Molecular Diagnostics Market report provides key enumeration on the Market status of the Molecular Diagnostics manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry. The research was conducted using an objective combination of primary and secondary information including inputs from key participants in the Molecular Diagnostics industry. It delivers important information to identify and analyse the market need, market Growth and competition.
The global Molecular Diagnostics Market analysis further provides pioneering landscape of market along with market augmentation history and key development involved in the industry. The report also features comprehensive research study for high growth potential industries professional survey with market analysis. Molecular Diagnostics Market report helps the companies to understand the market trends and future market prospective,opportunities and articulate the critical business strategies.
Molecular diagnostic tests are used to discover differences in certain DNA or RNA sequences that may be linked to illness. Various illnesses are caused by a disruption in the relationship between a single nucleotide polymorphism (SNP), deletions, rearrangements, configurations, and other factors. Infectious illnesses, cancer, and virology are among the diseases that may be identified utilizing molecular diagnostic tests.
In 2017, the global molecular diagnostics market was projected to be worth US$8,623.2 million, with a CAGR of 11.5 percent expected over the forecast period (2017-2025).
Molecular diagnostics can diagnose particular diseases, which aids in giving patients with precision medication. The government of various economies is focusing on precision medicine research and development, which is projected to propel the global molecular diagnostics market forward throughout the forecast period. The Precision Medicine Initiative (PMI) was created by the US government in 2015 to raise awareness about advances in precision medicine.
The increased rate of infectious diseases and rising cancer rates are projected to be the primary drivers of the global molecular diagnostics market development during the forecast period. According to the Centers for Disease Control and Prevention (CDC), influenza infection caused 5,251 fatalities in the U.S. in 2015. According to the National Cancer Institute, 16.8 million new instances of cancer were identified in the U.S. in 2016, with 595,690 deaths from the disease. The number of cancer patients is predicted to increase to 19 million by 2024.
The global molecular diagnostics market is projected to expand as biomarker identification improves. The use of biomarkers in molecular diagnostics is growing as a result of its benefits, such as assisting in the early diagnosis of particular illnesses. Biomarkers are used to detect ABO hemolytic diseases in newborns, Huntington’s disease, hereditary hemochromatosis, and cystic fibrosis, among other diseases. Turner syndrome, Down syndrome, Patau syndrome, and Edwards’ syndrome are all diseases associated with chromosomal structure, and biomarkers are employed to detect them. Biomarkers also have a wide range of therapeutic applications, including neurological illnesses, metabolic disorders, immunological dysregulation, and cancer.
The creation of novel molecular diagnostic tests has resulted from increased research and development for the discovery of biomarkers, which is projected to fuel the expansion of the global molecular diagnostics market. Banyan Biomarkes, Inc. received marketing permission from the FDA in February 2018 for Banyan BTI, the first diagnostic blood test for traumatic brain injury. In the coming years, such developments for diverse disease indications are projected to fuel growth in the global molecular diagnostics market.
The highest share of the global molecular diagnostics market is held by North America, which may be ascribed to rising use of personalized medicine and rising cancer occurrence. According to the National Cancer Institute, 16.8 million new instances of cancer were identified in the U.S. in 2016, with 595,690 people dying from the disease. By 2024, the number of individuals diagnosed with cancer is anticipated to increase to 19 million, boosting the demand for molecular diagnostics.
Moreover, in 2015, the U.S. government established the Precision Medicine Initiative, which intended to transform health-care treatment by using an innovative strategy that takes into account an individual’s genetic variations and delivers personalized therapy. In 2016, the Precision Medicine Initiative was valued at US$ 215 million, with the potential to speed biomedical research and offer physicians with new tools to pick novel medicines suited to individual requirements, boosting the global molecular diagnostic market.
To meet the growing need for molecular diagnostics, key companies in the market are launching new products. Abbott Laboratories launched Alinity, a next-generation system that may be used for immunoassay, clinical chemistry, point-of-care, hematology, blood and plasma testing, and diagnostic procedures, in August 2016.
Major companies contributing in the global molecular diagnostics market are F. Hoffmann-La Roche Ltd., Qiagen N.V., Abbott Laboratories, Hologic,Inc., Beckman Coulter, Inc., Grifols, S.A., Dickinson and Company, Becton, and Siemens Healthineers.
• Current and future of global Molecular Diagnostics Market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
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