Global Molecular Diagnostics Market to Reach $18.6 Billion by 2026

Molecular diagnostics is the clinical application of molecular technologies to understand, screen, and monitor human diseases. Growth in the global market is set to be driven by continued shift from the traditional tests towards the new tests, increasing applications in infectious disease diagnostics, and a significant rise in prenatal diagnostics, rare diseases, and oncology. Increasing prevalence of various cancer and infectious disease types is a major factor driving growth. Other important factors to propel growth include growing awareness and acceptance of advanced therapeutic and diagnostic choices such as personalized medicine; biomarkers development; and advancement in proteomics and molecular techniques. Reimbursement reformations are also to an extent contributing towards fueling market growth. Increasing use of molecular diagnostics for home healthcare is another important growth driver.

Amid the COVID-19 crisis, the global market for Molecular Diagnostics estimated at US$10.4 Billion in the year 2020, is projected to reach a revised size of US$18.6 Billion by 2026, growing at a CAGR of 9.8% over the analysis period. Reagents & Kits, one of the segments analyzed in the report, is projected to record a 10.4% CAGR and reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Instruments segment is readjusted to a revised 8.7% CAGR for the next 7-year period. Growth in the reagents and kits segment is mainly attributed to the increasing demand for quality control reagents and solutions to perform various tests. Reagents and kits have widespread application in research organizations, academic institutions, and hospitals.

The U.S. Market is Estimated at $5.1 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026

The Molecular Diagnostics market in the U.S. is estimated at US$5.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2026 trailing a CAGR of 10.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9% and 8.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR. Rapidly evolving healthcare sector in various countries across the regions, implementation of stringent infection control standards and growing emphasis on offering high quality medical services to patients boost market growth in developed regions. Major factor fueling growth in the Asia-Pacific market includes increase in the number of cases undergoing diagnosis for chronic conditions, cancer and infectious diseases.

Software & Service Segment to Reach $2.2 Billion by 2026

The market is witnessing considerable advancements concerning the software used in instruments to ensure accurate analysis and interpretation of underlying disease condition. The use of AI and associated software and algorithms allow laboratories to automatically report results. In the global Software & Service segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1 Billion in the year 2020 will reach a projected size of US$1.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$182 Million by the year 2026, while Latin America will expand at a 9.9% CAGR through the analysis period.