Molecular Diagnostics Market Revenue 2019 | Global Industry Insights by Top Players Hologic,Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, and Beckman Coulter, Inc

The global molecular diagnostics market is projected to witness significant growth over the forecast period, owing to rapid advancements in technology for development of novel biomarkers. For instance, in June 2017, Qiagen N.V. expanded its biomarker content portfolio by adding new biomarkers for microsatellite instability (MSI) and Mismatch repair (MMR) in its NGS panels. This extension in the product portfolio was done to cater to growing demand for molecular diagnostics for immuno-oncology therapies.

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Furthermore, precision medicine aids in treatment of diseases and prevention based on individual’s genes, lifestyle, and environment. This helps to offer proper treatment, which has led to high demand for precision medicine, in turn, favoring growth of the market.

However, stringent regulation by FDA to regulate molecular diagnostic tests is expected to be major factor restraining growth of the market. The FDA regulates molecular diagnostic tests in various ways, including in some instances, wherein, certain tests require regulatory pathways as complex as Class III medical devices.

Molecular diagnostic test are done for diagnosis and drug discovery & development purpose. Molecular diagnostic test results are quick and accurate, which has led to increasing demand for these. In order to cater to growing demand for such tests, manufacturers are more focused on research & development for new product launches.

For instance, in February 2017, AITbiotech Pte Ltd., a Singapore-based genomic service and molecular diagnostics (MDx) company, exhibited its comprehensive range of abTES MDx assays, including its newly launched Zika assays and the multiplex respiratory panel, at MEDLAB 2017, the world’s largest laboratory exhibition and congress in the Middle East.

Furthermore, in October 2017, FDA approved Roche’s cobas Zika, as first commercially-available donor screening test for Zika virus. In October 2017, QIAGEN launched the custom solution for the molecular diagnostic test, which accelerated adoption of molecular testing for life sciences and molecular diagnostics companies.

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Moreover, governments of various countries are focusing on initiatives, in order to develop novel techniques in precision medicines. For instance, the U.S. government launched Precision Medicine Initiative (PMI) in 2015, in order to increase awareness and focus on advancements in the precision medicine field, which in turn is expected to favor growth of the molecular diagnostics market.

Key players in the market are involved in new product launches to cater to increasing demand for molecular diagnostic. For instance, in August 2016 Abbott Laboratories introduced Alinity, a next generation system, used for immunoassay, clinical chemistry, point-of-care, hematology, blood and plasma screening, and molecular diagnostics. Some of the other key players in the global molecular diagnostics market include Hologic,Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, and Beckman Coulter, Inc.

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