Molecular Diagnostics Industry Size Foreseen to Grow Exponentially by 2025
Global Molecular Diagnostics Market : Overview
The global molecular diagnostics market has advanced rapidly on the back of expanding array of high-throughput molecular genomic technologies and methods, particularly next generation sequencing. Genome-wide association studies are particularly useful in detection of rare and novel disease causing variants. Technology advancements in the molecular diagnostics market stems from the pressing need for accurate provision of finding genetic basis of range of inherited diseases. The role that genomic biomarkers play in personalized treatment modalities is continuously expanding the potential application of molecular diagnostics. Key application areas include genetic disease, cancer, hospital-acquired infections, and hepatitis virus.
The global molecular diagnostics market stood at US$7.1 bn in 2015 and is projected to garner a CAGR of about 11.6% from 2016 to 2025. By the end of the period, the global worth will be equal to US$18.9 bn.
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Implementation of PCR-based Techniques Spur Revenues
The report segments the molecular diagnostics market on the basis of end user, technology, and application, in addition to the geography parameter. Of all, the polymerase chain reaction has gained extensive popularity. This is attributed to the cost-effectiveness, which in turn, is due to the simple instrumentation and infrastructure required for PCR-based techniques. The segment accounted for a little more than 39.0% share in the global molecular diagnostics market. Of these, oncology holds notable market potential. In recent years, new avenues have emerged in the molecular diagnostics market from its promise in the diagnosis of cancers of unknown primary origin. Business prospects of the application of molecular diagnostics in clinical oncology is fast growing, particularly in their potential to understand hereditary cancer syndromes.
Various end users in the molecular diagnostics market are hospitals, diagnostic laboratories, blood banks, academics, and research. Over the past few years, researchers have been taking intense interest in exploring the clinical potential of molecular diagnostics. Academic Medical Centers in particular have been leaning on expanding the scope of NGS-based testing.
Asia Pacific Characterized by Vast Latent Opportunities
The various regional segments in the global molecular diagnostics are North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America held the major share in the global market - early 39.1% of the global molecular diagnostics market in 2016.
A large part of the revenues stems from the widespread application of molecular diagnostics in managing infectious diseases. Growing business proposition of molecular diagnostics in laboratory medicine is boosting the market. Growing prospects of the use in clinical oncology has also opened new avenues in developed markets of molecular diagnostics, including in North America.
On the other hand, Asia Pacific has been growing at rapid pace over the past few years. Growing implementation of NGS-based testing in clinical applications has helped the regional market witness slew of lucrative avenues in recent years. Further, the growing promise of molecular diagnostics in personalized therapies, especially in oncology, is spurring lucrative opportunities for players in the Asia Pacific molecular diagnostics market. The region has also seen rapid research in biomarkers for cancers.
Some of the well-entrenched players in the molecular diagnostics market are BioMérieux, Becton, Dickinson and Company, Abbott Laboratories, and Roche Holding AG.
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