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Molecular Diagnostics Market to Reach $10,557 Million, By Growing at a CAGR of 9.1% from 2017 to 2023 with Top Players are Abbott Laboratories, Inc., BioMrieux SA, Becton, Dickinson and Company, Grifols.

06-25-2019 11:20 AM CET | Health & Medicine

Press release from: Allied Market Research

Molecular Diagnostics Market

Molecular Diagnostics Market

The 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. The reagents segment accounted for the highest market share of the global molecular diagnostics market in 2016, owing to the increase in demand for the reagents with rise in number of testing various diseases. These are used in hospitals, laboratories, and others.

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Molecular diagnostics 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 other genetic disorders, by performing tests, which detect specific sequences in DNA or RNA including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others. Growth in number of patients suffering from infectious diseases and cancer; advancement in molecular diagnostics; increase in awareness and acceptance for personalized medicines, and growth in the biomarker identification market are the major factors driving the market growth. Stringent regulatory requirements for product approval hampers the market growth. Increase in adoption of molecular diagnostics in the emerging region provide growth opportunities for the market.

The PCR segment accounted for the highest share of the global market in 2016, owing to the increase in the demand for using PCR in proteomics and genomics and is a cost-effective technique, automation of laboratories is possible with cost-effective techniques.

The major companies profiled Are:

• Abbott Laboratories, Inc.
• BioMrieux SA
• Becton
• Dickinson and Company
• Cepheid (subsidiary of Danaher Corporation) (Denmark)
• Grifols
• Hologic Corporation
• Novartis AG
• Qiagen N.V.
• Siemens Healthcare GmbH
• Roche Diagnostics.

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The infectious diseases segment accounted for more than two-fifths share of the global market in 2016, owing to the increase in the number of patients suffering from, Human Immunodeficiency Virus (HIV), Hepatitis C virus (HCV), Human Papillomavirus (HPV), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), and other infectious diseases.

The hospitals segment accounted for highest market share of the global market in 2016, owing to the large number of patients are treated in hospitals and most of the tests for these patients are performed in laboratories attached to hospital.

Geographically, North America dominated the global market in 2016, and is estimated to continue its dominance during the forecast period. This is attributed to higher adoption for technologically advanced devices, well-equipped healthcare facilities, higher adoption of personalized medicine, and rise in number of patients suffering from infectious diseases and cancer.

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Key Findings of Molecular Diagnostics Market:

• In 2016, the PCR segment accounted for the highest share of the global molecular diagnostics market.
• The infectious diseases segment contributed the highest revenue to the global market in 2016
• The hospital segment is projected to grow at a CAGR of 8.8% during the forecast period.
• North America market is projected to grow at a CAGR of 9.0% from 2017 to 2023

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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