Molecular Diagnostics Market Research report presents a complete assessment of the Market with recent trend, current growth factors, competitive landscape, revenue status, and industry validated market data.
With the alarming rise in the occurrence of sexually transmitted infections (STIs) like Chlamydia trachomatis and Neisseria gonorrhoeae, the frequent need of diagnostics is equally on the rise around the world. Therefore, the demand for molecular diagnostics has been quite decent in the past couple of years. In short, the increasing adoption of molecular diagnostics in the wake of increasing STIs across the globe will present countless growth opportunities to the molecular diagnostics market.
Regional Analysis:
The regional segmentation of the global molecular diagnostics market segments the market into regional markets known as The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). The Americas are the largest regional market in the whole global market. The key reasons for the market growth in this region are higher expenditure in life science domain and increasing demand for the advanced techniques & molecular diagnostics. Other reasons for market growth are high healthcare spending, increasing government support for research & development (R&D), the concentration of major companies on molecular diagnostics due to increased R&D, increasing patient with bone disorders, and well-developed technology.
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Europe is the second most valuable regional market, followed by the Asia Pacific region. In Europe, the reasons for the market growth are the increasing number of private diagnostic centers and increasing prevalence of lifestyle and chronic diseases. However, the factors hindering the speed of market growth include lack of proper reimbursement policies in the developing countries and strict FDA regulations. Due to the factors same as the Americas, Western Europe is a bigger market than Eastern Europe. The major country-specific markets in Europe are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Western Europe and Eastern Europe.
In the Asia Pacific region, China has the highest number of cancer deaths. The second highest number is in South Korea. In this region, apart from a high number of cancer deaths, some other factors contributing to the market growth are increasing demand for quality devices in the healthcare and use of advanced equipment. Other country-specific markets in this region are Australia, India, and Japan, followed by the remaining countries of the Asia Pacific region.
On the other hand, in the MEA region, blood disorders have become a huge problem due to ignorance of diseases, limited screening, and poor access to treatment. Therefore, the market in this region is small, but it does exist. The most important country-specific markets in this region are Kuwait, Oman, Qatar, and Saudi Arabia, followed by the other countries in the MEA region.
Key players
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.
The top vendors in the Global Molecular Diagnostics Market include
- Hologic, Inc. (U.S.),
- QIAGEN N.V. (the Netherlands),
- Grifols (Spain),
- Bio-Rad Laboratories, Inc. (US),
- Abbott (U.S.),
- Siemens Healthcare GmbH (Germany),
- F. Hoffmann-La Roche Ltd. (U.S.),
- Cepheid (U.S.), BD (U.S.),
- bioMérieux SA (France),
- Beckman Coulter Inc. (U.S.), and others.
Molecular Diagnostics Market – Overview
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).
The relentlessly expanding geriatric population around the world is expected to render tremendous positive impact on the growth of the molecular diagnostics market over the given timeframe. This is true as aging radically augments the risk of infectious and chronic conditions which can be taken care of better when diagnosed at an initial stage of development. Also, United Nations forecasts that the global geriatric population is set to expand from the value of 962 million in 2017 to 2.1 billion by the year 2050. This drastic increase in the elderly population base coupled with the consequent surge in demand for early and improved diagnostic methods will be highly instrumental in the growth of the molecular diagnostics market in the near future.
Industry Developments
February 2019 – Co-Diagnostics, Inc. has recently launched its first multi-disease diagnostic which was built by using their patented CoPrimer design platform. This diagnostic test can be used for dengue, chikungunya and Zika, which was developed to cater to the market demand for a cost-effective and highly-accurate diagnostic tool for all the three diseases.
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.
Segmental Analysis:
The market for molecular diagnostics is segmented on the basis of techniques, applications and end users.
The various techniques in the global market are Polymerase chain reaction (PCR) and real-time PCR, fluorescence in-situ hybridization, microarray, transcription-mediated amplification, and next-generation sequencing.
Application-wise, the market caters to infectious diseases, oncology, blood screening, genetic testing, pharmacogenomics, human leukocyte antigen typing, coagulation, others.
Lastly, the end users that are mentioned in the report are hospitals, diagnostic laboratories, academics and research institutions.
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