Molecular Diagnostics Market by Product and Service Application Technology and End-user Global Forecast to 2026 ResearchAndMarketsCom
The molecular diagnostics market is segmented into reagents & kits, instruments and other products. The reagents & kits segment accounted for the highest growth rate in the molecular diagnostics market in 2020. The requirement reagents & kits in large numbers compared to instruments is the main factor contributing to this segment's high growth rate. This segment's market growth can also be attributed to repeat purchases of reagents & kits compared to instruments.
Infectious Disease Diagnostics segment accounted for the highest CAGR
Based on the application, the molecular diagnostics market is segmented into infectious disease diagnostics, oncology testing, genetic tests and other applications. In 2020, the oncology testing segment accounted for the highest growth rate. Increasing incidence of cancer, technological advancements, and development of personalized medicine and companion diagnostic assays are the major factors driving this segment's growth.
Diagnostic Laboratories segment accounted for the highest CAGR
Based on end-users, the molecular diagnostics market is segmented into diagnostic laboratories, hospitals and clinics and other end users. In 2020, the diagnostic laboratories segment accounted for the highest growth rate. This can be attributed to increased test volume of infectious diseases and cancer and strengthening healthcare infrastructure for efficient disease diagnosis and treatment.
Asia Pacific: The fastest-growing region molecular diagnostics market
The global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as the government efforts to increase awareness about the early detection of diseases and regular health check-ups; continuously rising healthcare expenditure; increasing number of hospitals and diagnostic laboratories in India and China; and strengthening research base for diagnostic procedures across India, China, and Japan are driving the growth of the molecular diagnostics market in this region.