The molecular diagnostics is a method for examination of biological markers amply in a broad range of human ailments. Molecular diagnostic tests are the fundamental component of a successful healthcare system. Molecular diagnostic tests give important information which aids healthcare patients and health assistance to make accurate medical decisions for better result of a medical process. This technique also gives quantitative measurements that inform each stage of care and facilitate successful management of health circumstances. Molecular diagnostics tools enhance the clinical setting, give sensitive and quick approaches for the diagnosis and detect various infectious diseases like types of cancer, and other severe diseases. Therefore, increase in the number of infectious diseases and cancer because of growing elderly population, together with the growing awareness and acceptance of personalized medicine and companion diagnostics are some factor answerable for high expansion of the market over the forecast amount.
The report analysis of ‘Global Molecular Diagnostics Market is valued approximately at USD 8.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.5% over the forecast period 2020-2026.’ market is highly competitive and consists of several major players. With regards to market share, few of the most important players presently dominate the market. However, with technological advancements and product launching, mid-size to small firms are rising their market presence by introducing new devices with lesser prices. Key players are adopting varied methods like mergers and acquisitions to extend their market share. The markets players include are Abbott Laboratories, Becton, Dickinson and Company, Agilent Technologies, Inc., Biomerieux SA, Danaher Corporation, DiaSorin, Grifols, S.A., Hologic, Inc., Illumina, Inc. and Thermo Fisher Scientific, Inc. The detailed segments and sub-segment of the market are explained here: By Product & Services divided into Reagents & Kits, Instruments and Services & Software. By Technology divided into Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing & Next-Generation Sequencing (NGS), DNA Microarray and Others. By Application divided into Infectious Diseases, Oncology, Genetic Tests and Others. By End-User into Hospital & Academic Laboratories, Reference Laboratories and Others.
The global molecular diagnostics market, based on region, has been divided into the North America, U.S., Canada, Europe, UK, Germany, Asia Pacific, China, India, Japan, Latin America, Brazil, Mexico and Rest of the World. North America is the leading region across the globe with regards to market share due to the increasing prevalence of tumor and infectious diseases, presence of a well-developed healthcare facilities and rapid rise in clinical laboratories across the region. Whereas, Asia-Pacific is additionally anticipated to exhibit highest rate of growth over the forecast amount, because of the increased healthcare spending by a larger population base and growing aging population in the countries as China and India.
Moreover, growing funding by governments and various organizations for R&D in molecular diagnostics is predicted to drive the command for molecular testing. In addition, advancements in molecular diagnostics have facilitated the detection of numerous diseases and are particularly effective when faced with challenging differential diagnosis. Further, technological advancements in molecular diagnostics are anticipated to substantially drive market growth as they facilitate cost-effectiveness, accuracy, and portability. Therefore, it is anticipated that the market of molecular diagnostics will rise in the upcoming years.
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Ankur Gupta, Head Marketing & Communications