Molecular Diagnostics Market Size, Status, Revenue and Growth Analysis 2022 to 2030
Molecular Diagnostics Industry Overview The global molecular diagnostics market size was valued at USD 37.04 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of -1.6% from 2022 to 2030. The shrinking of the market can be attributed to the decline in demand for molecular COVID-19 testing during the forecast period. However, factors such as technological advancements, rising elderly population, and increasing demand for genetic testing is boosting the growth of the market. In addition, rising demand for PoC testing can be attributed to increasing demand for self-testing diagnostics, and patient awareness about faster diagnostics. The outbreak of COVID-19 impelled the diagnostics industry into action, with a race to develop novel and rapid diagnostics kits for the detection of coronavirus. The pandemic led to a spike in the revenue of companies operating in the infectious diseases segment. For instance, in April 2021, a 59% rise in revenue was re...