Molecular Diagnostics Market Size By Product (Instruments, Reagents & Kits), By Technology (Polymerase Chain Reaction [PCR], Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology [INAAT], Microarrays), By Application (Infectious Dise

Molecular Diagnostics Market Size By Product (Instruments, Reagents & Kits), By Technology (Polymerase Chain Reaction [PCR], Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology [INAAT], Microarrays), By Application (Infectious Disease Diagnostics {COVID-19, HIV, CT/NG, Hepatitis B, Hepatitis C, RSV, Flu, Tuberculosis}, Oncology Testing, Genetic Disease Testing), By End-use (Diagnostics Laboratories, Hospitals & Clinics), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The molecular diagnostics market is projected to exhibit considerable development by 2028 due to recent technological advances in disease diagnosis across the globe.

Molecular diagnostics have been the center point in the screening, treatment, control, isolation, and prevention of COVID-19 owing to their accurate and rapid results. In addition, in case of a novel pathogen, such as the SARS-CoV-2, molecular diagnostics is more reliable as it targets the proteome or genome of the pathogen, thereby giving a clear picture of the genomic composition and the nature of the pathogen. Prevalent adoption of RT-PCR tests to detect the novel coronavirus has augmented industry uptake during the pandemic.

The molecular diagnostics market has been segmented on the basis of end-use, product, application, technology, and region. In terms of product, the market has been divided into reagents & kits and instruments. The reagents & kits sub-segment was valued at around USD 38.2 billion in 2021 and is speculated to expand at a sturdy pace through the review timeline. This growth is attributed to the rising prevalence of genetic disorders around the world. Moreover, favorable government initiatives and increasing R&D investments are likely to fuel segmental expansion over the forthcoming years.

From the technology perspective, the molecular diagnostics market has been categorized into microarrays, polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), hybridization, sequencing, and others. In 2021, the sequencing sub-segment held a market share of nearly 2% and is set to witness optimistic growth over the study period. Growing incidences of cancer, along with surging use of NGS in several applications, are estimated to propel market adoption.

Based on application, the market has been segregated into genetic disease testing, infectious disease diagnostics, oncology testing, and others. The molecular diagnostics market from the infectious diseases diagnostics sub-segment recorded a valuation of almost USD 47 billion in 2021 and is anticipated to showcase a solid growth trajectory over 2022-2028. Mounting incidences of infectious diseases and rising awareness among people regarding disease diagnostics treatment in developing countries are projected to accelerate segmental demand.

From the end-use point of view, the molecular diagnostics market has been classified into hospitals and clinics, diagnostics laboratories, and others. In 2021, the diagnostics laboratories sub-segment garnered about 29.3% market share and is poised to reach a substantial valuation by the end of 2028. Growing awareness pertaining to point-of-care diagnosis and growing preference for diagnostic laboratories are foreseen to drive segmental expansion over the following years.

On the regional front, the Latin America molecular diagnostics market was worth more than USD 2.8 billion in 2021 and is expected to progress at a notable CAGR through the assessment period. This growth is attributed to the expanding geriatric population and soaring demand for advanced treatment in the LATAM region.