Global Molecular Diagnostics Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Global Molecular Diagnostics Equipment Market Overview:
“The global Molecular Diagnostics Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Molecular diagnostics is a collection of techniques primarily used in analysis of biological markers in the genome — an individual's genetic code – by application of molecular biology in medical testing. Molecular diagnostics is widely used to diagnose and monitor various diseases, detect risks, and also to decide which therapies will be most beneficial for treatment of individual patients. Molecular diagnostics in simple terms, is the process of identifying a disease by studying molecules, such as proteins, DNA, and RNA, in a tissue or fluid.
Increasing incidence of infectious diseases and various types of cancer in developed and developing economies is a key factor driving growth of the global molecular diagnostics market. In addition, growing awareness, and increasing acceptance of personalized medicine by individuals are major factors expected to fuel growth of the global molecular diagnostics market over the forecast period.
However, high cost of molecular diagnostics, and stringent regulatory framework in developed economies are major factors hampering growth of the global molecular diagnostics market. Additionally, lack of proper reimbursement policies, and lack of skilled professionals in developing economies are other factors anticipated to restrain growth of the global molecular diagnostics market over the forecast period.
Technological advancements in molecular diagnostics, and developments in point-of-care testing (POC) in developing economies can be major opportunities for major players in the market to expand their revenue share and market presence.
Currently, the market in North America dominates the global molecular diagnostics market in revenue terms owing to high adoption of molecular diagnostics in genetic testing and cancer screening, and high awareness levels about early diagnosis among individuals in the region. The market in Europe accounted for second-highest revenue share in the global molecular diagnostics market, due to high healthcare expenditure by governments of countries, and high disposable income, followed by markets in Asia Pacific, and Middle East & Africa respectively.
The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to presence of a large patient pool, rising demand for early diagnosis, and rise in government initiatives for the improvement of healthcare facilities in countries in the region.
Global Molecular Diagnostics Equipment Market Segmentation:
Global molecular diagnostic market segmentation by technology:
- Polymerase chain reaction (PCR)
- Isothermal nucleic acid amplification technology (INAAT)
- Hybridization [in situ hybridization & fluorescent in situ hybridization (FISH)]
- DNA sequencing and next-generation sequencing
- Other technologies
Global molecular diagnostic market segmentation by application:
- Infectious Diseases
- Genetic Tests
- Blood Screening
- Other Applications
Global molecular diagnostic market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Roche Diagnostics
- QIAGEN N.V.
- Abbott Laboratories
- Hologic Inc.
- Cepheid Inc.
- Genomic Health, Inc.
- Luminex Corporation
- Myriad Genetics, Inc.
- Foundation Medicine, Inc.
- Natera inc.
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