The molecular diagnostics market is poised to reach USD 9,333.8 Million by 2020 from USD 5,983.5 Million in 2015, at a CAGR of 9.3% from 2015 to 2020.

Factors such as high prevalence of infectious diseases and various types of cancer; increasing awareness and acceptance of personalized medicine and companion diagnostics; development of biomarkers; and advancements in molecular techniques, proteomics, and reformations in the reimbursement system are driving the growth of the market. However, increased cost of molecular diagnostics tools, dearth of skilled labor to handle new and complex platforms, and the complex regulatory framework are the major factors restraining the growth of the molecular diagnostics market.

The molecular diagnostics market is broadly segmented on the basis of technologies, applications, products & services, and end users. The major technologies studied in the report include PCR, INAAT, microarrays, hybridization, DNA sequencing and next-generation sequencing (NGS), and other technologies. Among these technologies, PCR is expected to command the largest share in 2015 while microarrays is expected to grow at the highest CAGR during the forecast period.

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The molecular diagnostics market, by application, is classified into infectious diseases, oncology, genetics, blood screening, microbiology, and others (cardiovascular diseases, neurological diseases, DNA fingerprinting, tissue typing, and food pathogen detection testing). The infectious diseases segment will account for the largest share of the global molecular diagnostics market in 2015, followed by the blood screening and oncology segments.

On the basis of products and services, the molecular diagnostics market is segmented into instruments, reagents, and services & software. The reagents segment is expected to account for the largest share and highest CAGR of the molecular diagnostics market in 2015.

Based on end users, the market is subsegmented into hospital & academic laboratories, reference laboratories, and others (blood banks, local public health laboratories, home health agencies, nursing homes, point-of-care settings, and self-testing). As most diagnostic tests are carried out in-house, the hospital & academic laboratories segment is expected to dominate the market. On the other hand, newly launched, complex, and highly specialized tests are mostly offered only at a few large reference laboratories, owing to which the reference laboratories segment is expected to witness the highest growth rate during the forecast period.

Major players operating in the molecular diagnostics market are Roche Diagnostics (U.S.), QIAGEN N.V. (Netherlands), Hologic Inc. (U.S.), Grifols (Spain), Abbott Laboratories (U.S.), Siemens Healthcare (Germany), Becton, Dickinson and Company (U.S.), Beckman Coulter Inc. (U.S.), bioMérieux SA (France), and Cepheid Inc. (U.S.).