Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software) - Global Forecast to 2023
“The global molecular diagnostics market is projected to grow at a CAGR of 8.4%.”
The global molecular diagnostics market is expected to reach USD 11.54 billion by 2023 from USD 7.71 billion in 2018, at a CAGR of 8.4%. Growth in this market can primarily be attributed to the high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques. However, complex regulatory frameworks delaying the approval of new molecular diagnostic tests are expected to restrain the growth of this market during the forecast period.
“The reagents & kits segment to dominate the molecular diagnostics market, by product & service in 2018.”
Based on product and service, the molecular diagnostics market is segmented into reagents and kits, instruments, and services and software. The reagents and kits segment is expected to account for the largest share of the global molecular diagnostics market in 2018. The large share of this segment can be attributed to the availability of a wide range of reagents and kits, rising use of reagents and kits in different therapeutic areas (such as infectious diseases and oncology), increase in basic research and commercial applications, and easy accessibility to a wide range of reagents.
“The market in the Asia Pacific region is projected to register the highest CAGR during the forecast period.”
Asia Pacific is expected to register the highest CAGR in the global molecular diagnostics market during the forecast period. Market growth in the Asia Pacific is attributed to growing GDPs and a significant rise in disposable income levels, increased healthcare spending by a larger population base, modernization of healthcare infrastructure, and rising penetration of cutting-edge clinical laboratory technologies (especially in rural areas).
Break-up profile of primaries:
By Company Type - Tier I: 40%, Tier II: 30%, and Tier III: 30%
By Designation - C-level: 27%, D-level: 18%, and Others: 55%
By Region - North America: 50%, Europe: 20%, Asia Pacific: 20%, and the RoW: 10%
The key players operating in the global molecular diagnostics market are Roche (Switzerland), Hologic (US), QIAGEN (Netherlands), Abbott (US), and Danaher (US).
In this report, the molecular diagnostics market is segmented on the basis of product & service, application, technology, end user, and region. The study tracks and analyzes competitive developments such as product launches & approvals, acquisitions, collaborations, agreements, partnerships, and expansions, and core competencies in the molecular diagnostics market.
Reasons to buy this report:
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on portfolios offered by the top players in the global molecular diagnostics market. The report analyzes the market, by product & service, application, technology, end user, and region
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product launches in the global molecular diagnostics market
Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for molecular diagnostic products across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global molecular diagnostics market
Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the key players in the global molecular diagnostics market