The global molecular diagnostics market is witnessing a significant growth since past few years. The market is likely to register a consolidated competitive scenario in the span of coming years, says an analyst at TMR. The three players leading the market collectively with an aggregated share of 54.0% in 2015 are F. Hoffmann-La Roche AG, Abbott Laboratories, and Danaher Corporation.
Various well established firms are investing heavily in the research and development activities, to improve the functionalities of molecular diagnostics tools. The major players are concentrating on improving their product portfolios and are working on key business strategies such as mergers and acquisitions to fortify their presence in the market.
According to the report by Transparency Market Research (TMR), the global molecular diagnostics market is estimated to project a sound CAGR of 11.6% within the forecast period from 2016 to 2025. In 2015, the global molecular diagnostics market was valued around worth of US$7.1 bn. This market figure is anticipated to reach a valuation worth about US$18.9 bn by the end of forecast period.
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In terms of technology, the global molecular diagnostics market is classified as hybridization, polymerase chain reaction and real-time polymerase chain reaction, transcription-mediated amplification, microarray, and next-gen sequencing. Among these, the PCR segment held the highest share of 39.1% of entire molecular diagnostics market in 2016. This rising demand is attributed to affordability of the PCR segment. Geographically, North America region led the global molecular diagnostics market with a major share of 39.1%. This lead is credited to the rising cases of contagious diseases in the region. Besides, the government is also taking several initiatives to make masses aware about the technology, propelling the additional growth rate in the regional market.
Rising Cases of STDs to Support Demand in Market
With the advent of biomarkers for unfaltered prognosis of chronic ailments such as hepatitis and HIV, the demand in global molecular diagnostics market is also foreseen to get boost. Moreover, increasing research and developmental activities behind the expansion of biomarkers in developed and developing nations is another factor contributing towards the growth of molecular diagnostics market.
The rising prevalence of STDs, Chlamydia trachomatis and Neisseria gonorrhea that calls for an urgent need of diagnosis of these diseases. In the span of coming years, this is majorly expected to support a rising demand in the molecular diagnostics market. Also, the market growth is also backed consistently by the comfort and simplicity provided to the clinicians. In addition, upgraded biomarker have even reduced the computational time of usual complex stages.
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Poor Reimbursement Policies to Hamper Market Growth
The revenue growth in the global molecular diagnostics market is estimated to be hindered by the delay in approval from FDA and similar administrative bodies. This has resulted in the decline in demand for molecular diagnostics devices in the global market. Furthermore, lack of proper reimbursement policies has also brought down the otherwise progressive growth rate of molecular diagnostics market.
However, the decline in demand can be picked up by improving the quality of personalized treatments in several developed countries. Besides, electrifying growth in healthcare sector in the regions is likely to pump the market development as well in coming years.
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