Molecular Diagnostics Market Overview and Introduction

Global Molecular Diagnostics Market is estimated to be over US$ 6 Billion in 2018. It is anticipated to grow at a 8.7% CAGR from 2019 to 2030 and is expected to grow at a double digit in the forecasted period.The global Molecular Diagnostics market is segmented by product & services, technology, application, end user, and region.

Molecular Diagnostics technology is widely used in determining the sequence in DNA or genetic make-up, enzymes, proteins at molecular level with the use of kits, reagents and instruments. Various methods are used to determine sequence in Molecular Diagnostics that includes using instruments like PCR, DNA microarrays, RAPD among others. Molecular diagnostic is rapidly growing technology and has a prominent role in detecting infectious diseases, oncology, and genetic in drug discovery.

The global Molecular Diagnostics market is driven by technological advancements in the genomics arena, increasing research expenditure in molecular biology by private and government institutes, rise in infectious and chronic diseases, reduced price of sequencing are some major factors driving the market.

Molecular Diagnostics Market by Product & Services

On the basis of product & services, the molecular diagnostics market is segmented into reagents & kits, instruments and services. Reagents & kits accounted for the largest share of the market owing to growing number of genetic research and need to develop personalized medicine as there is a rise in cancer and genetic disorders.

Molecular Diagnostics Market by Technology

Based on technology, the market is segmented into PCR, NGS & DNA Sequencing, In-Situ Hybridization and Isothermal Nucleic Acid Amplification Technology and other techniques. The PCR segment is estimated to account for the largest share of the global Molecular Diagnostics market. The large share of this segment can be attributed to the technological advancement in PCR instrument and rise in application of PCR technology in genetic, prenatal and oncology studies.

Molecular Diagnostics Market by Application

On the basis of application the market is segmented into infectious diseases, oncology, genetic testing and other applications. Infectious diseases accounted for the largest share of the market, owing to factors such as rise in infectious diseases in developing countries and availability of advance molecular diagnostic products.

Molecular Diagnostics Market by End Users

On the basis of end user, the molecular diagnostics market is segmented into academic institutes & research centers, Hospitals & Clinics, and other end users. The hospitals & clinics segment is estimated to account for the largest share of the molecular diagnostics market. Growing number of diseases related to infectious diseases and cancer are some of the factors driving the growth of end-user segment.

Molecular Diagnostics Market by Regions

The global Molecular Diagnostics market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the market of molecular diagnostics, followed by Europe and Asia Pacific. North America will continue to dominate the global molecular diagnostics market in the forecast period, owing to factors such as highly developed healthcare system and presence of private and public funding. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries & government support and prevalence of infectious diseases are driving the growth of the Molecular Diagnostics market in this region.

Molecular Diagnostics Market Prominent Players

The prominent players in the global Molecular Diagnostics market are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Becton, Dickinson and Company, Illumina, QIAGEN N.V., Danaher Corporation, Hologic, F. Hoffmann-La Roche, and Biomerieux SA., among others.