Molecular Diagnostics Market Share, Trends, Analysis and Forecasts, 2020-2030
The Molecular Diagnostics Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
Molecular Diagnostics refers to the detection of genomic variants for detection diagnosis, sub-classification, prognosis, and monitoring response to therapies. It facilitates the detection, characterization, monitoring of drug response, and identification of genetic modifiers and susceptibility to disease and plays a vital role in detection and diagnosis of genetic disorders. Prevalence of chronic diseases such as cancer, infectious diseases, and complex regulatory frameworks are the prime factors dynamically shaping the global molecular diagnostic market. Molecular diagnostics has witnessed prominent advancement over the last decade and is anticipated to contribute significantly in the development of medicines and clinical methods for treatment of infectious and chronic disorders.
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High penetration and rising demand for Polymerase Chain Reaction (PCR) techniques to drive market growth
The global molecular diagnostics market is segmented based on product type, technology, test location, application, and geography. Based on technology, the global molecular diagnostic market is segmented into polymerase chain reaction (PCR), in situ hybridization, isothermal nucleic acid amplification technology (INAAT), chips & microarrays, mass spectrometry, sequencing, transcription mediated amplification, and others. The polymerase chain reaction (PCR) contributed the largest share to the global molecular diagnostics market in 2019 owing to high penetration and rising demand. Advancement in PCR technology, such as development and adoption of multiplex PCR, is another factor boosting the demand for polymerase chain reaction (PCR) based molecular diagnostics. The sequencing molecular diagnostic is anticipated to be the most lucrative technique owing to technological advancements focused on sequencing of genomic data and achieving high throughput analysis.
Prevalence of Cancer and Infectious Diseases bolstering demand for molecular diagnostics
Based on application, the global molecular diagnostic market is segmented into oncology, pharmacogenomics, infectious diseases, genetic testing, neurological disease, cardiovascular disease, microbiology, and others. The oncology applications are further sub-segmented into breast cancer, prostate cancer, colorectal cancer, kidney cancer, liver cancer, blood cancer, lung cancer, and others. Similarly, the infectious disease applications are further segmented into methicillin-resistant staphylococcus aureus (MRSA), clostridium difficile, vancomycin-resistant enterococci (VRE), carbapenem-resistant bacteria, flu, respiratory syncytial virus (RSV), tuberculosis and drug-resistant TBA, meningitis, gastrointestinal panel testing, HIV, hepatitis C, hepatitis B, and other. The genetic testing application is further sub-segmented into new born screening, predictive and pre-symptomatic testing, and other. The infectious disease applications contributed the largest share to the global molecular diagnostics market owing to prevalence of multidrug resistant infectious diseases such as HIV, TB, and H1N1. The oncology applications are anticipated to be the fastest growing applications of molecular diagnostic owing to prevalence and increase in the number of cancer patients around the globe.
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Based on geography, the global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global molecular diagnostics market in 2019 and is anticipated to be the dominating market throughout the forecast period owing to the presence of advanced molecular diagnostic technologies, high patient awareness, technological advancements, and well established healthcare infrastructure. Asia Pacific is anticipated to be the most lucrative market during the forecast period owing to increasing investment on development of healthcare infrastructure, and growth of medical tourism in China, India, Japan, and Singapore.