Molecular Diagnostics Market Overview
Molecular diagnostics are defined as a range of techniques that are used to analyze biological markers in the genome and proteome. A new report on the global molecular diagnostics market, published by Market Research Future (MRFR), states that this market can register growth at 8.57% CAGR during the forecast period (2016-2025). Regarding monetary value, the worth of this market can be USD 16,319.09 Mn by the end of the forecast period.
The big market drivers for the global molecular diagnostics market growth are advancements in molecular techniques, rising prevalence of infectious diseases, and the rising incidence of different types of cancer. Polymerase chain reaction (PCR) technology can also boost market growth. Molecular diagnostics includes automated as well as easy-to-handle techniques. Hence, doctors prefer to use them, and patients find them helpful. Other factors enabling the global molecular diagnostics market growth include cost-effectiveness, easy portability, greater accuracy, and increasing funding from the government for research & development (R&D). However, stringent regulatory policies and the high price of diagnostics kits can constrain market growth.
Molecular Diagnostics Market Segmentation
The global molecular diagnostics market segmentation encompasses application, end-user, product, and technique. MRFR’s research on the market highlights many factors of the market in-depth.
The application-based segmentation of this market can cover infectious diseases, genetic tests, oncology, and others. Regarding product, the market has been segmented into instruments, reagents & kits, and services & software. In the context of technique, the market has been segmented into polymerase chain reaction (PCR), hybridization, isothermal amplification, microarray, sequencing, and others.
Based on end-user, the market has been segmented into diagnostic laboratories, hospitals & clinics, and others. In 2018, the hospitals & clinics segment was worth USD 4,078.09 Mn in 2018.
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Molecular Diagnostics Market Regional Segmentation
A geographical outlining of the global molecular diagnostics market covers the Americas (North America & Latin America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas segment is the most important regional market as North America is the most advanced region in the world (including Latin America) due to continuous technological breakthroughs and better medical facilities. The market is strong due to the increasing geriatric population, high healthcare spending, increasing number of patients with bone disorders, increasing government support for R&D, well-developed technology, and availability of advanced healthcare facilities in the region. The economies holding the potential to generate maximum revenue for the North American market are the USA and Canada. For the Latin American market, the same can be said for Argentina, Brazil, and Mexico.
The market in Europe can be second-largest due to the availability of funds for R&D, increasing number of private diagnostic centers, rising support from the government for the life science sector, and increasing prevalence of lifestyle as well as chronic ailments during the forecast period. Due to reasons similar to the Americas, Western Europe is a bigger market compared to Eastern Europe. The strongest economies that can generate maximum revenue in this region are France, Germany, and the UK.
During the forecast period, the Asia Pacific region can be the fastest growing regional market as developing economies like South Korea, India and China are emerging as major destinations for the outsourcing of clinical trials, drug manufacturing, and pathology testing. Maximum cancer deaths happen in China. Hence, it is an important market. Other vital markets in this region are Australia and Japan. An examination of the remaining countries in the Asia Pacific region featured in this report outlines the trends which can generate market revenue.
In the MEA region, the market can grow steadily due to a lack of awareness of healthcare facilities, limited awareness about heart ailments, and poor access to medical treatment.
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Molecular Diagnostics Market Key Players
Big players in the global molecular diagnostics market are Abbott Laboratories (USA), Agilent Technologies(California), Becton, Dickinson & Company (BD) (USA), Cepheid (USA), CLONIT SRL (Italy), Entwicklung, Konstruktion und Fertigung (EKF) Diagnostics (Germany), F. Hoffmann-La Roche Ltd (Switzerland), Hologic Inc. (USA), Illumina (USA), Novartis (Switzerland), QIAGEN N.V. (the Netherlands), Siemens Healthcare GmbH (Germany), and Thermo Fisher Scientific (USA).
Molecular Diagnostics Industry News
Swedish incubator Colibri Ventures has launched as a new life sciences business incubator to support genomics tools, molecular diagnostics, and drug discovery startups.