The global molecular diagnostics market is projected to reach USD 11.54 billion by 2023 from USD 7.71 billion in 2018, at CAGR of 8.4%. Growth in this market is driven by the high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques.
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The molecular diagnostics market is segmented on the basis of product and service, application, technology, end user, and region. Based on product and service, the market is broadly segmented into reagents and kits, instruments, and services and software. The reagents and kits segment is expected to register the highest CAGR during the forecast period. Growth in this segment can primarily be attributed to the availability of a wide range of reagents and kits, rising use of reagents and kits in different therapeutic areas (such as infectious diseases and oncology), increase in basic research and commercial applications, and easy accessibility to a wide range of reagents.
On the basis of application, the market is broadly segmented into infectious diseases, oncology, genetic tests, and other applications. The oncology segment is expected to witness the highest growth rate during the forecast period. Factors such as technological advancements, rising prevalence of cancer, and growing focus on personalized medicine are supporting the growth of this market segment.
On the basis of technology, the market is broadly segmented into PCR, INAAT, DNA sequencing & NGS, in situ hybridization, DNA microarrays, and other technologies. The DNA sequencing & NGS segment is expected to register the highest CAGR during the forecast period. Factors such as the increasing incidence of cancer, increasing focus of key market players on developing and launching diagnostic NGS kits and panels, increasing applications of sequencing in genomics research, and increased focus and necessity for molecular-targeted drugs/therapies (personalized medicine) are supporting the growth of this segment.
On the basis of end user, the market is broadly segmented into hospitals and academic laboratories, reference laboratories, and other end users. The reference laboratories segment is projected to register the highest CAGR during the forecast period. Reference laboratories provide low-cost services with improved accuracy and quick turnaround times; as a result, the preference for these laboratories is growing, which has aided market growth.
The molecular diagnostics market in the Asia Pacific is expected to register the highest CAGR during the forecast period. The growth of this regional segment can be attributed to factors such as the growing GDP, significant rise in disposable income levels, increased healthcare spending by a larger population base, modernization of healthcare infrastructure, and rising penetration of cutting-edge clinical laboratory technologies.
