VANCOUVER, BC, July 27, 2021 /PRNewswire/ -- The global molecular diagnostics market size is expected to reach USD 16.49 billion in 2027 at a CAGR of 8.7%, according to the latest analysis by Emergen Research. Market revenue growth can be attributed to increasing demand for molecular diagnostic testing due to growing global prevalence of infectious diseases such as HIV, tuberculosis, influenza, and hepatitis, rapid technological advancements in molecular diagnostics, and increasing investment to accelerate research and development in diagnostics.
Molecular diagnostics covers a broad range of procedures that assess biological markers and studies how genes are expressed as proteins. It is a branch of clinical pathology that utilizes techniques of molecular biology to offer screening, detection, diagnosis, prognosis, and monitoring effectiveness of therapies ? particularly in the field of cancer, infectious disease, and congenital abnormalities. Molecular diagnostics leverages powerful tools such as DNA sequence analysis, gene expression profiling, and detection of biomarkers to determine risk of individuals to certain diseases. High-throughput methods such as next-generation sequencing or genome studies offer critical insights into mechanisms of the disease allowing physicians to design and implement correct diagnostic tools and develop personalized therapeutic models.
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Demand for molecular diagnostics increased significantly amid the COVID-19 pandemic due to increasing need for polymerase chain reactions (PCR), next-generation sequencing (NGS), and serology tests. In addition, growing adoption of molecular diagnostic point-of-care (PoC) facilities and increasing funding to develop advanced molecular diagnostic techniques are some other key factors expected to contribute to revenue growth of the market going ahead. However, high costs associated with the instruments and equipment and stringent regulatory approvals for molecular diagnostic testing can hamper market growth to a certain extent going ahead.
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For the purpose of this report, Emergen Research has segmented the global molecular diagnostics market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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