Molecular diagnostics Market to reach $10,557 Million, Globally, by 2023

Global Molecular Diagnostics Market was valued at $5,962 million in 2016, and is expected to garner $10,557 million by 2023, registering a CAGR of 9.1% during the forecast period 2017-2023. Molecular diagnostic tests are used to detect specific sequences in DNA or RNA, including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others to further diagnose the disease. These are cumulative techniques for analyzing biological markers at the molecular level, such as genome and proteome. These techniques are used for diagnosis of the various infectious diseases, cancer, and others and is also used to check the genetic predisposition to a disease.

The factors such increase in the prevalence of the infectious diseases and various types of cancer, increase in awareness and acceptance of personalized medicines, growth in the biomarker identification, and advancement in molecular diagnostics drive the market growth. Stringent regulatory requirements for the approval of new molecular diagnostics techniques hampers the growth of the market. However, increase in adoption of the molecular diagnostics in the emerging economies provide growth opportunities for the market.

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Segment Review

The global molecular diagnostics market is segmented based on type, technology, application, end user, and geography. Based on type, it is classified into instruments, reagents, and software & services. The reagents segment contributed the highest share in 2016, owing to the rise in demand for solutions, quality control reagents, and different reagents for different tests. Based on technology, it is categorized into polymerase chain reaction (PCR), hybridization, DNA sequencing, microarray, isothermal nucleic acid amplification technology (INAAT), and others (electrophoresis, mass spectroscopy, and flow cytometry). PCR contributed to the highest share in 2016, owing to the increase in usage in proteomics and genomics, which is highly cost-effective. Based on application, it is divided into infectious diseases, oncology, genetic testing, blood screening, and others (Microbiology, neurological diseases, and cardiovascular diseases). Infectious diseases accounted for the highest market share in 2016, owing to the increase in the number of patients suffering from infectious diseases.

Based on end user, it is categorized into hospitals, reference laboratories, and others (blood banks, home health agencies, and nursing homes). Hospitals accounted for the highest market share in the global market in 2016, owing to the increase in the number of patients treated in hospitals.

Top Investment Pockets

The global molecular diagnostics market is segmented by application into infectious diseases, oncology, genetic testing, blood screening, and others (microbiology, neurological diseases, and cardiovascular diseases). Infectious diseases projected the highest revenue in 2016, with a CAGR of 9.3% for the forecast period of 2017-2023, owing to increase in the number of patients suffering from different viral and bacterial infections, such as Human Immunodeficiency Virus (HIV), Hepatitis C virus(HCV), Human Papillomavirus(HPV), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), and others. Along with the improving healthcare facilities treating these diseases in the emerging nations.

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Geographic Analysis

Geographically, the global molecular diagnostics market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North American molecular diagnostics market accounted for the highest market share in 2016, owing to the factors such as, large aging population, rise in number of cases of infectious and chronic diseases, and increase in awareness of personalized medicines. The European molecular diagnostics market is the second highest revenue generator, owing to well-penetrated healthcare system and favorable regulatory policies. The Asia-Pacific is expected to show the highest growth in the global molecular diagnostics market from 2017 to 2023, with an estimated CAGR of 10.1% owing to the improvement in healthcare facilities to treat the increasing patient population for infectious diseases and various types of cancer.

Key Benefits for Stakeholders

• The study provides an in-depth analysis of the global molecular diagnostics market and current trends and future estimations to elucidate the imminent investment pockets.
• The report provides a quantitative analysis of the industry from 2016 to 2023 to enable the stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the market based on type, technology, application, and end user elucidate various trends and prevailing opportunities across segments.
• Key market players operating in the market are profiled to determine the competitive outlook of the market by studying the different products of the companies and their developments.
• The key players profiled in the report include Abbott Laboratories, Inc., BioMrieux SA, Becton, Dickinson and Company, Cepheid (subsidiary of Danaher Corporation), Grifols, Hologic Corporation, Novartis AG, Qiagen N.V., Siemens Healthcare GmbH, and Roche Diagnostics.
• List of the other players (not included in the report) in the value chain includes Bayer Healthcare, Bio-Rad Laboratories, Johnson & Johnson, Dalko Diagnostics, and Sysmex Corporation.

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