Market Research Future (MRFR) has announced a new release on the Global Molecular Diagnostics Market. The research presents detailed forecasts regarding the market’s growth prospects in the 2018-2023 forecast period, on the basis of a comprehensive assessment of the market’s present conditions and segmentation.
Molecular diagnostics is a branch of diagnostics which utilizes molecular biology to detect and measure the presence of genetic material or proteins related to a specific health condition. Molecular diagnostics is the fastest growing branch in vitro diagnosis as it has been able to achieve highest diagnosis accuracy and enables early diagnosis and prevention of diseases. The global molecular diagnostics market is expected to grow remarkably as it possesses the ability to conduct genetic tests that were previously not possible and it has the potential to replace the present microbiological and clinical methods of diagnosis. Market Research Future (MRFR), asserts that the global molecular diagnostics market is set to capture a CAGR of 9.6 % during the forecast period (2017-2023).
PCR-based testing is domineering the market at present; however, other similar technologies are expected to gain traction in the coming years. Developments such as integrated chip devices and proteomic-based testing will improve the future of molecular diagnostics but would also pose challenges for implementing such technologies. The market for molecular diagnostics is anticipated to continue its growth due to the rise in number of cancer patients and the change in the approach of the medical line from treatment to prevention.
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Key players for Global Molecular Diagnostics Market
Leading companies in the global molecular diagnostics market include QIAGEN NV, Hoffman-La Roche Ltd., Grifols, Hologic Inc., Siemens Healthcare GmbH, BD, Abbott, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Cepheid, and bioMerieux SA.
Several companies in the molecular diagnostics market are looking to collaborate with research institutes in order to advance their own product development programs. Recently, EZLife announced a collaboration with the UCLA to expand EGFR lung cancer assay into RUO offerings. Such collaborations are likely to be common among key players in the molecular diagnostics market.
Molecular Diagnostics Industry Updates
- 3 JAN 2019 CIRCULOGENE, advancing precision medicine through molecular genetics testing, has forged an international partnership with New Zealand-based CIRCULOGENE Asia Pacific Limited.
- 13 DEC 2018 In order to help clinical laboratories deliver accurate results during cold and flu season, Microbiologics Inc. has launched two new panels for quality control of Group A Streptococcus (GAS) and respiratory molecular assays and test methods.
- Recently in 2018, Agilent Technologies Inc. acquired Lasergen Inc., a company devoted towards R&D of technologies for DNA sequencing. Through the collaboration, the company intends to strengthen its hold in the molecular diagnostic market and develop an integrated clinical workflow solution and provide mass access to molecular diagnostics.
- Agendia, a leading medicine, and molecular cancer diagnostics has entered into a marketing agreement with Angsana Molecular & Diagnostic Laboratory, to market Agendia’s MammaPrint and BluePrint tests. These tests will aid physicians in treatment management for early breast cancer and Angsana will market these tests in Southeast Asia.
- Myriad Genetics, Inc., a leading company pioneering molecular diagnostics has announced seven new payer coverage decisions for Prolaris, a standard 46-gene RNA-expression test for detection and measurement of prostate cancer. 25 leading insurer in the U.S. are included in the payers.
The Global Molecular Diagnostics Market is segmented on the basis of end use, application, and technique.
On the basis of technique, the global molecular diagnostics market is segmented into PCR and real-time PCR, microarray, fluorescence in-situ hybridization, next-generation sequencing, and transcription-mediated amplification. PCR dominates the global molecular diagnostics market and accounted for more than a third of the global market in 2018. The segment is likely to remain the dominant contributor in the global molecular diagnostics market over the forecast period, along with next-generation sequencing and transcription-mediated amplification.
On the basis of application, the global molecular diagnostics market is segmented into oncology, infectious diseases, genetic testing, blood screening, pharmacogenomics, coagulation, human leukocyte antigen typing, and others. Oncology and infectious diseases are likely to remain the major contributors to the global molecular diagnostics market over the forecast period thanks to the growing prevalence of diseases such as cancer and TB.
On the basis of end use, the global molecular diagnostics market is segmented into hospitals, diagnostic laboratories, and academics and research institutes.
The Global Molecular Diagnostics Market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa.
Americas is likely to dominate the global molecular diagnostics market over the forecast period due to the presence of a highly sophisticated healthcare sector in North American countries such as the U.S. and Canada. Research in the life sciences sector in these countries is highly advanced and houses some of the world’s leading medical institutions. This has driven the molecular diagnostics market in the region at an impressive rate. The increasing prevalence of bone disorders, increasing government support to research and development, and growing concentration of major healthcare companies in the region are likely to propel the molecular diagnostics market in the Americas over the forecast period.
The increasing prevalence of cancer in Asia Pacific is likely to propel the molecular diagnostics market in APAC over the forecast period. According to the American Cancer Society, APAC accounts for nearly 44% of all cancer cases, with China bearing the brunt of the growing prevalence of the disease. South Korea has also witnessed a high incidence rate of cancer in recent years. This is likely to drive the molecular diagnostics market in Asia Pacific at a strong rate over the forecast period.
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