Molecular Diagnostics Market Size Is Expected To Reach USD 49.3 Billion By 2028

 San Francisco, 27 Aug 2021: The Report Molecular Diagnostics Market Size, Share & Trends Analysis Report By Technology (PCR, INAAT, Sequencing, Mass Spectrometry, TMA), By Product, By Test Location, By Application, By Region, And Segment Forecasts, 2021 - 2028

The global molecular diagnostics market size is expected to reach USD 49.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.9% from 2021 to 2028. This growth is owing to factors such as an increasing geriatric population, the outbreak of COVID-19, and the growing demand for point-of-care facilities.

Molecular diagnostics play an important role in infectious disease testing as they can yield effective and fast results. Hence, the increasing prevalence of hospital-acquired infections and infectious diseases is projected to drive the market over the forecast period. Increasing incidence of cardiovascular, neurological, and genetic disorders is further anticipated to accelerate market growth.

The miniaturization of three basic molecular assays - nanobiotechnology, biochips, and microfluidics - is expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to enhance the availability of PoC molecular diagnostic tests to yield quick and effective test results.

Companies expanding their regional presence owing to approval of COVID-19 IVD tests are expected to boost the market growth. For instance, Vela Diagnostics received the CE-IVD mark for ViroKey SARS-CoV-2 RT-PCR Test. It is a probe-based RT-PCR test used on Applied Biosystems 7500 Fast Dx instrument to detect SARS-CoV-2. The CE-IVD mark has enabled Vela diagnostics to expand its COVID-19 test in Europe.

Key players are enhancing their range of testing options for real-time PCR instruments by increasing R&D activities for the development of kits that target emerging diseases, or by entering into agreements with other kit manufacturing companies. These include the introduction of Cobas HPV test assay in Cobas 4800 by Roche Diagnostics. The introduction of tuberculosis testing Xpert assay on GeneXpert platform by Cepheid is an example of such advancement. Such advances are anticipated to drive the market. 

Access Research Report of Molecular Diagnostics Market @ https://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market

Molecular Diagnostics Market Report Highlights

• The reagents segment dominated the market majorly driven by the high usage rate
• The PCR technology segment accounted for the highest revenue share in 2020, attributable to its wide usage in the diagnosis of COVID-19 and other infectious diseases
• The self-testing or OTC segment is anticipated to be the fastest-growing segment over the forecast period as it facilitates early diagnosis and constant patient monitoring
• North America accounted for the highest revenue share in 2020, driven by a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improvements in healthcare infrastructure

List of Key Players of Molecular Diagnostics Market

• BD
• bioMérieux SA
• Bio-Rad Laboratories, Inc.
• Abbott
• Agilent Technologies, Inc.
• Danaher
• Hologic Inc. (Gen-Probe)
• Illumina, Inc.
• Johnson & Johnson Services, Inc.
• Grifols, S.A.
• QIAGEN
• Hoffmann-La Roche, Ltd.
• Siemens Healthineers AG
• Sysmex Corporation

Access Press Release of Molecular Diagnostics Market @ https://www.grandviewresearch.com/press-release/global-molecular-diagnostics-market