What's driving the Molecular Cytogenetics Market Size? | Top Key Players: Danaher Corporation, Bio-Rad Laboratories, PerkinElmer, Inc., Illumina, Agilent Technologies, NeoGenomics Laboratories
The market is mainly driven by growing implementation of pharmacogenomics in personalized disease management and drug development, rising cancer cases, advancements in cytogenetic techniques, and rise in genetic-based prediction of chromosomal abnormalities.
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Based on offering, the molecular cytogenetics market has been categorized into consumables, software and services and instruments. Globally, the market for software and services is expected to register fastest growth, with CAGR of 10.5% during the forecast period. This can be attributed to rapid adoption of automation in laboratory process and rising preference for outsourcing of expensive services.
Globally, key players in the molecular cytogenetics industry are developing new instruments and tests for the molecular diagnosing, genetic screening and other tests. For instance, in July 2017, Quest Diagnostics announced the launch of a genetic screening service, QHerit. The service is for the detection of genetic risk associated to offspring through passing of heritable disorders. The QHerit Pan-Ethnic Expanded Carrier Screen is a panel of tests for the 22 heritable diseases cited under new screening guidelines issued in March 2017 by the American College of Gynecology (ACOG).
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Some of the key players operating in the molecular cytogenetics industry:
1- Abbott Laboratories
2- Danaher Corporation
3- Bio-Rad Laboratories Inc
4- F. Hoffmann La-Roche AG
5- PerkinElmer Inc.
6- Illumina Inc
7- Agilent Technologies Inc
8- NeoGenomics Inc.
During the forecast period, the molecular cytogenetics market is expected to witness fastest growth in personalized medicine application, at a CAGR of 10.1%. This growth is attributable to rise in demand for precision medicine coupled with high investments in research and development.
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According to the World Bank, the healthcare expenditure of South Asia was 3.9% of its total GDP in 2000, which increased to 4.4% in 2014. The growing healthcare infrastructure in APAC is creating huge revenue generation opportunities for the pharmaceutical and biotechnology companies in the region.
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