Molecular Diagnostics Market is Anticipated to Grow at an Impressive CAGR During 2022-27

Stratview Research has published a new report on the Molecular Diagnostics Market, segmented by Product Type (Reagents & Kits, Instruments, and Others), Technique Type (Polymerase Chain Reaction, Isothermal Amplification, Hybridization, Sequencing, Microarray, and Others), Application Type (Infectious Diseases, Blood Screening, Oncology, Genetic Tests, and Others), by End-User Type (Hospitals, Diagnostic Laboratories, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players

Market Highlights

The molecular diagnostics market size was valued at USD 23.6 billion in 2021 and is likely to grow at a CAGR of 4.6% during 2022-2027 to reach USD 30.9 billion by 2027.

Market Drivers

• Increasing incidence of cancer,
• Growing prevalence of infectious diseases,
• Increasing occurrence of bacterial and viral diseases,
• Advancements in molecular diagnostic techniques,
• Government funding to support R&D in molecular diagnostics.

Covid Impact

Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.

Segmentation –

This report studies the molecular diagnostics market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

Based on the product type, the market is segmented as reagents & kits, instruments, and others. The reagents & kits segment is expected to hold the major share of the market during the forecast period. The high use of reagents in molecular diagnostic testing, increasing demand for over-the-counter diagnostic tests, and growing adoption of these tests in non-medical facilities such as home self-testing are driving the segment's growth.

Based on the application type, the market is segmented as infectious diseases, blood screening, oncology, genetic tests, and others. Infectious diseases are estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as SARS-CoV-2, new multidrug-resistant TB, H1N1, and HIV strains.

In terms of regions, North America is expected to be the leading region in the market during the forecast period, owing to a growing geriatric population, increasing demand for point-of-care diagnostics, and outbreaks of bacterial and viral diseases. Furthermore, technological advancements, the presence of well-established diagnostic systems, and development in the healthcare sector are expected to drive market growth during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Key Players

• Agilent Technologies, Inc.
• BioMerieux SA
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Illumina, Inc.
• Novartis AG
• QIAGEN N.V.
• Siemens Healthineers AG
• TBG Diagnostics Limited
• Thermo Fisher Scientific Inc.

About Stratview Research-

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