Molecular Diagnostics Market size was valued at USD 9,682.4 million in 2021, growing at a CAGR of 10.1% from 2022 to 2028. The global market provides a detailed overview and that can be segmented by technology, by application, and by end user. By technology, the global molecular diagnostics market has been segmented into Polymerase chain reaction, Microarray, Next-generation sequencing, Isothermal nucleic acid amplification, Hybridization, and Others. The Polymerase chain reaction segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the trend in the forecasted years. Â This is attributed to the detection of infectious diseases such as COVID-19 and others. The growing prevalence of infectious diseases are boosting the global market growth at a significant rate. The high demand for high throughput PCR test to detect infectious diseases are increasing the popularity of the PCR kits and reagents in the global market. Next-generation sequencing is also very popular technology in molecular diagnostic market which will further drive the global market growth at a significant rate. Based on application, the global molecular diagnostics market is segmented into Cancer, Blood screening, Infectious diseases, Microbiology, Genetic tests, Others. Among these, the Infectious diseases segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to precision business insights. It is due to the increasing prevalence of infectious diseases across the world. Based on end user, the global molecular diagnostics market is segmented into Hospitals, Diagnostic Centres, Research institutes, Others. The Diagnostic Centres segment accounts for the largest share in 2021 and is anticipated to register a significant CAGR in the upcoming years. Key Development: In Oct 2022, Roche launched its next-generation portfolio of SARS-CoV-2 rapid antigen tests (â€œ2.0â€) under CE Mark for self-test and professional use. In Sept 2022, Eurofins Genoma announced their launch of niPGT-A, a non-invasive, embryo biopsy free, preimplantation genetic aneuploidy screening test.
Fastest Growing Market
Increase in the prevalence of infectious diseases and various cancers, a rise in demand for personalized medicines, technological advancements in the diagnostic tests, and rise in the preference for biomarker identification tests are anticipated to propel the market growth over the forecast years.
The fastest-growing segment of the global molecular diagnostics market is PCR technology due to its accuracy, less time consuming and ability to give real time data.
Introduction of alternative technologies are the key challenges to sustain in the global molecular diagnostics market.
Emerging countries like India, Brazil etc has enormous opportunities in this market. It expected to offer potential growth in the market due to untapped region.
New product launches and acquisitions, collaborations are recent trends in the global market to grow at a faster rate.