Molecular Diagnostics Market is Expected to Register Considerable Growth by 2028

Stratview Research on the Molecular Diagnostics Market provides a thorough analysis of the market that can help users to understand the competitive dynamics and different factors driving or restraining industry growth.
Market Insights
The molecular diagnostics market was estimated at USD 24.68 billion in 2022 and is likely to grow at a CAGR of 4.59% during 2023-2028 to reach USD 32.33 billion in 2028.
What are molecular diagnostics?
Molecular diagnostics encompasses a wide range of techniques that allows the detection and analysis of biological markers in the genome and proteome. These biomarkers can also include chromosomal abnormalities, protein levels, genetic mutations, gene expressions, etc. Molecular diagnostics can provide vital insights about an individual's health status and aid in disease diagnosis, by identifying these biomarkers.
COVID-19 IMPACT
The global pandemic Covid-19 impacted almost every industry and shook the market. However, the pandemic increased the need of developing diagnostic instruments and diagnostic service centers and hence there was a positive impact on the molecular diagnostics market.
Segment-wise analysis
Based on the product type, the market is segmented as reagents & kits, instruments, and others. The reagents & kits segment is expected to hold the major share of the market during the forecast period. The high use of reagents in molecular diagnostic testing, increasing demand for over-the-counter diagnostic tests, and growing adoption of these tests in non-medical facilities such as home self-testing are driving the segment's growth.
Based on the application type, the market is segmented as infectious diseases, blood screening, oncology, genetic tests, and others. Infectious diseases are estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as SARS-CoV-2, new multidrug-resistant TB, H1N1, and HIV strains.
In terms of regions, North America is expected to be the leading region in the market during the forecast period, owing to a growing geriatric population, increasing demand for point-of-care diagnostics, and outbreaks of bacterial and viral diseases. Furthermore, technological advancements, the presence of well-established diagnostic systems, and development in the healthcare sector are expected to drive market growth during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Research Methodology
The study incorporates a wide range of analytical resources along with primary and secondary research methodologies.
Frequently Asked Questions (FAQs)
- What will be the growth of Molecular Diagnostics Market in the foreseeable future?
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- How long will it take to recover from the covid19 effect?
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