Molecular Diagnostics Market Overview
The global molecular diagnostics market was valued at USD 8.01 billion in 2017 and is expected to grow at a CAGR of 7.1 percent to USD 13.87 billion during the forecast period.
In-vitro diagnostic is a diagnostic test in an artificial environment to diagnose disease, ailment, or infection. One of the most important categories of the in-vitro diagnostics industry is molecular diagnostics. Molecular diagnostics is a technique for detecting and measuring genetic material linked to a certain disease. At the molecular level, it’s being used to detect DNA and RNA. Molecular diagnostics is a technology that can help doctors make better clinical judgments.
All tests used to identify a disease by analyzing molecules such as DNA, protein, or RNA in a fluid or tissue are classified as molecular diagnostics. By combining molecular and genetic technology, molecular diagnostics is now used in the early diagnosis of infectious illnesses, cancer, and genetic disorders. Molecular diagnostics is also employed in the prenatal stage to detect anomalies. In addition, pharmacogenetic testing and blood donor screening use molecular diagnostic kits.
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The market for molecular diagnostics has been divided into four categories: product, application, technique, and end-user.
By Type of Product
The molecular diagnostics market is divided into three categories: reagents and kits, devices and services, and software. The reagents segment dominates this molecular diagnostics market category.
The molecular diagnostics market is split into isothermal amplification, hybridization, polymerase chain reaction (PCR), microarray, sequencing, and others, depending on the technology. PCR dominates the molecular diagnostics market due to rising use and advancements in PCR techniques, some of the segment’s most powerful contributing drivers.
Based on application, the molecular diagnostics market has been divided into genetic tests, infectious disorders, cancer, and others. Because of the resurgence of infectious diseases such as H1N1, novel multidrug-resistant TB, plus HIV strains, infectious disease testing controlled the molecular diagnostics market in 2019.
The molecular diagnostics market has been segmented into hospitals & clinics, diagnostic laboratories, and others based on end-user. Because of the rising demand for early diagnosis of various ailments, funding for advanced diagnostic laboratories has increased, indicating that the segment is expected to grow significantly.
North America dominates the global market for molecular diagnostics because of the rising frequency of infectious diseases and lifestyle-related diseases. Furthermore, advancements in molecular diagnostics for cancer treatment, government support for research and development, and high levels of patient awareness are propelling the molecular diagnostic market in North America forward.
In the next five years, the molecular diagnostics industry in Asia is predicted to rise rapidly. Growing demands for genetic tests, advancements in healthcare infrastructure, and a big patient pool in countries like India and China are drivers driving molecular diagnostics growth in growing markets.
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Molecular diagnostics have become more popular in recent years as their applications in blood screening, genetic diseases, and cancer have grown. The worldwide molecular diagnostics market is also growing due to the rising prevalence of long-term and infectious diseases like HIV and hepatitis and increased awareness and acceptance of personalized medicine and companion diagnostics. Nevertheless, shifting reimbursement laws and the delayed approval of many innovative molecular diagnostic tests limit the worldwide molecular diagnostics market’s development.
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