Molecular Diagnostics Market Size Analysis With Top Key Players Siemens Healthcare, BioMerieux's, Qiagen Gaithersburg, Roche diagnostics, Cepheid, Agilent (Dako), Johnson and Johnson, GenMark diagnostics, Alere Inc.

The global molecular diagnostics market is slated to experience substantial growth over the coming years owing to the rising prevalence of infectious diseases coupled with the rapidly growing geriatric population.

Molecular diagnostics has been observed to play significant role in not just identification of infections but also in therapeutic monitoring, patient stratification and drug regimen selection over the past few years. Healthcare providers are increasingly looking for accurate and reliable diagnostic techniques that provide results at highest possible speed. Reliability and accuracy is of highest importance as the errors in diagnosis have serious repercussions. This has created lucrative opportunity for innovative and technologically superior molecular diagnostic techniques.

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Speaking of the rising pervasiveness of infectious diseases, the figures from National Center for Health Statistics and the National Foundation of Infectious Diseases, claim that the U.S. witnessed 2,700 new cases of hepatitis A and 19,000 new cases of hepatitis B infections in 2011. Meanwhile, tuberculosis has affected about one-third of the world’s population, with nearly 10,000 new cases diagnosed in the U.S. alone in 2012. Molecular diagnostics helps to detect diseases earlier which elaborates the scope of timely and better treatment. The rising occurrences of infectious diseases will thus continue to demand diagnostic services, which in turn will bolster the global molecular diagnostics market growth.

Increasing accessibility to diagnostic services and consequent increase in availability of molecular diagnostic methods to masses, especially those belong to developing regions will drive the molecular diagnostics market over the forecast period. Robust research and development in the field of molecular diagnostics aimed at the development of superior products, increasing incidences of infectious diseases and rising geriatric population will further support molecular diagnostic market growth. However, the industry face some challenges such as high cost and lack of clear regulatory framework that is expected to impede its growth to some extent.

Infectious disease application segment accounted for more than 45% revenue share in the global molecular diagnostics market in 2017. Infectious diseases including HIV and tuberculosis are responsible for significant mortality and morbidity across the globe and government authorities are trying to curb the economic burden associated with these infectious diseases. As the molecular diagnostics allows better management of infectious diseases and enables early and accurate diagnosis, its demand will augment over the forecast period.

PCR technology segment estimated to witness 6.6% CAGR over the analysis period. The segment currently represents largest portion of molecular diagnostics market and it is likely to retain its position in near future. Ongoing technological advancements such as development of real time PCR will further drive the segment growth.

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Furthermore, figures by an NIH-funded census bureau suggest that the world’s geriatric population is growing at an unprecedented rate. Presently, the population of individuals aged 65 and above represents 8.5 percent of the world’s total population, which is expected to increase up to 17 percent by 2050. In United States, the 65-and-above population is expected to almost double in the next three decades. As the population approaches seniority, due to rise in medical expenses they prefer investing in non-hospital settings due to their economic benefits, generating a need for point-of-care testing. This indicates that the growing preference for at-home healthcare among the geriatric population will further augment the global molecular diagnostics market over the coming years.

India Molecular diagnostics market accounted for USD 202.7 million in 2017 and is forecasted to witness robust growth in coming years. Presence of large patient pool suffering from infectious diseases like tuberculosis and HIV has created immense unmet need of superior diagnostic technologies. Rising accessibility to healthcare services and developing healthcare infrastructure will boost the Indian molecular diagnostics market.

Some of the notable players operating in global molecular diagnostics market include Siemens Healthcare, BioMerieux?s, Qiagen Gaithersburg, Roche diagnostics, Cepheid, Agilent (Dako), Johnson and Johnson, GenMark diagnostics, Alere Inc. and Analytik Jena. Key industry players primarily focus on acquisitions, strategic partnerships, and new product development retain their market position.

Complete report for 2018-2024 on Molecular Diagnostics market is now available at https://www.marketstudyreport.com/reports/molecular-diagnostics-market

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