Molecular Diagnostics Market worth $26.8 billion by 2028
According to the research report published by MarketsandMarkets™ INC "Molecular Diagnostics Market by Product & Service (Reagents, Kits), Test Type (Lab, PoC), Sample Type (Blood, Urine), Technology (PCR, INAAT), Application (Infectious, Oncology), End User (Diagnostic Labs, Hospitals), Region - Global Forecast to 2028", is valued at an estimated USD 15.6 billion in 2023 and is projected to reach USD 26.8 billion by 2028, at a CAGR of 11.4% during the forecast period. Due to the high prevalence of such infectious diseases, the demand for molecular diagnostic products and services is expected to increase in the coming years, which, in turn, will drive market growth. Also, globally, the prevalence of cancer has increased significantly over the last few years. The growing prevalence of cancer globally will increase the number of specimens tested, thus creating a demand for new diagnostic procedures, including molecular diagnostics.

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• 241 Market data Tables
• 48 Figures
• 325 Pages and in-depth TOC on "Molecular Diagnostics Market - Global Forecast to 2028"

Some of the prominent key players are:
F. Hoffmann-La Roche Ltd. (Switzerland),
Hologic, Inc. (US),
Thermo Fisher Scientific Inc. (US),
Abbott Laboratories (US),
bioMérieux (France),
QIAGEN (Netherlands), and many more....
Report Objectives:
To define, describe, segment, and forecast the global molecular diagnostics market, by product & service, test type, sample type, technology, application, end user, and region.
To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall molecular diagnostics market.
To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies.
To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, agreements, and other developments.
To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence.
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OPPORTUNITY: Growing significance of companion diagnostics in drug development process

Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients based on the best response to therapy. The co-development of companion diagnostics with therapeutic products can significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With an increase in the demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics is expected to grow at a robust rate. This growing importance of companion diagnostics also provides growth opportunities for the market. The growing availability of such advanced and efficient companion diagnostic tests is expected to support the growth of the market in the coming years.

RESTRAINT: Unfavorable reimbursement scenario for diagnostic companies

Inadequate reimbursements are a major factor restraining the growth of the market. A major challenge faced by most diagnostic companies face in commercializing their tests is getting Medicare and private health insurers to pay for them. In the US, Medicare revised its reimbursement mechanism for some IVD tests, including molecular tests, in 2021. Some of these molecular pathology tests do not have their own Healthcare Common Procedure Coding System (HCPCS) codes and are instead billed using unlisted codes. In such cases, Medicare Administrative Contractors (MACs) establish a payment amount for their local jurisdictions. Medicare does not currently provide genetic testing coverage for individuals without a personal history of cancer (Source: American Society of Clinical Oncology). These factors are expected to affect the US molecular testing market adversely.