Molecular Diagnostics Market Analysis and Forecast to 2024| Key Players: Agilent Technologies, Alere Inc., Danaher Corporation, BioFire Diagnostics, LLC, bioMérieux, Bio-Rad Laboratories, Bio-Techne, Cepheid

The Molecular Diagnostics Market size is set to exceed USD 12.5 billion by 2024; according to a new research report by Global Market Insights.

Key Players in this industry :

1.Agilent Technologies
2.Alere Inc.
3.Danaher Corporation
4.BioFire Diagnostics, LLC
5.bioMérieux
6.Bio-Rad Laboratories
7.Bio-Techne, Cepheid

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Key Industry Trends and Driving Factors:

Growing geriatric population base along with rising incidences of infectious diseases will act as high impact rendering factors for molecular diagnostics market. Elderly people prone to suffer from several diseases require continuous monitoring as well as diagnostic tests for various diseases. Multifactorial benefits and applications of molecular diagnostics in therapeutic monitoring, detection of predisposition to disease, patient stratification, drug regimen selection and others will drive molecular diagnostics market growth.

Technological advancements including target specific PCR, high throughput capacity has escalated level of disease diagnosis in less time as compared to conventional method will favor molecular diagnostics market growth. Growing awareness about several diseases, diagnosis and prevention has stimulated demand for diagnostic tests.

Growing adoption of western culture, unhealthy dietary habits and physical inactivity has led to upsurge in several chronic disease incidences. Increasing prevalence of infectious diseases in developing countries such as India coupled with growing demand for point of care diagnostic technologies (POCT) will fuel business growth.

Growth of home healthcare sector coupled with technological advancements in handheld POCT devices will drive molecular diagnostics market growth. Rising demand for cost effective disease diagnostic tests has accelerated rise in R&D investment for development of molecular diagnostic platform. Significant role of molecular testing in diagnosis of cancer and sexually transmitted disease will positively impact industry growth.  However, complex nature of U.S. FDA approval for molecular diagnostic technology coupled with rising costs associated with molecular testing will hinder molecular diagnostics market growth over the forecast period.

Infectious disease segment held largest revenue share in 2016 and is expected to follow similar trend over the forecast timeframe due to increasing incidences of infectious diseases in developing countries of Asia Pacific and Latin America. Growing awareness about pre-disease diagnosis will fuel molecular diagnostics market growth.

Sequencing is poised to be fastest growing technological segment during the forecast timeframe owing to advancement in next-generation sequencing technology and its application in cancer diagnosis and characterization. High throughput capability along with rising automation in pre-sequencing protocols will drive molecular diagnostics market.

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Regional Analysis:

U.S. molecular diagnostics market held largest revenue share in 2016 due to growing geriatric population, highly susceptible to suffer from various illnesses along with high technological adoption rate of U.S. Increasing healthcare expenditure by government as well as individual will positively impact market growth.

China molecular diagnostics market should grow at significant rate due to growing demand for advanced treatment coupled with rising prevalence of infectious diseases such as hepatitis in the country. Increasing number of baby boomers will act as primary driver for industry growth. Increasing focus of industry players towards expanding country’s molecular diagnostics platform coupled with rising adoption of PCR and locally manufactured diagnostic kits in the country will favor Chine molecular diagnostics market growth.

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This release was published on openPR.