Molecular Diagnostics Market Size | Worth Growing at a CAGR of 10.1%

Vamshee07 Feb, 2023Health

The global molecular diagnostics market size was valued at USD 9,682.4 million in 2021 and is poised to grow at a significant CAGR of 10.1% during the forecast period 2022-28. Increase in the prevalence of infectious diseases and various cancers, a rise in demand for personalized medicines, technological advancements in the diagnostic tests, and rise in the preference for biomarker identification tests are anticipated to fuel the molecular diagnostics market. Moreover, a rise in geriatric population, increase in healthcare expenditure, developed healthcare infrastructure, and favourable government initiatives for preventing the genetic disorders are also expected to boost the molecular diagnostics market over the forecast period. However, stringent regulatory policies, high cost for testing, issues with quality control, and lack of reimbursement policies for the diagnosis might restrain the growth of molecular diagnostics market.