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Molecular Diagnostics Market is expected to expand 9.6% CAGR during the forecast period 2019 to 2023
Molecular Diagnostics Market – Scenario The reagents used in molecular diagnostics play important role in primary diagnosis and treatment of diseases at molecular level. The instruments like PCR and next generation sequencing has shown reliable test results and are rapid in nature which resulting increasing demand in central laboratories diagnostics institutes. Moreover, molecular testing tools are providing better alternatives in detecting in infectious viral, bacterial and other pathogens. All these factors are responsible for growth of the market positively. Furthermore, increasing prevalence of infectious diseases like influenza and human papillomavirus and others also boost the growth of the market. On the other hand, higher price of molecular diagnostic kits may hinder the growth of the market.
Global molecular diagnostics market is expected to grow at a CAGR of 9.6% during forecasted period 2017-2023.
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Key Players The top key players in global molecular diagnostics market F. Hoffmann-La Roche Ltd. (U.S.), QIAGEN N.V. (the Netherlands), Hologic, Inc. (U.S.), Grifols (Spain), Abbott (U.S.), Siemens Healthcare GmbH(Germany), Bio-Rad Laboratories, Inc.(US), BD (U.S.), Beckman Coulter Inc. (U.S.), bioMĂŠrieux SA (France), and Cepheid (U.S.).
Bio-Rad Laboratories, Inc. is the US headquartered company which develops, manufactures and market a wide range of products for molecular diagnostic and research. In Feb 2016, the company got approval for QX200, Droplet which are the first digital PCR systems. Bio-rad has a wide range of molecular diagnostic tools.
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Abbott laboratories, incorporated in 1990 and headquartered in Illinois, USA, Abbott Laboratories focuses on discovery, development, manufacture, and sale of health care products. The company operates through four reportable segments namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. In April, 2016 it received FDA approval for its companion diagnostics “Vysis CLL FISH probe kit� in Leukemia. The kit is used to detect the 17p deletion in chronic lymphocytic leukemia patients.
Segments: The global molecular diagnostics market is segmented on the basis of techniques, applications and end users. Based on the techniques, it is segmented into PCR (Polymerase chain reaction) and real-time PCR, fluorescence in-situ hybridization, microarray, transcription-mediated amplification, and next-generation sequencing. Based on applications, it is segmented into infectious diseases, oncology, blood screening, genetic testing, pharmacogenomics, human leukocyte antigen typing, coagulation, others. And based on end users, it is segmented into hospitals, diagnostic laboratories, academics and research institutions.
Regional Insights On the basis of regional analysis, global molecular diagnostics market is segmented into America, Europe, Asia Pacific and Middle East & Africa. America accounts for the major share of the market for molecular diagnostics followed by Europe and Asia Pacific. Increasing prevalence of chronic diseases and various types of cancer, and huge investment in research sector and treating diseases has improved growth of market. Europe accounts second largest share of market due to increase demand for biomarker test to diagnose cardiovascular disease as number of obese people. The European molecular diagnostics market has observed stable growth owing to increasing demand for advanced molecular diagnostic products.
Asia-Pacific is fastest growing market region for this market. Presence of large number of low budget hospitals and clinics and huge population base are responsible for growth of this market in Asia Pacific.
Middle East & Africa has a limited growth in the market due to lack of awareness among the people and limited development of medical sector.
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