Molecular diagnostics is used to analyze biological markers in the genetic code and finds applications in the diagnosis and prognosis of disease. The global molecular diagnostics market is anticipated to generate a CAGR growth of 9.6% by the end of forecasted period of 2023.
The explosive growth of diseases especially cancer and the growing selectivity and sensitivity of detection technology are the key drivers of the market. American Cancer Society, estimated that in 2015, an estimated 1,658,370 new cancer cases were diagnosed resulting in 589,430 deaths in the US. The National Cancer Institute states an estimated 1,685,210 new cases of cancer to be diagnosed in 2016 in the U.S. resulting in 595,690 deaths. Breast cancer is expected to be the fastest growth segment. According to WHO, breast cancer is the second most common type of cancer in women with 200,000 new cases diagnosed worldwide every year.
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Personalization of medicines and therapy taking into consideration specifics of the patient’s genetic makeup and disease is another prime driver of the market. Technological developments such as automation, advances in PCR technology, increasing prevalence of infectious diseases, strategic and cross functional nature of the molecular diagnostic technology and industry, is cruising the market. Demographic factors such as increasing geriatric population, growing cases of infectious diseases and others will drive the market to newer heights. The need to ascertain the genetic phenotype of the causative agent in case of severe outbreaks of epidemics such as chlamydia, influenza, H1N1 virus and others are other factors driving the market.
Prohibitive costs of molecular diagnostics remain the greatest barrier to the market. The high cost of manufacturing coupled with the consolidated nature of the market has put a premium on the price of the molecular diagnostics products.
Segmentation of Molecular Diagnostics Market:
The global molecular diagnostics report is segmented on the basis of techniques, applications and end users so as to derive greater meaningful conclusions.
Based on the techniques, the market is segmented into fluorescence in-situ hybridization, transcription-mediated amplification, PCR (Polymerase Chain Reaction) and real-time PCR, microarray and next-generation sequencing.
Based on the applications, the market is segmented into oncology, human leukocyte antigen typing, infectious diseases, pharmacogenomics, blood screening, genetic testing, coagulation, others.
On the basis end users, the market is segmented into diagnostic laboratories, hospitals, academics and research institutions.
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Regional Analysis of Molecular Diagnostics Market:
The report is segmented in regions such as America, Europe, Asia Pacific and Middle East & Africa, to have a separate understanding of the differential prospects of the market.
America leads the global molecular diagnostics market on the back of the huge demand of the U.S. and Canada. The U.S. generates a substantial demand of the Americas market due to higher expenditure on healthcare, mandatory testing of newborns for genetic diseases under the affordable healthcare act, presence of global players, excellent research ecology, faster uptake of new technology and other factors.
Europe accounts for the second largest market share banking on the strong biotech industry of Germany. France and the U.K. are other nations expected to generate large market share and growth.
Asia Pacific market is expected to generate the fastest CAGR growth. According to World Health Organizations estimates Asia Pacific region registered 6.4 million cases of cancer representing 44% of all cancer cases in the world, with China accounting for 51% of the cases. Republic of Korea also happens to register the highest Incidence rates of 307.8 per 100,000.
Middle East and Africa is expected to generate moderate growth with the Gulf economies driving the market.
Prominent players of Molecular Diagnostics Market:
Abbott, Hologic, Inc., Hoffmann-La Roche Ltd., bioMérieux SA, Beckman Coulter Inc., QIAGEN N.V., Siemens Healthcare GmbH, Grifols, Bio-Rad Laboratories, Inc., BD, and Cepheid.
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