast period is expected to be a high-impact rendering propeller of the market for molecular diagnostics. Furthermore, the rapid technological advancements leading to exact results, portability, and cost-effectiveness are projected to be a high-impact rendering driver of the market for molecular diagnostics. Companies are improving their products by implementing new techniques to obtain specific and accurate results. Companies such as Sigma Aldrich Corporation and QIAGEN are developing new technologies, including Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the diagnosis of tumors. In addition, the rising incidence of infectious diseases is anticipated to accelerate the market growth over the forecast period. According to WHO estimates, 38.0 million individuals across the world were living with HIV infection in 2019. Moreover, growing initiatives by market players to enhance access to cost-effective resources are projected to compel the market for molecular diagnostics. However, the strict regulatory requirements for the consent of new molecular diagnostics techniques will impede the market.
Companion diagnostics include tests or assays aimed to help healthcare providers in making treatment decisions for patients based upon the best response to therapy. The co-development of companion diagnostics with therapeutic products can majorly change the drug development process and commercialize drug candidates by producing safer drugs with improved therapeutic efficacy faster and cost-effectively. With a rise in the demand for expensive specialist therapies and safer drugs, the market for companion diagnostics has increased highly. The rising importance of companion diagnostics is creating growth opportunities for the molecular diagnostics market.
The global Molecular Diagnostics Market is segregated on the basis of Application as Infectious Diseases, Oncology, Blood Screening, Genetic Tests, Microbiology and Other Applications. Based on Technology the global Molecular Diagnostics Market is segmented in Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), Hybridization (In-Situ Hybridization & Fish), DNA Sequencing and Next-Generation Sequencing, Microarray and Other Technologies. Based on Product & Services the global Molecular Diagnostics Market is segmented in Reagents & Kits, Instruments and Software & Services.
The global Molecular Diagnostics Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Molecular Diagnostics Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Abbott Laboratories, ADT Biotech, Agilent Technologies Inc., Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc. and others are among the major players in the global Molecular Diagnostics Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Molecular Diagnostics Market has been segmented as below:
Molecular Diagnostics Market, By Application
Molecular Diagnostics Market, By Technology
Molecular Diagnostics Market, By Product & Services
Molecular Diagnostics Market, By Region
Molecular Diagnostics Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Molecular Diagnostics Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Molecular Diagnostics Market share. Major industry players with significant revenue share include Abbott Laboratories, ADT Biotech, Agilent Technologies Inc., Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Molecular Diagnostics Market, By Application
5.1. Key Points
5.2. Infectious Diseases
5.3. Oncology
5.4. Blood Screening
5.5. Genetic Tests
5.6. Microbiology
5.7. Other Applications
6. Molecular Diagnostics Market, By Technology
6.1. Key Points
6.2. Polymerase Chain Reaction (PCR)
6.3. Isothermal Nucleic Acid Amplification Technology (INAAT)
6.4. Hybridization (In-Situ Hybridization & Fish)
6.5. DNA Sequencing and Next-Generation Sequencing
6.6. Microarray
6.7. Other Technologies
7. Molecular Diagnostics Market, By Product & Services
7.1. Key Points
7.2. Reagents & Kits
7.3. Instruments
7.4. Software & Services
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Molecular Diagnostics Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. Abbott Laboratories
9.2. ADT Biotech
9.3. Agilent Technologies Inc.
9.4. Becton, Dickinson, and Company
9.5. Bio-Rad Laboratories, Inc.
9.6. Biocartis Group NV
9.7. bioMérieux SA
9.8. Danaher Corporation
9.9. DiaSorin S.p.A.
9.10. Grifols S.A.
9.11. Hologic Inc.
9.12. Illumina, Inc.
9.13. Johnson & Johnson
9.14. LabCorp
9.15. Myriad Genetics, Inc.
9.16. Novartis AG
9.17. Roche Diagnostics Corporation
9.18. Siemens Healthineers
9.19. Sysmex Corporation by Oxford Gene Technology
Molecular Diagnostics Market, By Application
Molecular Diagnostics Market, By Technology
Molecular Diagnostics Market, By Product & Services
Molecular Diagnostics Market, By Company